Almost everyone has at one time in their life dreamt of becoming a millionaire. You might be dreaming of owning a huge mansion, a fleet of posh cars, tons of cash among other things. The truth is, you are not actually thinking like a millionaire. So, how do you think and act like a millionaire?
Fight the fear- the dollar might be weak and the economy down the drain. However, in the millionaire’s mind, such setbacks don’t scare him. In fact, they pose as opportunities. This is when you should buy that house or a piece of land. Fear will only keep you from making more money. Most millionaires invest up to 20% of their total income each year. Ditch the fear and let your money work for you.
Keep up with the trends- millionaires are continuously studying the trends to pin point any investment opportunities. Keep yourself up to date with the current trends to ensure you don’t miss these opportunities. Look out for upcoming long-term growth and profitable opportunities. In the millionaires’ mind, they are always looking for investments with long-term returns like bonds, stocks, real estates and other investments that generate immense opportunities. Know where to put your money, and soon you will be a member of the millionaires club.
Be independent- ditch the belief that you can never be rich since your parents were never rich. More than 70% of the world millionaires didn’t inherit their fortunes. If you want to become a millionaire, get a great idea and work on it.
Never stop learning-if you were to walk into a millionaire’s house, you will find tons of books, if not a fully equipped library. For a millionaire, learning doesn’t stop with school completion. They believe in the saying that “success is a process” and to them, your income should always go towards a financial education lest you stay in the middle class forever. If you chose to spend your money on financial knowledge, you would be able to make more. Invest in books if you want to gain a financial education. You will be surprised to learn a concept from a book in a short time that took somebody else years to actualize. A $50 book might eventually help you make millions in the future.
Save your money- always think before you spend. If you truly want to be a millionaire, think about the impact and implication that a certain purchase or expenditure will have on your finances. Whenever you want to make a purchase or spend your money, ask yourself several questions like:
• How badly do I need this?
• Can someone lend me the same item?
• Can I buy it at a lower price from somewhere else?
You will be surprised to know that the guy who lives in a million dollar house and drives a luxurious car is actually deep in debt. Most millionaires work long hours and use their money to invest in high returns investments.
Believe in yourself- if you want to think and act like a millionaire, start believing in yourself. Have an internal locus of control. When you have an internal locus of control, you can take charge of your life and not blame your failure on anyone or circumstances. What this means is that if you invest in something and it fails, you don’t get discouraged and give up entirely; you learn from the experience and look for ways that you could have done things differently to achieve success. Don’t become a person with external locus of control and always feel like you do not have any power over your life. Although it might be hard to change your locus of control, you need to understand that you are the only person who has the power to make anything happen in your life and change your fortunes.
Commit yourself to wealth- if you want to become and stay a millionaire, you have to stop wishing and start committing to getting and staying rich. It is very easy just to wish you were rich but until you start working on it, you will remain poor. If you want to commit to a goal, write it down as this will help you work toward actualizing it as it will help you figure out how to do it.
Maintain the millionaire mindset- although it seems very simple, it could prove to be difficult to maintain a millionaire mindset. Have a list of rules to follow and don’t deviate from them. If you want to maintain such a mindset, always:
• Save money
• Grab new opportunities
• Be wise with investments
• Stay consistent and positive
• Always stay humble and grateful
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