Tag: rich
Become a Millionaire by 30 | How To Gear Your Life For Wealth
Harvey 0 Comments Retire Wealthy & Wise
Becoming a millionaire and being able to live the life you want is a dream for most, and achieving this by the age of 30 can seem like a wild fantasy. While everyone has a different journey, and there are no guarantees in life, utilising these tips will go a long way to helping you crack those seven figures. #1 Ditch the steady pay check Wealthy people are typically self-employed and determine the size of their own pay check. It’s not that there aren’t superstars who punch a time clock, but for most it’s the slowest path to wealth, promoted as the safest.
The great successes know that self-employment is the fastest road to wealth. While the elite continue starting businesses and building fortunes, average people settle for steady pay checks and miss out on the opportunity to accumulate great wealth. The masses almost guarantee themselves a life of financial mediocrity by staying in a job with a modest salary and yearly pay rises. #2 Don’t show off – show up! True success and wealth isn’t represented by your latest gold watch or fancy sports car – especially if it’s leased or put you in debt. These things may create a superficial image that makes you feel good about yourself, but time will erode this when debt eats into your wealth, and you cannot sustain the lifestyle you’ve tried to adopt too early. Many a millionaire have stated they’ve been driving an old rust box well past their first million, but have upgraded when they can pay cash. Be known for your work ethic, not the trinkets you buy! Show up, work hard, and be known for what you achieve…the money will follow. #3 Money doesn’t sleep Money doesn’t know about clocks, schedules, holidays, and you shouldn’t either.
Money loves people that have a great work ethic. If you want real success and wealth, you’re going to have to make sacrifices like foregoing some social events and putting in the hours. With the ability to utilise the internet for marketing and making money, time zones and geographic locations are no longer an issue for entrepreneurs with a dream anywhere. #4 Avoid debt that doesn’t pay you This is a shift in mindset in how you think about money and whether you buy luxury toys or utilise money to make money. Make it a rule to never use debt that won’t make you money. The wealthy use debt to leverage investments and grow their income streams.
Poor people use debt to buy things that make rich people richer! Get your money to do the heavy lifting for you. Investing is the ultimate road to becoming a millionaire and beyond! You should make more money off your investments than your work. Many successful entrepreneurs outlay thousands in cash to get their start-ups off the ground, and report making that money back each and every month for many years. Investing is the only reason to follow any of the other steps, and make your money work for you, rather than you working for your money. #5 Focus on money & make it a priority While it sounds superficial, it is a harsh reality.
To get rich and stay rich, you will have to make money a priority. Ignore it, and it will ignore you. Rarely can you just focus elsewhere and hope the money will find you, as you need to be making decisions based on what is most beneficial to your business or situation. Without focusing on these decisions financially, you had better find fulfilment in other areas of what you do. You can still be ethical and conscious of your customers or the value you provide, but keep the money in focus if your aim is to be rich. #6 Invest in yourself You don’t need a formal education to start your own business and make millions, but some form of education certainly helps to understand how to run your business! Even through self-education online, knowledge is power and helps you make better decisions, which in turn affects your wealth. Some form of education is a highly valuable investment in ourselves.
Statistics show a strong correlation between education and wealth, and it can open the door to many opportunities. Even if you can’t start your own business right now, being educated and working for someone else on a decent salary can help you to build some capital to invest. Keep in mind many entrepreneurs don’t even branch out on their own until later in life, so don’t feel like you’ve already set your path. But if you want to be a millionaire by 30, you really need to ditch the steady pay check and take that risk head on.
Fortune favours the brave! And finally, #7 Don’t be poor! Fight for it! Work harder! A lot of us have been poor, it’s no way to live. Everyone has different circumstances and dealt different cards, but don’t let an excuse be your defining legacy. Fight for it! Eliminate all ideas that a mediocre life is somehow okay! And to close out with an old expression: “It’s not your fault if you’re born in the gutter, but it is your fault if you die there”.
Now go out and get it! .
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Read MoreHOW TO BECOME A MILLIONAIRE WITH $5 A DAY
Harvey 0 Comments Planning your Retirement
You know before making this video I was just thinking back to some of the greatest things that I learned in my days in school we sure did learn a lot of great stuff in school didn't we for example if you give me the link of two sides of this right triangle here I can actually tell you the length of this third side right here pretty useful stuff huh I can also write in cursive play hot cross buns on a recorder and I can even spell boobs on a calculator my favorite lesson in high school though was how to become a millionaire with just five dollars a day wait a second I didn't learn that in high school did I did you guys learn that in high school did anyone learn that important lesson in high school or was that just left out when we were learning how to cite a source using correct MLA format my point here is about 99% of what you learned in school is useless information and this is a very important lesson that was left out that I'm going to share with you guys today I'm going to show you how to become a millionaire with five dollars a day this is the magic of compound interest pretty magical all right so the first thing I want to point out to you guys is this you cannot save your way to millionaire status one of the most common things people tell you to do if you're looking to grow your wealth is to save your money and put it in the bank that is the most stupid piece of advice anyone could give you because that is a guaranteed way to lose money I'm going to explain why that is so first of all if you have five bucks a day can you simply save your way to millionaire status absolutely not here's an example let's say for whatever reason you were able to save five dollars a day from the day you were born to the day you were a hundred let's say you even lived to be a hundred years old if you save five bucks a day for a hundred years it will have one hundred eighty two thousand five hundred dollars that is a far cry from a million dollars so unless you're planning on living past five hundred years old you cannot save your way to millionaire status second of all interest rates in a savings account do not keep up with inflation so you cannot put your money in the bank and expect it to keep up with inflation so in 2016 inflation was two point one percent okay the average checking account pays zero point zero five percent interest on the money you put in there so here's just an example in terms of how much money you're losing by keeping your money in a savings account so ten thousand dollars in 2015 is equal to ten thousand two hundred sixteen based on that two point one percent rate of inflation now let's say you had ten thousand dollars in your checking account over that year as well so you're ten thousand dollars grew to an astounding dollar amount of ten thousand and fifty dollars at that point so you made fifty dollars okay also known as you just lost one hundred sixty dollars of value maybe that doesn't sound like a lot of money but if you had a hundred thousand dollars in there you just lost sixteen hundred if you had a million dollars you just lost sixteen thousand dollars because your interest rates are not keeping up with the rate of inflation so that is why a savings account is a guaranteed way to lose money so when people recommend you save your way to retirement or you save your way to being rich that's a guaranteed way to lose money there you're basically guaranteeing that you're going to fork over a lot of money because you're not going to keep up with the rate of inflation with what these banks pay you as far as interest goes so what is the solution to this problem I'm going to give it to you right now I'm going to show you how to become a millionaire with five bucks a day all that I ask you guys to do is subscribe to my channel and drop a like on this video and help this message be spread to other people out there who are stuck saving money in a bank account all right guys here it is here's how you become a millionaire with five bucks a day no this is not some course that I'm selling for a thousand dollars on how to become a millionaire that has 40 hours of video content this is this is four steps four steps guys and you can become a millionaire with five dollars a day okay here's how you do it number one set aside five dollars each day I'm talking about the amount of money you probably spend at Starbucks every single day at the end of the month you will have one hundred fifty dollars saved up okay what you're going to do with that money you're not going to put it in your bank account you're going to invest that money you're going to invest in a diversified portfolio of blue-chip stocks and investment-grade bonds okay for those of you who don't know blue chip stocks are these stocks of well-established companies they have a very high market capitalization they are things that have been investing in for many many years and over the last 100 years on average blue chip stocks have paid a 10 percent return you're also going to be investing in investment grade bonds these are high-quality low-risk bonds over the last 100 years these bonds have paid out on average 6% what I recommend doing is investing 50% of your money in blue chip stocks and 50% of your money in investment grade bonds over the last 100 years on average this portfolio page you 8% return on your investment you're never going to sell you're going to leave it there and you're going to let it compound over time you're taking advantage of compound interest now you may not have enough money each month to invest but you're going to save that money and when you do have enough money you're going to buy more shares of blue chip stocks and you're going to buy more investment grade bonds okay after 50 years now we're talking 50 years I know that sounds like a long time but like we said before if you save five dollars a day for a hundred years you'll have a hundred eighty two thousand five hundred dollars okay so now we're talking about half the time 50% less time we're talking 50 years okay you do this for 50 years and due to the magic of compound interest you now have a portfolio worth 1 million thirty two thousand seven hundred eighty six dollars and 28 cents you just became a millionaire for the price of a starbucks cup of coffee each day why is this lesson not being taught in school
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