I managed to become a millionaire thru saving and investing, no business, no real estate empire. We have 4 kids (who go to private school), my wife stays at home and the most I have made is 100k a year. I didn’t start saving at all until I was in my 30’s and we crossed the line about 1.5 years ago when I was 45. In my opinion, the key ingredient is self discipline. Which, as you correctly describe, is simple but never easy. Congratulations on an amazing post, well written, very informative and hope I hope that it goes viral.
Investing in trainer will help you get your head in the game and play bigger. If you have nothing to lose than you will not work as hard. Unfortunately it is true people are motivated towards pain than pleasure.
9. Get money to do the heavy lifting. Investing is the Holy Grail of the millionaire and you must think of how you will get your money working for you. Not simply invested in a fund, bank https://youtu.be/rWtjZWcKc8c savings account but get your money to do real heavy lifting for you. That could mean reinvesting in your company so you can produce more income or investing in another venture. Remember if you don’t have
Do people in your life ask for loans? Do they ask for a bailout when times are tough? Do they want to lean on your good credit because they ruined their own? Do they take advantage of you on an ongoing basis?
Of course, just buying some real estate will not give you all of the above benefits. Different strategies in real estate will give you different benefits. For example, when you “fix and flip houses,” you are most likely not paying off a loan, thus you will not get the benefit of the “loan paydown” nor are you getting cash flow or many tax benefits. Instead, flipping relies mostly on the “forced appreciation” you get by fixing it up.
Buy and sell stocks. The stock market may be a good place to increase wealth. Watch the markets carefully before buying and pay attention to which stocks are successful. Be informed to make smart purchases. Most stocks appreciate over the long term. Ride out small dips in value and take occasional risks.
Get your own personal millionaire mentor and study them, find out what they eat, drink and the air they breathe and duplicate those practices. Quit getting financial advice from people that don’t have their finances in order. I have found that those that have made it, particularly self-made people are extremely generous with their knowledge and that is why you see so many of them speaking in public or interviewed. – they want to help those that want help.
If your winter coat is down to its last threads, now is the time to replace it since coats are filling up the clearance racks. The same goes for any winter gear you know you’ll need next year – everything from gloves to skis. March is also a good time to start organizing the paperwork for your taxes, so you have more time to prepare and deal with unexpected surprises.
Don’t let your family or friends take second choice while you pursue your ambitions. There is no choice you have to make. Just educate yourself a little… If people only knew that with a little bit more information they could be 1000 times more successful.
I have read many posts and blogs on earning a million dollars or passive income. For some time, I wonder whether striving to be a millionaire for years or decades (as you wrote) it is the thing that people should be guided in life. Maybe it’s better to focus in life on what gives us pleasure and transform it into a business. If in life we make money on our passion, instead of attending to disliked job, we will make money, but it will not be our top priority.
Not exactly! Those shoes aren’t something you necessarily need, and the $X you spend on your shoes is still an outgoing expense that could be saved or utilized elsewhere. While enjoying that 30 percent of your 50/20/30 budget is important, it’s still important to bargain hunt with a purpose. Gain satisfaction through the deals you gain on bills, groceries, and household necessities, not clothing or other expenses that wouldn’t have been in your scope of attention before the sale appeared.
Sign up as a publisher on the Awin network, check their offers blog or browse the merchant listings to find something you think your friends would be interested in, grab your affiliate link and share it. If someone buys (can be within up to 90 days) using your link you’ll make a nice commission.
Maybe you’ll measure how many people you’ve helped. Maybe you’ll measure how many customers you’ve served. Maybe you’ll evaluate the key steps on your journey to becoming the world’s best at one thing.
“As I went through these pages I saw many things I’m already doing. But I was amazed to discover how many things I’m not doing—but will do now! And the Million Dollar Rolodex at the back of the book is worth ten times the price of the book. You could spend $1,000 and attend the seminar, or buy the book and have the seminar at your fingertips forever. I like that idea!”—Murray Raphel, Raphel Marketing, author of Customerization