MILLIONAIRES AND THE LIKES

MILLIONAIRES 

 

www.youthscom.blogspot.com

They Are Fanatical Achievers
one of my favorite quotes is, “Obsessed is the word lazy people use to describe the dedicated.” And the word obsessed and millionaires go quite well together. Almost like a disease you want to catch. An addiction at it’s purest form yet manageable by its greatest victims.

They’re Very Good With Money
It takes a unique level of discipline and genius to manage money well at this age. Especially if you come from a family who never quite got it right.

Young millionaires understand 3 things:

• What efforts will undoubtedly produce money: Starting a business, positioning themselves for a lucrative career, or generating passive income streams.
• How to live a life well below their means: No debt (no matter what), saving 20% of their monthly income, not buying things they don’t need, and keeping expenses very low.
• The makeup of a good investment: Reinvesting profits into measurable efforts, low risk and high return opportunities, and intelligent asset purchasing (houses, cars, and equipment).

Luckily, all of this can be learned. A few books, classes, and a dedication to healthy financial management will put you far ahead of the crowd.

How are you tracking on the millionaire path? Maybe 30 is to early for you, what about 35 or even 40. 

What is working in your strategy? Let me know in the comments below.

 1. Follow the Money. 

In today’s economic environment, you cannot save your way to millionaire status. The first step is to focus on increasing your income in increments and repeating that.

My income was $3,000 a month and nine years later it was $20,000 a month. Start following the money and it will force you to control revenue and see opportunities.

2. Don’t Show Off – Show Up.

 I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income.

I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic, not the trinkets you buy.

3. Save to Invest, Don’t Save To Save.

The only reason to save money is to invest it.  Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything – not even an emergency.

This will force you to continue to follow step one (increase income). Still to this day, at least twice a year I am broke because I always invest my surpluses into ventures I cannot access.

4. Avoid Debt That Doesn’t Pay You. 

Make it a rule that you never use debt that won’t make you money.  I borrowed money for a car only because I knew I could increase my income.

Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.

5. Treat Money Like a Jealous Lover.   

Millions wish for financial freedom, and only those who make it a priority have millions. To get rich and stay rich, you will have to make it a priority.

Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.

6. Money Doesn’t Sleep.

Money doesn’t know about clocks, schedules or holidays and you shouldn’t, either. Money loves people that have great work ethic.

When I was 26 years old, I was in retail and the store I worked in closed at 7 pm; most times you could find me there at 11 pm, making an extra sale. Never try to be the smartest or luckiest person; just make sure you outwork everyone.

7. Poor Makes No Sense.

I have been poor and it sucks. I have had just enough and that sucks almost as bad. Eliminate any and all ideas that being poor are somehow okay.

Bill Gates said to a group of college grads, “It’s not your fault if you were born poor; it is your fault if you stay poor.”

8. Get a Millionaire Mentor.

Most of us are brought up middle class or poor and then hold ourselves to the limits and ideas of that group. I have been studying millionaires in order to duplicate what they did.

Get your own personal millionaire mentor and study him or her. Most rich people are extremely generous with their knowledge and their resources.

9. Get Your Money to Do the Heavy Lifting.

Investing is the Holy Grail in becoming a millionaire and you should make more money off your investments than your work.  

If you don’t have surplus money you won’t make investments. The second company I started required a $50,000 investment. That company has paid me back that $50,000 every month for the last ten years.

My third investment was in real estate where I started with $350,000, a large part of my net worth at the time. I still own that property today and it continues to provide me with income.

Investing is the only reason to do the other steps, and your money must work for you and do your heavy lifting.

10. Shoot for $10 million, not $1 million.

The single biggest financial mistake I’ve made was not thinking big enough. 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.

Apply these 10 steps and they will make you rich. Steer clear of people who suggest your financial dreams are born of greed.

Avoid get-rich-quick schemes, be ethical, never give up and once you make it, be willing to help others get there, too.

Read more on the same @ http://www.grantcardone.com