Headline : Banks cut loans to parastatals by 15pc, defaults up

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Building wealth to become a millionaire can appear unattainable for many people. However, becoming a millionaire can be a reality. The six steps to making a million dollars include finding extra income through starting a side hustle online, a second job, or investing in yourself by learning new skills.

Also, start saving early and invest your money to allow for compounding, while good spending habits and managing your debt can help you control unnecessary purchases. Read on to discover the six steps to making a million dollars.

To begin your journey of becoming a millionaire, start saving early in life. Building your savings gradually allows you to take advantage of the incredible power of compounding over the years. Compounding means you earn interest on your interest by reinvesting your interest or capital gains.

Say you’re 20 years old. If you contribute $6,000 to an individual retirement account (IRA) every year ($500 a month) for 40 years, your total investment would be $240,000.

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