BECOMING A MILLIONAIRE
HOW HARD CAN IT BE???
The first reason why a lot of people find it difficult to make money
And one of the things about wealth creation and especially about learning about business fundamentals or investing is that you need to be able to read, read about them, you must be able to digest all that information rapidly
You must be willing to invest time and a lot of effort.
Second reason why a lot of people do not make money easily is because a lot of us have been brainwashed by the media in terms of the mindset of wealth, we’ve got the wrong concept of wealth so to speak.
Here’s an example. When I ask people, what makes a person wealthy?
People say its how much you earn, it’s the car you drive, and it’s the house you own. That’s not true. It’s not how much you earn because there are some people I know, who earn $20,000 a month, who are broke. And there are people who earn $3,000 a month who are wealthy because they invest it all.
As a result of watching a lot of movies and watching the media, a lot of people have this idea that you know, to be rich, I must buy a bigger house, a bigger car.
So in the end, they spend all their money, all their time buying what they call negative cash flow assets that make them poorer and poorer. And they don’t invest in positive cash flow assets.
And even if they do, they do it in such a way similar to a stock market, casino concept where they lose it all because they don’t understand what they are doing. So it’s the main reason why they lose money. They cannot be rich.
I know that making real, good money is never fast, quick and easy.And most people think that it’s easy and quick and that’s why it never leads to money.
How To Become A Millionaire: 10 Mandates To Get To A Million
#1 Know that any type of work or business can make you rich if it has a market.
Any line of work can potentially make you a millionaire if you’re successful at it, and especially if you’re really good at it. Your skills, if they answer a strong demand, could be your ticket to big things. Many of the wealthy are people who excel at what they do whether it be in sports, entertainment, sales, real estate, business, art, engineering, writing.
#2 Make some money by doing something you like to do.
If you enjoy what you do, the chances of you becoming great at your chosen area of work will increase. It bears repeating that if you are in a marketable line of work or calling, you have the opportunity to rise to the top and conceivably make very good money.
#3 Enter the field you want to be in and find out what’s marketable about it.
Strategically work towards the goal of breaking into a marketable career. For example, you can start out in food preparation. But then build your experience and learn the business as best as you can so that one day you may start something on your own.
#4 Help yourself succeed with the following traits: positive mindset, can-do attitude, willingness to learn, knowledgeability, persistence, determination, passion and being action-oriented.
#5 Be willing to make sacrifices and to reset priorities.
Stop spending, watch your budget and set aside some money. Try to find some inspiration to help you through the financial challenges. Look into other people’s success stories and take encouragement from their own experiences.
#6 Don’t buy into the belief that you can get rich overnight. The only way you can do so is by being lucky. You can have a windfall fall on your lap tomorrow, but that would be lady fortune smiling upon you a chance event. Lotteries and casinos are obvious crap shoots. If someone offers you the formula to get rich tomorrow with very little work all for a “small” fee, run away. It’s a scam.
#7 Start saving and investing early.
The younger you are, the greater your chance of making a million if you start saving and investing early.
#8 Learn all you can about finance.
Don’t invest blindly. Read up on it, learn how other successful people have made it and do the research via books, the web, workshops, classes or seminars.
#9 Learn all you can about business, if you want to become an entrepreneur.
Don’t get into business blindly. Learn how to run, operate and manage a business before you take on that risk. There are many people with specific talents who entered into business and failed. That’s because it’s not enough to be able to cultivate an idea or a skill, you’ll also need to know something about business before starting one. Either you have the head for business, or get a partner who does.
#10 Know the rest of the wealth formula, realizing that making money is just the first step to success.
Make money: this is obvious. You have to start somewhere, after all.
Grow your money: Your money has to work for you as well. So learn how to make it grow.
Preserve it, keep it, protect it: this is one element often overlooked in conventional financial advice because it’s not as exciting as the “making” and “growing” steps. But this is a whole realm of finance you’ll want to keep abreast of to be able to grasp the big picture. Some topics on this cover trusts, estate planning, asset protection, insurance and other wealth preservation strategies.