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10 Tips to Become a Millionaire by 50

Financial Planning and Review of Year End Reports
8. Establish A Budget And Stick To It

Budgeting is very important because most of us are prone to overspending, and spending on things that we don’t really need. If you really want to envision yourself as a millionaire when you are fifty, you must start to budget like a pro. This will help you control your expenses, so that you will spend less than you make. Make sure you go back to your budget once in a while to track any differences that arise so that you can begin to fix them in time.

Learn the 50/30/20 Rule of Thumb introduced by Harvard bankruptcy expert, Elizabeth Warren. The rule asks you to set aside 50% of your money for your needs, 30% for your wants, and at least 20% for your savings and debt repayments.

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