The first step to becoming a millionaire is to focus on increasing your income. "Your income did not exceed 3 thousand dollars a month, and after
The first step to becoming a millionaire is to focus on increasing your income.
“Your income did not exceed 3 thousand dollars a month, and after nine years it became equivalent to 20 thousand dollars a month,”. Why? “Earning money is easy to say and difficult to implement, but most people have options.” To achieve that you may follow these magic steps:
1) Develop multiple sources of income:
One way to make more money is to increase your sources of income. A study of self-made millionaires said, which lasted for five years, found that many of them have multiple sources of income.
These additional sources include real estate rentals, stock market investments and fractional ownership in secondary businesses. “The more sources of income you create, the more profitable you will be,” the study said.
2) Save money with the intention of investing:
According to previuos study the only reason to save money should be to invest in it later. Put your money in trustworthy accounts and never use these accounts for anything, not even in an emergency, this will force you to keep increasing your income.
The investment is not complicated or arduous as we think, and the simplest starting point is to contribute to the retirement pension account, and to take full advantage of your company’s program corresponding to your account.
3) Make Decisive Decisions:
An expert in the psychology of entrepreneurship mention that all billionaires who made themselves up are disciplined.
After studying more than 500 millionaires, the results show that they all share one trait of making critical decisions.
4) Don’t show off what you have:
Do not buy your first luxury watch or car until your business and investments produced safe and multiple sources of income, in addition to that you did not abandon the Toyota Camry when you became a millionaire.
We emphasized that you should be known for your business ethics, not for the items you buy.
5) Invest in yourself:
Many successful and wealthy people in the modern era are fans of reading. Take, for example, estimates by Warren Buffett, who indicates that he devotes 80% of his workday to reading.
6) Change your point of view on money:
One millionaire explained that “Richness begins with the way you think and what you think about making money. At the end of the day the secret has always been the same thinking.”
“At a time when everyone thinks that getting rich is difficult, the rich know that making money is really an inside job,” he added.
7) Waiver of fixed salary:
Another related study explained that the rich often work for their own account and determine the size of their own salaries.
In this regard, the study researcher says it’s not that there are no people around the world who work around the clock to get a salary, but that most of the time it is the slowest path to prosperity, touted as the safest, and the greats know that self-employment is the fastest route to wealth.
While the upper classes continue to create their businesses and build their fortunes, ordinary people are settling on steady pay checks and missing out on the opportunity to accumulate a huge fortune.
The researcher says people are ensuring themselves a life of moderate income by remaining in a modestly paid job with annual salaries.
8) Set goals and envision achieving them:
If you want to earn more money, you should have a clear goal, and then a specific plan for how to achieve this goal, the money will not appear on its own, but you have to work on making it.
In fact, the rich choose to commit to wealth, which takes focus, courage, knowledge, and a lot of effort.
9) Surround yourself with talented people:
It is worthy to mention that one millionaire attributes all his fortunes to one principle, the mastermind. The idea here is to surround yourself with talented people who share your vision, because the alignment of many smart and creative minds is stronger than just one.
And since we become like the people we associate with, this is why rich people tend to associate with wealthy people like them.
Engaging with people who are more successful than you can broaden your thinking and maximize your income.
The truth is that the wealthy think differently than the middle class about money, and there is much that can be gained by communicating with them.
10) Making a profit in excess of a million:
The single biggest financial mistake you made is not thinking enough. I encourage you to strive for more than a million dollars in profit. There is no shortage of money on this planet, but rather a shortage of people who think less enough.