How do you exactly become a millionaire? The most essential step is to actually think like one. However, before you stop splurging all the money you have, know that majority of self-made millionaires don't do that. Instead, they follow these:
1. They live within their means.
Sure, they have huge houses and perhaps a number of cars. Nevertheless, they may be in the same building for the past several years. Warren Buffet still lives in the same home for more than 30 years. A number drive second-hand cars or send their children to common schools. They dress in suits only when they are meeting clients. Otherwise, you can hardly tell they are actually millionaires.
2. They stick to a budget.
See, they don't splurge their hard-earned cash at all. After all, they understand the value of hard work and determination. They also have a lot of people to take care of. Thus, to make sure they can meet their needs and wants without going overboard, they do create their own budget, perhaps with the help of their accountants.
3. They continue being positive.
Majority of these self-made millionaires have met a lot of challenges along the way. They too experienced failures. However, they have remained positive and didn't allow such things to ruin their self-confidence.
Some do make use of subliminal messages or affirmations. These are the people who know the power of subliminal messages especially when you're talking about changing your own perception on things. Subliminal messages can help you stay positive despite the problems. Good examples include the following:
I can definitely beat these problems.
I won't allow challenges to pull me down.
I know that when you're down, there's nowhere to go but up.
I have the confidence and skill to make it big someday.
4. They delegate tasks.
They know how to follow the Pareto principle or the 80-20 rule. Not a lot of people know that only 20 percent of their tasks can have a huge impact; the rest don't. For those the things that truly matter, they take command, but they distribute the 80 percent menial tasks to the employees. This way, they have more time for the bigger fish.
They also do not micromanage. This means they don't always spend a lot of time checking every detail of other people's work. They hire competent managers to do just that. They also take care of their people too, knowing that the greatest resource will be the company's people.
5. They invest their money.
They don't just keep their hard-earned cash in the banks, where they earn very little interest. They do invest. They buy stocks and bonds, opt for mutual funds, or place a small amount for insurance and pensions. They diversify their portfolio to ensure not all their money disappear just in case the economy doesn't turn out to be good.
Aren't these a far cry of your concept of millionaires? They're not too different from you and me. They just use their skills, talents, and whatever money they have wisely.
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