All posts tagged millionaire

Doing These 6 Things Will Prevent You From Ever Being A Millionaire:

You’ve probably seen a million and one tips on how to become a millionaire- but what’s also important is to take a step back and analyze your current habits that could potentially be slowing you down. Take a look at the list below to see if you need to tweak a few actions of your own: 

1) Buying Things You Can’t Afford.

Living above your means is a surefire road to financial stress — and even if you start earning more or get a hefty raise, don’t use that as justification to give yourself a lifestyle raise.

“I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income,”writes self-made millionaire Grant Cardone at Entrepreneur. “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.”

2) Thinking you don’t deserve to be rich.

“The average person believes being rich is a privilege awarded only to lucky people,” self-made millionaire Steve Siebold writes at Business Insider. “The truth is, in a capitalist country, you have every right to be rich if you’re willing to create massive value for others.”

Start asking yourself, “Why not me?” he encourages. Next, start thinking big. Rich people set their expectations high. Why not$1 million?

3) Relying on one stream of income

“Self-made millionaires do not rely on one singular source of income,” Thomas C. Corley, who spent five years studying rich people, writes in “Change Your Habits, Change Your Life.”

“They develop multiple streams. Three seemed to be the magic number in my study … Sixty-five percent had at least three streams of income that they created prior to making their first million dollars.”

Examples of these additional streams are real-estate rentals, stock market investments, and part-ownership in a side business.

4) Being content with what you already know.

The wealthiest, most successful people are constantly exercising their brains and looking for ways to continue learning long after college or their formal education is over.

This choice is entirely up to you, emphasizes self-made millionaire Daniel Ally at Entrepreneur: “Often, people depend on their employers to buy them books, send them to seminars, or provide them with coaching. However, you must take your education into your own hands if you want to prosper. Invest in yourself.”

5) Hanging out with the wrong crowd.

“Einstein said that consciousness is contagious,” Siebold writes. “That doesn’t mean dump your friends because of their low net worth. But if you want to become rich,you need to start associating with other rich people.”

Think of it this way: “If you wanted to become fit, you would hang around fit people at the gym. If you were interested in religion, you would associate more with people at church,” he explains. “So if you want to become wealthy, get around other wealthy people and learn from them.”

6) Spending your free time having fun, and fun only.

Rich people would rather be educated than entertained. Take Warren Buffett, for example, who estimates that 80% of his working day is dedicated to reading.

According to Corley, 67% of rich people watch TV for one hour or less per day, while just 23% of poor people keep their TV time under 60 minutes.

The rich spend that TV time reading — and they particularly like self-improvement books. “The rich are voracious readers on how to improve themselves,” Corley writes. In fact, nearly 90% of them read for self-improvement for 30 minutes each day.


 

Learn more from the original source:

http://www.businessinsider.com/ways-to-guarantee-you-wont-become-a-millionaire-2016-3

4 Key Tips To Becoming a Millionaire

If you have the dreams and aspirations to make it to millionaire status one day, then take a look at these 4 key pieces of advice that will have a major impact on how and how fast you reach this goal.. It’s possible and accessible with a little help a long the way from the people like, Daniel Ally, self made millionaire and Business Expert :

Save Relentlessly

This will address the queries that I’ve recently received. For many individuals, there’s too much month at the end of the money. However, you’ll have to make your best effort to save as much as you can, even if it’s a ridiculously low number.

There are many techniques for saving money. You need to find your own system and start building your wealth. Even if you’re on a fixed income, you need to find the discipline necessary to save. Whether you start out with saving $50 or $500 per month, do the best you can and invest this money in the best way possible.

Learn from Millionaires

Most people are surrounded by what I like to call “Default Friends.” These friends are acquaintances that we see at the grocery store, gym, school, work, and other places. We naturally befriend these people as trust grows. However, in most cases, these people aren’t millionaires and cannot help you become one either.

If you truly desire and aspire to be a millionaire, these people may tell you that it’s impossible. They’ll tell you that you’re living in a fantasy world and why you’ll never be able to make it happen. Instead, learn from millionaires. Let go of these relationships and seek new ones that can help you get to the next level.

Change Your Thinking

You have to see the bigger picture. When most people see just trees, you need to look at the entire forest. This way, you’ll be able to chart your own course and get to where you want to be. By having a vision and the goals to attain that vision, your possibilities are endless.

You’ll have to go through plenty of self-discovery before you earn your first million. Knowing the truth about yourself isn’t always the easiest task. Sometimes, you’ll find that you’re your biggest enemy and best friend — even in the same day! Nonetheless, changing your thinking is a requirement for wealth.

Believe It’s Possible

If you believe that it’s possible to become a millionaire, you can make it happen. However, if you’ve excluded yourself from this possibility and think that it’s for other people, you’ll never have money. Also, be sure to bless rich people when you can. Haters of money aren’t likely to receiving any of it either.

The best way to do this is to learn relentlessly about yourself and money. You can do this by reading books that have been written by millionaires themselves. By gaining a well-rounded education and staying inspired, you’ll be able to get the wealth you’ve been looking for.


 

Read more from the original source:

http://www.entrepreneur.com/article/253514

 

Start This Habit in The New Year to be a Millionaire by 65…

Next time you’re considering running to Starbucks each day before work, you might want to think again… The chart below exemplifies just how far a few dollars a day can take you. And by far, I mean millionaire by 65! This is the perfect habit to get into for the new year coming up, and a goal that is definitely worth pursuing:


To illustrate the simplicity of building wealth over time, financial advisor, David Bach, created a chart (which was re-created below by Business Insider) detailing how much money you need to set aside each day, month, or year in order to have $1 million saved by the time you’re 65.

Screen Shot 2015-12-11 at 9.15.02 AM

The chart assumes you’re starting with zero dollars invested. It also assumes a 12% annual return.

 


original source: http://www.businessinsider.com/build-a-million-dollar-retirement-account-2015-7