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Anyone can be a millionaire.
“Being rich isn’t a privilege. Being rich is a right. If you create massive value for others, you have the right to be as rich as you want.” -Steve Siebold
We live in a free market economy. But how do we get from point A to point B?! What secrets were these millionaires privy to? Or did they learn the hard way? Read on to glean some wisdom from self made millionaires, some of whom came from the pit of debt.
1. Live Below Your Means
“Live like no one else, so that later you can live and give like no one else!” – Dave Ramsey
Dave Ramsey is a name that is synonymous with financial freedom. However he didn’t start out that way; in fact, at one point in his life, he filed for bankruptcy. One of his richest pieces of advice? Live below your means. Just because you can afford it doesn’t mean you need to own/live/buy it. Millionaires don’t drive new cars. People who own their homes early in life didn’t purchase at the top of their approval number from the bank. The more you save, the more you earn.
2. Have a goal
“Stop telling yourself that getting rich is outside of your control. The truth is that making money is an inside job.” – Steve Siebold
Know what you are aiming for, and then shoot beyond for the stars. The good book says, “Where there is no vision, the people perish.” Proverbs 29:18 When I started this blog, it was to be supplemental income for my family – an opportunity to be location independent. I remind myself of our financial goals when I sit down to blog, when I go grocery shopping, when I am temped to browse Amazon.
3.Do what you love
“Find something you love to do so much, you can’t wait for the sun to rise to do it all over again.” – Chris Gardner
This is a big one that I read over and over and over again. When you are passionate about what you have to offer, you will not be aware you are working. Who DOESN’T want to become a millionaire while doing a job that is anything but drudgery to them? People who love their work never work a day in their life.
4. Save an hour of your daily income every day of the month.
“People still don’t grasp the fact that they need to save a dime out of every dollar. When that money is moved before you can touch it, that’s how real wealth is built.” – David Bach
Pay yourself first! Think of your savings as the first bill you must pay, and transfer money into that account before the other demands use it up. It can build tremendous wealth over time, and you can use it for investments or to steadily build a large nest egg. This builds discipline while giving you a sound mentality for your future. I once read “What’s last is what’s left.” People are motivated to find ways to earn money to keep the heat on, but retirement can be pushed to the back burner constantly. When you save money first and foremost, you will find a way to get the bills paid.
5. Practice Smart Budgeting
“Tell your money where to go, or you will wonder where it went.” – Dave Ramsey
Budget. Not necessarily fun in itself, but when you give every dollar a name, watching it add up is exciting! We have a wonderful system in place with electronic envelopes online. Read about Our Moxie Budget here. Schedule a day each month to look over and adjust your budget. It has never been easier to budget with all the tools at our disposal these days. Our favorite is Every Dollar. There is a pie graph for those who are visual, and you can add as many envelopes as you’d like under each category. We use the free version, but with an upgrade you can sync to your bank accounts.
Budgeting works because it ensures that you have the necessary funds for your needs and the things that are important to you. Budgeting keeps you from debt or enables you to be freed from it.
These nuggets of gold advice come from people who picked themselves up by their bootstraps and conquered money. Self made millionaires. Which one are you going to implement first? 5 steps that when combined, create a massive impact on your lifestyle. Is today the day you are going to start a change in your money habits?
Do you have any wise tidbits of advice you learned from someone in your life? Perhaps a grandparent or parent or mentor? Share in the comments below! I’m all ears.