Do You want to be a millionaire?
Many of us grew up believing that money was something that could not be attained. I will never forget the day my father came home, distraught, after the bank denied a home loan to replace our leaking roof. Same with my mother, who triumphantly returned home one day with a new coat. She had gone several years without an adequate overcoat and Michigan winters can be brutal. My parents scrimped, saved and sacrificed just to put a roof over our heads and to take care of four growing boys. But the lesson I learned was that money didn’t grow on trees and that I could not become a millionaire.
I believe that most people struggle in their thinking about what is possible financially. In those days, being a millionaire was unusual. Today, though, reaching that status is fairly common. As a child, I don’t recall knowing anyone who reached that financial status. Today, I know three dozen people who meet that threshold, several of whom are worth many millions.
So, how did they do it and can the rest of us?
Tips to Monetize your life and become a millionaire
Number 1 – It’s Never Been Easier
Warren Buffet once said, “There seems to be some perverse human characteristic that likes to make easy things difficult.” It starts between the ears. We have to change our thinking to and accept the fact that we are worth it. Social Media has opened so many doors and is leveling the playing field. There is so much money in the world today and so many ways to earn it. Information sells as much as goods and services and most people are starving for information.
Number 2 – Savings Will Not Cut It but Multiple Streams of Income Can
You can’t save your way to wealth, especially with one income. Possessing multiple streams of income, in particular those with residual income, are the wave of the future. We are in a wealth acceleration right now.
Number 3 – Push Every Tax Angle You Can
Most people think that the tax code is for the rich only. That thinking is so untrue. Our tax code applies to everyone. The difference is that wealthy individuals know how to use the tax law to their favor. You can learn the tax code and use it to your advantage. Our tax code contains many benefits and taxes really are your friend.
Number 4 – Mature from Income to Investor
The way to wealth is to invest. It’s not how much money you make it’s how much you invest and keep and then multiply. Owning a business(businesses) is the best way to do it. The average millionaire has seven streams of income.
Take Control and Assert Yourself
Number 5 – Start Acting Like a BOSS
People start acting poor at a young age and live life like a spectator. BOSS UP when you have to and grow your brand and market your business. Your friends aren’t going to pay your bills. Take responsibility and control over your finances. Build relationships that grow others and help them get what they want.
Number 6 – You Need to Automate & Get A Pay Yourself First Program
Pay yourself first. I first read about that concept in 1991 while reading “The Richest Man in Babylon. Written by George Clason and published in 1926, came this quote, ” ‘A part of all I earn is mine to keep.’ Say it in the morning when you first arise.” Clason also pronounced, “Impress yourself with the idea. Fill yourself with the thought. Then take whatever portion seems seems wise. Let it be not less than one-tenth and lay it by……But lay by that portion first.”
Number 7 – Be in A Hurry
This is where the hare, the turtle and the millionaire be all three. It’s an intensity. Are you in a hurry to get some things done or are you just sailing through life? Go after what you want in life. Millionaires are always at a faster pace than the average person. Warren Buffet also stated this, “You only have to do a very few things right in your life so long as you don’t do too many things wrong.” But have some urgency about it.
Number 8 – Do The Millionaire Math
Do the math on what it takes to hit millionaire? Do you know the numbers?