all your advice works. i know because i have followed those steps since my early to mid-20s when, as a self-employed freelance journalist, i opened what was then called a keough account. those were pre-cursors of today’s ira’s. i always socked the limit into those, and soon opened an ira, as well as a 401k and a roth when they became available. i also opened fidelity and later, vanguard, mutual fund accounts. i always saved more than i spent, probably at least half my pay, which was never higher than about $65k during all the years i worked in journalism. true, my friends always liked to joke that i was “cheap,” but who’s laughing now? i crossed the $1m line in late 04, quit full-time work at age 51 and do exactly as i please with myself today, which is mainly being a semi-pro musician, the career the i almost established when i was in college. mercifully, i don’t have to live off it today. my main advice is to avoid credit-card debt. i am always astonished by how much people carry. ive never carried any. my debts are always limited to mortgage and, at times, car loans. i could own fancier cars and houses, but i have never felt the need, unlike my cash rich, but investment-poor friends. i live off corporate junk bonds today, plus music and random freelancing. my goal is to get to about $1.5m, get 80 percennt out of today’s way too unstable stock market, and live off mostly fixed income investments. way down the road, ill add social security, and a pension from the 25-years-plus i worked in newspapers. it can be done. the millionaire-next-door exists all around us.
Now, I mentioned a moment ago about the three different buckets that people build wealth within. Now, I want to take some time to dive into each of the three buckets, one at a time, to share the best ways to become a millionaire using that strategy.
In it, Tim encourages you not to swing for the fences, practice discipline in trading, and how to take “the meat of the move”. Now I like detailed, concise, and verbose learning materials. As I watched How To Make Millions, I kept looking for concise details and in-depth trading methods/technical analysis to satisfy my usual desire for complete information, and was initially put off when I didn’t find that. However, I am very glad I kept watching, as it turns out that what Tim presents is actually very effective, and the details and verbosity I was looking for (as important as they are) would have short-circuited my trading education.
My mind is completely blown. I never imagined this was possible. https://youtu.be/My-MA1_D5Qg didn’t have any crazy goals back then, I just wanted to write. While I was excited to share my ideas with the world, I never had any expectations people would read them. Let alone 1 million people. That’s a lot of people. Like this many people.
As I teased in this post earlier today, my ‘How To Make Millions’ DVD is 70% off here (remember all the $ from the sale of this DVD goes to charity) for just a few more days during it’s pre-sale…I previously posted this video preview of some of the other great millionaire traders featured on this DVD, but I thought I’d show you some awesome clips from a section I just finished today regarding risk/reward and trade planning…45 minutes out of right now 35+ hours of content, this section focusing on risk/reward…oh baby, this is going to be a GREAT study guide…I hope you enjoy and learn:
Subscription – If you think of something valuable (newsletter, online magazine, etc.) that you can consistently offer on a certain basis (weekly, monthly, etc.), you may want to offer a subscription service. This could be a fee charged each time your product is sent out or on a monthly basis. Either way, this has to be something that your customers can only get by subscribing to your website.
I would also add one more thing. Stay out of debt. Credit cards with high interest and buying cars that go down in value will keep you poor. If you have no debt, the money going to loans can be saved and invested.
As for the other strategies, I signed up to HARO a while back and think there are definitely opportunities across a wide range of areas. Nothing has come up for me yet but I still think it’s worth it because it only takes one good mention to make a huge difference.
Ugh this MOBE thing is behind so many things! It’s not fair because they pray on people that are already low on money! I would have fallen for it because of the initial price and then given in to more money spending because I already spent that initial money. Thank you for the heads up on these gross people. They are so annoying, will look into that other one you mentioned though
What skills do you have? Now, what do you know — and know well? These are the skills you have that you’re great at — and people want to pay you to teach them. Examples: Fluency in a foreign language, programming knowledge, cooking skills, etc.
With active income, you’re actively working to produce those wages. So if you work for someone else and you’re earning a per-hourly fee or you have clients and you’re working for yourself, you’re still engaged in active-income employment. However, if something were to happen to your ability to work, for example, you would be unable to produce an income. This could be anything from an injury to an illness or disease, and everything in between, when you can’t work, you can’t earn.
Making a million is easier than saving a million. I remember the day I called my mom and told her that was specifically the day I had earned my first million. Most everyone does it ($25,000 for 40 years is a million dollars) – many do it more than once. But, few ever save a million. It’s not that hard, however. About 80% of America’s millionaires are first generation wealthy. Moreover, more than half of those have never received even $1 in inheritance. Here are a few guiding points that can help you (adapted from Drs. Stanley and Danko’s Millionaire Next Door, 1998):
Infinitesimal Number systems Number names Orders of magnitude List of notable numbers Indefinite and fictitious numbers Extended real number line Power of two Power of 10 Long and short scales Titanic prime Gigantic prime Megaprime Largest known prime number
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.
We live in a culture that tells you your smart phone is no longer good enough six months after you purchased it — a culture that says you need to drive the best cars we can afford, live in the best house we can afford, stay in the best hotels we can afford, and live the best life we can afford.
“The single biggest financial mistake I’ve made was not thinking big enough,” writes Cardone. “I encourage you to go for more than a million. There is no shortage of money on this planet, only a shortage of people thinking big enough.”
Beware of investing during an artificially inflated market, and make sure the monthly mortgage is easily affordable. It would be a good idea to read about the 2008 sub prime mortgage crisis in the United States to learn from cautionary tales.
That’s right, in order to access the full MTTB system, people will have to cough up an additional $1,997! While this would be fine if this information was explicitly mentioned in the beginning, this ‘upsell’ (which is how they justify it) is not mentioned anywhere in the marketing materials for My Millionaire Mentor. While this is not a scam as people can opt out, its upfront omission is definitely a shady and disingenuous practice.
For people earning $60,000 per year, $500 per month is only 10 percent of their paycheck. Still, it can be difficult to find that financial flexibility on a monthly basis without a budget in place. Think about how much money you spend each month on different expenses and prioritize that spending. Groceries and mortgage payments are top priorities. Most everything else, including savings, is a matter of personal preference. Going out with friends several times a week, taking an Uber instead of driving and even buying name-brand products are all small decisions that can add up over time and derail your dreams to become a millionaire.