how to become a young millionaire

Status
Not open for further replies.

brayo

Senior Villager
#1
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
that 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). 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 it 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, but only
those that 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.
Related: LISTEN: How to
Make a Million Dollars
Online
6. Money doesn’t sleep.
Money doesn’t know about
clocks, schedules or holidays,
and you shouldn’t either.
Money loves people that have
a great work ethic. When I was
26 years old, I was in retail
and the store I worked at
closed at 7 p.m. Most times
you could find me there at 11
p.m. 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 is somehow
OK. Bill Gates has said, "If
you’re born poor, it’s not your
mistake. But if you die poor, it
is your mistake."
8. Get a millionaire mentor.
Most of us were brought up
middle class or poor and then
hold ourselves to the limits
and ideas of that group. I
have been studying
millionaires to duplicate what
they did. Get your own
personal millionaire mentor
and study them. 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 10
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 that 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.
 
Status
Not open for further replies.

Top