Becoming a millionaire is a taboo subject. To say that this can be achieved at 30 seems more like a fantasy. It shouldn’t be like that, as this is possible. At 21 I left school bankrupt and by 30 I was a millionaire.
I share 10 steps that will make you rich:
1. Follow the money. In today’s economic environment, you cannot earn 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 that will force you to control your income and see opportunities.
2. Don’t brag, show up for work. I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple safe streams of income. I was still driving a Toyota Camry when I became a millionaire.
Be recognized for your work ethic , not for the things you buy.
3. Save to invest, don’t save to save. The only reason to save money is to invest it later. Put it in a safe and untouchable account. Never use these accounts, not even for an emergency. This will force you to follow step one (follow the money).
Today, at least twice a year, I am bankrupt because I always invest my surpluses in companies that I cannot enter.
4. Avoid debts that do not pay you. I borrowed money for a car just because I knew it could increase my income. Rich people use debt to leverage investments and grow their cash flows. Poor people use debt to buy things that make the rich richer.
5. Treat money like a jealous lover. Millions of people want economic freedom, but only those who make it a priority have millions. To be rich and stay that way you have to make it your priority. If you ignore it, it will ignore you or worse, it will leave you for someone who does take it as a priority.
6. Money does not sleep. Money doesn’t know clocks, schedules, or vacations, and neither should you. Money loves people who have a work ethic.
When I was 26 I was in retail and the store I worked at closed at 7 pm Many times you could find me there at 11 pm selling something else. Never try to be the smartest or luckiest person, just make sure you work harder than everyone else.
7. Being poor doesn’t make sense. I’ve been poor and it sucks. I had enough and that sucked too. Eliminate all ideas that being poor is somehow okay. Bill Gates said “If you are born poor, it is not your mistake. But if you die poor, it’s your fault. ”
8. Find a millionaire mentor. Most of us grew up in a poor or middle class and we limit ourselves to the ideas of one group . I have studied millionaires to duplicate what they did. Find your personal mentor and study him. Most rich people are very generous with their knowledge and resources.
9. Make your money lift the heavy stuff. Investing is the Holy Grail to becoming a millionaire and you should make more money from your investments than from your work. If you do not have extra money you will not make investments.
The second company I started required an investment of $ 50,000. That company has given me back that same amount every month for the last ten years.
My third investment was in real estate, where I started with 350 thousand, a large part of what I had at the time. I still own that property and it continues to provide me with income. Investing is the only reason to do the other steps and your money should work for you and lift the heavy stuff.
10. Aim for 10 million, not 1 million. The biggest financial mistake I’ve made was not thinking big. There is no shortage of money on this planet, just a shortage of people who don’t think big.
Apply these 10 steps and you will become a millionaire. Put aside people who say your financial dreams are out of greed. Avoid get-rich-quick schemes, be ethical, never give up, and once you do, help others get there too.