Ever wondered how people become millionaires while you slave away at a 9 to 5 job? Read on to find out their secret.
Don’t we all wish we could be millionaires? Live a life of opulence and all things rich and fancy. But what do we do about it? Nothing much. We entertain such thoughts in our head and then push it aside to some forgetful corner of our mind.
“People are born millionaires, I can’t get there. Not in this lifetime,” you think. But then don’t we have enough and more stories of self-made millionaires like Warren Buffet, Bill Gates, Jeff Bezos to name a few.
How did they do it? These people came from humble backgrounds and paved their own way towards the million dollar club by their sheer force of will, determination and a lot of smarts.
Here are some habits of self-made millionaires. Read them and adopt them. You never know! You could be the next millionaire featured on the cover of international business magazines.
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It All Begins With A Thought
Saints, scientists, psychologists and almost all successful people agree with this idea. Much of what you achieve in your life starts with a thought. If you want to become a millionaire then you first have to deliberately think about becoming one.
Deliberate thinking is key here. There is little chance of a passing thought manifesting into something tangible. But when you consciously think about a goal or an aim, you will be able to chart a path to it.
So, if you want to become a millionaire, start thinking about becoming one deliberately. With all your mental energies focused on your aim, you are sure to get there.
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Map Your Goals
Once you are clear about your life goals the next step is to map them. You won’t become a millionaire overnight. You’ll have to take many baby steps in that direction.
The journey to becoming a millionaire is like taking a long-haul flight (unless you hit a jackpot). It can get uncomfortable and exhausting. Setting small goals will keep you from losing focus. Moreover, achieving each small milestone will work like a positive reinforcement to keep working towards your goals.
You can always draw a map and mark it with milestones. Being able to represent your goal in a tangible form will help you filter out the clutter. Sometimes just writing down your goals can offer you amazing clarity on how to go about achieving them.
If you keep your vision sharp there is no stopping you.
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Controlled Spending
When we see millionaires spending wads of cash on all kinds of creature comforts, we get tempted to do so too. But let’s not forget that millionaires can afford those luxuries, while most of us are still struggling to pay our Credit Card bills.
Luxury is affordable to millionaires and they got there by adopting some wise spending habits. In fact, some of the richest people in the world today still spend thoughtfully. Enough has been written about Warren Buffet’s careful management of money. In spite of a world of resources at his disposal, the master investor lives a simple life.
You don’t have to be Buffet, but if you want to become a millionaire you have to learn to curb your spending. There are things we need and then there were things we want. Learn to differentiate between the two and you’ll find your bank accounts getting fatter.
Impulsive spending is the biggest enemy of getting rich. If you learn to control it, rest assured that you are halfway to getting rich. Mastery over your spending urges will also help you stay rich once you get there.
You’ve probably heard of stories where the rich squandered away all their money on swanky cars and chartered planes and then quickly slipped into poverty? They are true and you definitely don’t want your name on that list.
So careful with that Credit Card now!
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Make Smart Investment
Making the right investments is a sure shot way of becoming rich.
Most of us have been told the virtues of saving while growing up. But savings are only to help you in an emergency. They are not a tool for wealth creation. While savings help you in difficult times, investments grow your wealth.
Start making smart investments if you are looking to get a foot into that million dollar club. Smart investment entails investing in different options rather than one. For example, you can invest in Equity Mutual Funds as they offer high returns, but also high risk. To even out the risk you can invest another portion of your money in a Fixed Deposit.
If you want to get rich, start investing now!
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Curb wastage
In spite of widespread poverty and rapid depletion of natural resources, a good section of the society lives in abundance. Perhaps there is a link between the two. This means many of us waste food, discard pieces of good clothing, and quickly give up old technology for new without sparing a thought.
Want to be a millionaire? Learn to live within your means. Learn to fix things, whether it’s your smartphone or your life problems.
If you learn to live within your means you’ll find that you’ll waste less. You can eat out at fancy restaurants every day and wear designer labels to look like a millionaire, but this journey will be short-lived because of the debt burden it might bring.
To be a real millionaire learn to live within your means.
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Don’t Stop. Keep Going
The journey to becoming a millionaire won’t be an easy one, but it’s not an elusive unicorn either. If you keep at it, you’ll get there sooner than you think. You might find shorter routes on the way, but they might not be right or sustainable. So be careful and think twice before you do anything.
Some people did get rich because they played the real estate market right or placed all their bets on that one right stock. However, these cases are few and far between. If you are planning to take a risk make sure your plans don’t breach the legal framework. Also, have a plan B ready in case things don’t work out as expected.
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Keep Learning
Lastly, don’t stop learning. The day you stop learning, your growth will stall. Go out and explore things out of your comfort zone. You learn the most from experiences that are tough. Always challenge yourself.
If you feel something is beyond your level of expertise, try and figure out how you can improve yourself. Join courses, read, talk to people etc. There are endless ways of learning.
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There are many, many more habits of millionaires. But these are a few, to begin with. Try to be resourceful and the rest will follow. No matter what you do, keep savings and investments at the top of your mind.
We have a host of investment options. Mutual Funds are a big hit with investors. Why not invest in one?