1   Take Control of Your Money

The first step in taking active control of your money is taking control of your spending habits. You may have to make some serious cutbacks in your spending in order to set money aside. With credit lines easily accessible, it is easy to spend beyond your means. In order to take control of your money, curb your urge to spend on unnecessary goods.

 2  Live within Your Means

Pay attention to how you are spending your money. Live within your means so that you have money left over to invest or save. Many personal life adjustments can lead to extra money. Downsize your home or auto, shop smarter by buying only what you need, and buy what you need in bulk if it is on sale. Create a budget and stick to it.

 3    Do Your Financial Homework

You may have to sort through a wealth of information to find the next good investment, especially in a down market. If you lack the basics in money management understanding, go back to square one and educate yourself on the subject. Local libraries, community groups and resources, and the Internet offer an abundance of free or low-cost ways to become educated. To start, find a few trustworthy financial Web sites to bookmark and visit regularly. These will give you a good place to start and show you where your knowledge may be lacking.

 4   Stay Informed

Staying informed about the financial markets can allow you to see the next positive investing opportunity and be ready to take advantage of it. Cast a wide net instead of limiting yourself to a few sources of news or advice. Remember that even professionals cannot regularly predict the future of the market or economic conditions. The more reliable the pieces of information you have, from both inside and outside the financial arena, the better situated you will be to make a good decision and to act when the time is right. 

 5   Take Advantage of Economic Weakness

When you see weakness in the dollar, the market, or the economy, scoop up the deals while others are running for the exits. This is where a good base of knowledge, doing your homework, and saving for investment can pay off. You will be well positioned to step into the right investment at the most optimal time. You will be better set to wait, even in the long term, for the direction to reverse, potentially bringing you windfall returns.

 6   Remain Focused and Passionate

Making large profits does not usually come easily You need to invest a lot of time as well as money, which means you may need to sacrifice in other areas of your life. On a smaller scale, you can set aside a certain amount of time each day or one day per week to research, balance your accounts, and review investments.

 7   Practice Discipline

There will be times you will be tempted to break your patterns, to skip the time set aside for reviewing your finances, to spend the week's savings, or to splurge on something you don’t really need. While you need not pass up every small joy, you do have to have the self-control to wait. See if an item goes on sale or if you still want it after a few days have passed.

 8   Surround Yourself with a Support Staff

Get your family on board with your dream and share your plans. Make it a team effort; kids will benefit from learning good money habits at an early age and couples can work together toward the shared goal of a better future. At the very least, explain your intent to those close to you so that no arguments over money ensue.

 9    Make Your Job Work for You

Take advantage of every opportunity to maximize your company benefits. Invest in a 401(k) (especially if the company offers matching funds) and a flex account for medical expenses. Make sure your tax withholdings are correct so that you earn the interest from that extra money instead of giving it to the government. Negotiate for a better salary and invest any money from raises or bonuses for saving and investing. 

Additional Resources:

You can find further information on managing your money online.

--          MSN’s Money Central features the article, “12 Steps to Become a Millionaire” at http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/12StepsToBecomeAMillionaire.aspx.

--          Also on MSN’s Money Central, “So You Want to Be a Millionaire” offers additional tips: http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/SoYouWantToBeAMillionaire.aspx.

--          The Street describes the usefulness of talking the talk in “Want to Be a Millionaire? Start Talking Like One,” at http://www.thestreet.com/story/10341585/want-to-be-a-millionaire-start-talking-like-one.html.

--          Ken and Karia Dolan offered a calculator for “How You Can Become a Millionaire” at http://www.dolans.com/calculators/Becoming_A_Millionaire.html.

--          SmartMoney magazine shares saving secrets online at http://www.smartmoney.com/spending/rip-offs/10-Things-Millionaires-Wont-Tell-You-23697/.