How to be successful: 9 commandments of dollar millionaires

2018-03-05 11:51

How to be successful: 9 commandments of dollar millionaires
They know a lot about money.

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Everyone wants to be, at least, a wealthy man. Hardly there are those who dream of living in poverty. But to become a millionaire, it seems, not everyone is solved. And in vain, reports Rus.Media.

Statistics stubbornly claims that more than half of the modern dollar millionaires became wealthy through their own efforts. And this fact not only deserves attention. He gives hope to anyone who passionately wants to get rich.

And who knows how to get the riches better than the rich? Therefore, we have compiled the most common advice shared by the wealthy people. I hope that you’ll take something useful for themselves and become closer to my dream.

1. The 50/30/20 rule

This rule helps to wisely spend the budget. 50% can be spent on needs, ensuring our ability to live — housing, utilities, food, clothing… 30% is spent on Hobbies, entertainment and desirable purchase. 20 % saving at all times and not used at all.

American millionaire Grant Cardone talks about this rule: “Put the saved money into the emergency account and don’t use even for emergencies”.

2. Buy in bulk or on sale

Probably a millionaire expect to get a different Board. But if you think that rich people just do that you throw your money around it is not so. Exorbitant spending is the path to ruin. Just some have enough money reserve to spend a lot until the end of his days.

“Saving money when buying — the savings part you put in your pocket,” says billionaire mark Cuban.

3. Don’t use credit cards

Having a credit card in your wallet only encouraged to buy what you can afford. You buy for the money, which you have not yet, which you have yet not earned. And high interest rates on loans and does make such purchases too expensive and unjustified.

“Credit facilities — the worst thing to happen to you. Better to keep the money in the escrow account, getting a small profit than to have nothing, constantly returning the money to the creditors,” says mark Cuban.

4. Buy from the manufacturer

Before you buy something, ask yourself: “Can I buy this cheaper?”. Most often the manufacturer of goods even in small quantities can be purchased at a great price. If the manufacturer sells its products in small batches, we can cooperate with friends and to buy the game at all at a low price.

5. Not spending money is like earning it

The less you spend, the more you have. So treat purchases rationally. Eradicate impulse shopping with his life. Ask yourself before buying: “I really need this?” “What would happen if I didn’t buy?”.

“People are always surprised to learn that I don’t have a closet full of costumes. And I do buy about three suits every five years. I now have 10 suits, not more. But I don’t need anymore!” — laughs Thomas Boone Pickens, an oil millionaire.

6. Spend less than earned

We have already touched upon this point, but he is too important to just leave it like this. The biggest problem with most people is that they spend more than they earn. But the only reliable way to increase your budget is to spend less.

People often buy expensive things just to impress others. They try to look better in the eyes of family members, friends, neighbors. They don’t focus on his life, trying in any way to deserve the praise and admiration of others.

“I didn’t buy a luxury watch and a new car as long as my investments and enterprises have not provided me a secure income. Becoming a millionaire, I still rode an old Toyota Camry. Any known for their work, not trinkets,” concluded Grant Cardone.

7. Start earning passive income

Most people work an employee in exchange for their efforts wages. In fact, they are exchanging their time for money. Millionaires don’t work for money. They make the money work for them. After all, time is more valuable than money, so passive income is required.

“Start saving money and wisely invest the saved part. A balanced investment will give you a passive income that will grow over time,” shared mark Cuban.

8. Surround yourself with successful people

Surrounding really affect our lives. Communicating in the circle of losers, we adopt their way of thinking and limit ourselves. But talking in a circle of successful and talented, we are learning to build grandiose plans and implement them. So be with those who inspire you.

“I want to know your level? Then look at the environment. Want to be more successful than those around you? Then become to communicate with those who are more successful than you. Looks cynical, but only the more successful people will help you find the potential for development”.

9. Money is not everything

Money in the modern world are gaining value, because they can buy so many interesting things. Money allows you to buy for the family a beautiful and comfortable home, improve your health or to see the world.

In other words, money helps improve our lives, but only to improve. Your life must be full and happy. Money is nothing without the support of loved ones, without good health, without inspiring goals.

“Frankly, the big money will not earn, just follow the rules and guidelines. But creating the right financial habits is the Foundation of future financial success. And the only thing that can hinder to achieve the goals — of his unbelief in the possibility,” said Grant Sabatier.

Here are the tips given by experienced millionaires, and they are not stupid people. Apparently, these people should know what they are talking about. Perhaps they should listen, think?