Can Stock Trading Make You A Millionaire?

8 finance tips: how I became a millionaire

In my last article on my 7 money habits, a tip was to talk to friends and acquaintances about money. That's why I asked a friend of mine for his personal finance tips. He is millionaire and never earned more than 60,000 euros a year - at first significantly less.

First of all, I recommend the video:

He gave me these 9 tips:

1. Invest long term

By long-term investing, I don't mean three or four years - I'm talking about decades. You experience crisis and bull years. These do not play a role over a period of 30 to 40 years. Anyone who chases after short successes quickly gets lost in the wrong entry and exit rates and loses with every order.

2. Funds achieve the goal

Of course everyone can take their luck with speculation and stock trading into their own hands, but who is the same financial expert due to increasing wealth? Not me: That's why I only give my assets into the hands of fund managers whom I trust - fund managers with a long-term horizon who survive a crisis with slight losses and remain self-confident.

3. It doesn't matter how much you earn - you can always save

An annual income of 60,000 euros seems to be a lot for many people, but 20 years ago I started with significantly less. I owe my current position to those early years, when I saved 30% of my income every month and invested regularly. The returns that I keep investing make the biggest impact today.

4. Pay everything in cash

In my early years I was in debt and struggled to overcome this hurdle. I decided to pay all cash with the money I had left after my monthly investment. I've never spent more than I had and haven't bought anything in installments. So my investment was always secured. I never had a home - the debt would have been too high.

5. Get the money out of it

Set yourself an amount that you can hit on the head every week. By that I mean really rash purchases and experiences. Without having fun in life, there is no fun in saving either. Keep your balance and start living.

6. Read about money

I read a book about money every week. These are books by financial experts and even children's books about money. All of these works combine small, important components that you learn anew, even if some things are repeated over and over again.

7. Maintain your standard of living

In 20 years I have barely increased my standard of living. A 10% increase in income increased my standard of living by a maximum of 2%. As a result, I was able to go back and save more and more over the years and my life became more constant and calmer. Once you have invested 100,000 euros and are debt-free, life is more relaxed - even without higher expenses.

8. Investments are not sexy

I have stayed away from all investments that have promised more than sounds realistic. With stocks, you can get up to 10-20% on average. I have not come across any investment that has been more successful in the long term. Those who promise more take more commissions or take extreme risks. Constant growth is my favorite.

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Interested in more details about that Alpha Star equity strategy, personally declared by Fund manager Felix Gode? We are happy to offer you current monthly updates:

Now exclusively for you:
Our investor magazine
and videos of fund management

  • Alpha Star Magazine per month
  • Video reports of the fund management
  • Important depot updates occasionally

Now Subscribe to updates