We've all heard the saying. Pay yourself first. But how many people follow it? The truth is that most of the world lives with a scarcity mentality. They go paycheck to paycheck, petrified of what might occur if they get sick or lose their job or something else traumatic happens. The truth is that if you don't pay yourself first, you'll never be able to get rich. It's part of having an abundant mindset and should be prioritized at all costs.
I’d say an interesting thought to add would be an idea suggested by Mark Cuban a while back on his blog. It was basically the idea that you’re not necessarily saving money so that you can invest slowly and retire comfortably, but that you were saving every possible penny, at every moment, so that when an actual fantastic opportunity came around you’d have money to invest.
However, what he didn't fully appreciate at the time was just how much others were helping in the process to push and enact those deals. When he walked away from a nearly $2-billion-in-sales company at the age of 30, he simply didn't realize that. In his own words, he was full of himself and entirely overconfident about what he could achieve on his own. His slow and steady decline in the 22 months that followed his departure from that business was one of the most brutal periods in his life, where he almost lost all hope.
After listening to your show, I found a lead to my first side hustle. For my wife’s program and mine, we are required to have CPR. We took our class to meet these requirements, and I talked with our instructor who passed my name to the owner letting him know I was curious about becoming an instructor. I was contacted about certifying myself to teach classes! – John S.
It really is that easy, and I think a lot of people don’t realize that. It’s just a psychological barrier nowadays since many can’t imagine what having $1 million feels like. In reality, $1 million isn’t that much money anymore. That might sound ridiculous, but I know I’m going to need much more than $1 million to retire someday. I’m not sure what my millionaire story will be yet, but I’m certain it’s going to involve self-employment since and not a job.
I’ve thought about doing some of these money makin things! But seems like I just get the run around to keep doing same survey over an over or end up no where! Thinking about making my own page An advirtize for taking to store doctor appts go visit an old friend! Things like cleaning houses An cars Running errands pay bills, take car for services! Shopping , writing letters for them! I have a list of things to do to make people lives easier an earn some extra money for me!!! Thanks for ur advice I’ll just have to go over stuff see what I think will work best for me ! Thank you Tina L Taylor
i strongly agree with u mcneri. most of the comments failed to impart the essence of becoming a millionaire. having good intentions to become a millionaire, like building foundations for the less fortunate pips, giving employment etc., aside from wanting to achieve financial freedom is a sure way with the guidance from God. FAITH and ACTION is a must… i am not there yet but with this mind, I CAN DO IT.
In realistic scenario you can start saving your money in your early 30s. That gives you 30 years until retirement. The average yearly return rate you can realistically achieve is around 6 %. To have a million at these assumptions, you need to save $1, 000 every month to have a million dollars at your retirement. Interestingly, if you start saving 5 years earlier, you only need to put aside $700 each month.
Wealth: nearly everyone wants it, but few people actually know what they need to do in order to get it. Becoming rich takes a combination of luck, skill, and patience. To get rich, you'll need to set yourself on a path that leads to a monetarily enriching career, then handle the money you earn wisely by investing it, saving it, and reducing your living expenses. Getting rich isn't easy, but with a little bit of perseverance and skillful decision making, it's definitely possible.
There are lots of ways of becoming or being rich which he outlines in the book, but the most powerful points he feels are: to clear your mind, set your feet firmly with determinism to get rich, laugh at your fears that only hold you back and then simply ACT -- you have to act! Oh, there's more to it than that of course, but you'll have to read for yourself.
Krystal, I understand what you are saying, but I have made money selling pictures online, and I am no pro. I can get great pictures of wildlife, tropical landscapes, and many things that other photographers may not be able to get. Should I not do this, so that other photographers can? I am also trying to pay bills and run a household. It seems that raising prices could eliminate some of your future clients. I occasionally get calls because someone can’t or won’t pay $250-$500 for someone to take pictures of their family on the beach. I also give them the CD of all of their photo’s, which many photographers won’t do.
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Jean Paul Getty was an American industrialist and founder of the Getty Oil Company. In 1957 Fortune magazine named him the richest living American, and the 1966 Guinness Book of Records named him the world’s richest private citizen, worth nearly 9 billion dollars in today’s money. He was the author of several books, including the bestselling How to Be Rich, and his autobiography, As I See It. He died in 1976.
If you’re a fitness buff and have the right combination of charisma and business sense, working as a part-time online personal trainer can be both physically and financially rewarding. Once you build up a reputation and client base for yourself, it could easily turn into a full-time endeavor for you. Check out this interview with several fitness blog owners who are making a living online, from MonetizePros. As well, I'd recommend checking out this resource if you want to take this business idea seriously and get started with a business plan for your personal fitness trainer business today.
If you're a crafter, the internet is your showcase — and not only at auction sites like eBay. DeWitt Young of ObviousFront.etsy.com has had success turning her crafts into cash online. She has a booth at Etsy.com's Craft Mall, an amazing place where thousands of artisans and crafters offer their goods for sale. DeWitt turns salvaged parts from old TVs and VCRs into artsy necklaces, earrings, and figures. Colleen Jordan of wearableplanter uses 3D printing to create her necklaces called wearable planters.
Don't spend money on stupid stuff. It's hard enough making a living. But it's hard and painful when the things you spend your hard-earned cash on are financial black holes. Reevaluate the things you spend money on. Try to figure out whether they are truly "worth it." Here are some things you probably don't want to spend that much money on if you plan on becoming rich:
It is the same concept of being the top of a particular field. When you are the best at something, you find that opportunities come to you. To become an expert of something, it is crucial to never stop improving. Successful people invest time, energy, and money in improving themselves, and it might just be the most rewarding investment you can ever make.
I think you missed the point: these words have helped me. I have no consumer debt, a reasonable mortgage payment with a lot of equity, a healthy retirement account based on my age and income, and strong professional prospects. I earn money, live within my means, save and invest that money, and repeat the process. I am well on my way to becoming a millionaire, and I wish you the same success.
For example, a $200,000 mortgage on a 30-year loan will cost you another $186,500 in interest payments, so you are actually paying a total of $386,500 over the course of 30 years. On the other hand, if you are willing to pay a few extra hundred dollars a month (for example, $350) by refinancing to a 15-year loan (usually at a lower interest rate), you could pay your mortgage off in only 15 years, and the best part is you would save yourself a whopping $123,700 in interest. That's money in your pocket. Talk to a loan officer about your options.