Tag Archives for " Millionaire "

7 Secrets of Multi-Millionaires

Do you want a million dollars? Have you ever had a million dollars of cold, liquid, hard cash? Let’s face it, a million dollars won’t get you as far today as it used to. Fidelity Investments recently did a survey of multi-millionaires and found the following 7 secrets to be true.

1 – Secret No. 1 is that you first have to decide that you want to be a self-made multi-millionaire. To be financially free you must make a decision to be so. This is a decision that only you can make for yourself. No one else can make this decision for you. Don’t worry about figuring out the ‘HOW TO’ make the millions at this point. You simply make a decision first. Decisions come first, then the answers. Not the other way around. Once you make your firm decision to be a multi-millionaire, then the answers will come.

This decision should be a firm, unshakeable one that does not allow turning back when you face obstacles. Not a hope, or wish, or affirmation, but a firm stick-to-it decision.

2 – Secret No. 2 is to rid yourself of poverty thinking. If you come from a not so well off, or poor background, this may be a lot more difficult for you than others. Think about this for a second. There is no shortage of money on this planet. Only a shortage of people who feel they are not entitled to abundance or wealth. Real wealth and abundance is not created from an attitude of lack, or not enough to go around. You do have a choice in your thinking. If you want multi-millions, then let go of the lack mentality.

Poverty thinking comes from a lower income attitude, where fear runs your life. Keep in mind that the FEAR is simply a made-up story based on a past experience. We take this made-up story based on a past experience and project it into the future with the anticipation of it happening again. This poverty mindset has got to be changed. Your mind will drive you toward whatever it is you focus on. So if you focus on lack, you will get more lack.

There is no shortage of opportunity in this country, only a shortage of vision. Your attitude about money can be different from where you are currently regarding your finances.

Your thinking must change first, then the money will find a way to you. It does not happen the other way around. The thinking like a multi-millionaire always comes first.

3 – Secret No. 3 is to treat having money like a duty. Multi-millionaires not only have a desire for wealth but also to contribute to other people’s lives. They have a desire to contribute to the marketplace as a whole. They see the difference they can make to the families, to the community and to charities.

4 – Secret No. 4 is to surround yourself with mega-millionaires. The old saying that your income approximates the ‘average of your 5 closest friends’ holds true. After all, you can’t learn very much from someone who doesn’t have much. If you desire to be wealthy, then learn from the already wealthy and follow their example. What do they read? How do they think? How do they invest? What drives them? How do they stay motivated and excited?

5 – Secret No. 5 is to work like a mega-millionaire. Rich people treat time differently than poor people. Rich people buy time. Poor people sell time, or even worse, they give it away. To the wealthy, time is more valuable than money. You can always make more money, but you can’t make more time.

Would a mega-millionaire hire a $20 per hour housekeeper, or do the work themselves? They value their time much more than $20 per hour. They would hire someone to do that work while they are making millions with their time.

6 – Secret No. 6 is to shift your focus from spending to investing. The rich understand that tax laws favor investing over spending. When you invest, you are loading your guns for future profits with substantial tax advantages. For example, your home business write-off, your vehicle used in your business, your rental property that produces income, to name a few. When you spend, that money is gone forever.

7 – Secret No. 7 is to create multiple streams of income. The rich never depend on one flow of income. Why? What would happen if that flow of income dried up? You wouldn’t be able to maintain. Creating multiple revenue streams can be tricky however. You must be careful not to lose focus by creating several streams all at once. Give undivided attention to one stream of income and once that is successful, then look for another.

Source: ezinearticles

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10 Steps to Becoming a Millionaire

Most of my life I’ve been obsessed with success and financial freedom. Like you and others, I didn’t come from money and didn’t have a great deal of direction, but I wasn’t going to let that stop me. It turns out millionaires are like everyone else–but they have a lot more money. When asked about their secrets to success, they don’t cite anything magical or rare, but rather the steady application of wise investing strategies, hard work, and, believe it or not, a degree of frugality. Here are the top 10 steps I took on my way to becoming a millionaire:

10 Steps to Becoming a Millionaire:

1.) Be Frugal! I didn’t buy my first nice watch until I was 30 years old and always bought cars well beyond my means. While I saw others creating a little success and then spending money like they had great deals of success. Now don’t get me wrong I love my watches and cars but put them off until you have lots of dough put away and your business is rolling strong! Learn how to live way below your means, bank or invest the rest and delay gratification. This way you will be able to handle situations that you didn’t plan on.

2.) Make Financial Success a Priority. Lots of people say they want to be successful but let’s face it most don’t get there. Success seems to end up with those that are most committed to having it. I made success a priority and even approached it as my duty, obligation and responsibility. As though it was vital to my existence.

3.) Work harder and longer than everyone else. The discipline of work as an ethics matter is lost on our culture today. Working hard for a week or so means nothing. It’s vital that you create a discipline to work everyone else under the table. Success is not a journey for most people it is a marathon. Prepare everyday to go the extra mile, make the extra call, have that extra meeting and you’ll soon be on your way to becoming a millionaire.

4.) Pay cash for everything you’re able to. I’ve never taken a business loan until I started buying real estate. This forced me to continue to drive new revenue into my business for my expansion. I see lots of people start in business by first buying equipment and things that they think they need in order to run a business. What’s going to make your business work are customers and revenue not printers, computers, and copiers. I didn’t take loans out until I started buying real estate and only did so when the properties paid off the debt of the properties.

5.) Eliminate All Options. Probably the single thing that kept me going when it was most difficult was the fact that I knew this was it for me. I treated my speaking business like it was my only option and my only choice and what I was meant to do with no other options available to me. When you have no other options, you’ll make the most of what you do have!

6.) Believe You Can Do It. This doesn’t mean that you won’t have doubts and insecurities. I have doubted myself most of the way up and still have moments where I question myself today. But through all of it, I continue to tell myself that I can do it, that others with less desire and skill than me have done it before. In becoming a millionaire, what helped me most was I continued to go to workshops and read books that continued to allow me to believe in me.

7.) Formulate your vision for success. “I want to be rich.” and “I want to be successful.” are too vague and also focus on wanting rather than being! Constantly, I write my goals down and even draw pictures of how I want things to be. I would take a poster and draw (and I can’t draw) images of how my life was going to be. When I write, I’m very specific too. I’ll write, “I own 2500+ apts that earn over 12% Cash on cash return.” or “I speak at 100+ paid speaking engagements a year.”

8.) ALWAYS Use Multiple Lines of Attack. In order to get one thing done, never rely on one avenue or line of attack to get it done. Always use multiple angles in order to accomplish any one thing. When approaching a client, I never assume the one line of attack will get the client and look for every way possible to add other actions that will give me one that’s successful and a step closer to becoming a millionaire.

9.) Dominate Don’t Compete. Whatever you love to do, then do it in a way that dominates that space. Don’t be a player in the game, BE the game. Be in so many places and so involved that everywhere your competitors and your clients go they hear or see you. I’m not talking about work here I’m talking about being everywhere in such a way that others can’t even imagine how to compete with you.

10.) Quit Thinking in Shortages. A million dollars may seem like a lot of money to you but the reality is there is no shortage of money on this planet. There is a shortage of people going for it, a shortage of people committed, a shortage of passion, but not a shortage of money. Trust me, a million dollars is not only not that much but probably not enough to retire on and certainly won’t qualify you as rich.

Source: ezinearticles

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How to Be a Property Millionaire

Purchasing investment properties may generate residual income and create wealth and for the investors. Some people may see this as a chance to find properties at cheaper prices since many places in the country are having mortgage breakdown. There are many techniques to make money in property investment. Use these tips to help you learn how to generate income from investment properties.

#1 Buy the right property.

In order to make thousands and millions, we have to win three times: the first one when buying, second, when managing and the third time when selling the property. If you buy it right, it does not take much to win when selling the property later. But if you mess up the buying, it will be a lot harder to make money on real-estate investment.

#2 Manage it efficiently

After buying it right, you will have to manage it right; i.e. becoming a super Millionaire Landlord. While it is true that you can make money by trading, i.e. buying and selling quickly, this strategy does not work so well in property investment for some reasons. One is because of the time taken to buy and sell properties, which it takes at least six months (the delay is due to the legal and financing requirements). This will basically mean that you will by default become a landlord. So you have no choice but to do it right, and the way to do to become a super or in our case, a Millionaire Landlord.

#3 Holding on your property

Next, you will also gain by holding on your properties. By holding on, you minimize the transaction costs – legal fees, stamp duty, advertising, commissions and other costs. These incidents can come up to a substantial amount, which will reduce your profits significantly. By holding on you’re riding on the inflationary rocket to greater wealth. Owning one or two houses will not make you rich. You’ll need to have at least five properties to be a property millionaire. In short, you will win big by holding on to your properties.

#4 Believe in your abilities

It is also important that you will need to believe in your skills, your abilities, and yourself to succeed here. This is because there will be difficult times and the will be mistakes made. Both barriers are equal and you cannot avoid them totally. So when they happen, you have to revert to the faith. Believe in yourself, believe to your abilities and it will come out right in the end.

#5 Be Patience

Next, you must be patience. Unlike stocks, options and futures, the prices f properties do not fluctuate on a daily basis. Property is not for quick profit, generally speaking. If you buy and hold, it may take years to see fruits of your labor. This calls for patience, tons and truckloads of it.

It is also vital to remember that properties are but one form of investment. There is always an element of risk, no matter how slight it is. However, following a right guide may increase your chances and probability to making the big bucks. The more knowledge you have, the more chances you have of making that grand home run, and become the next property millionaire.

Source: ezinearticles

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Becoming a Millionaire – 7 Habits of the Millionaires

Who doesn’t want to become a millionaire and have loads of money to spend? Being a millionaire is like being on top of the world and getting everything you want. Who wouldn’t want that kind of life? Becoming a Millionaire is easy, really easy. Don’t you realize that the millionaires we have today usually come from poor families and look at them now! They are millionaires and their heads are touching the clouds because of how rich they are.

There are 7 habits to becoming a millionaire. The first one is their drive, the drive to achieve their goals. It’s like you won’t accept a no because you will always find a way to make it a yes. This drive has helped a lot of people to become millionaires. The drive is like the burning desire in your heart that you cannot afford to lose and it will only go away when that desire is achieved.

Second habit to becoming a millionaire is to focus. It is like keeping your eyes on the prize and not looking any other way. The focus is very essential to become a millionaire because this focus will make you motivated and that way you will be able to reach your goal.

Third habit on becoming a millionaire is the commitment. How committed the person is to his or her goal. Being fully committed to your goals is perfect and you will get closer on achieving your goals you so wanted to achieve for a long time now. If you are serious about the goal you should be fully committed to it.

Fourth habit is your ability to believe. Believe in your dreams and reach for your goals. Believe in yourself that you can achieve that particular goal and everything will fall into place. Belief is also an essential part on becoming a millionaire so don’t ever lose that belief.

Fifth habit when it comes to becoming a millionaire is self-discipline. Discipline yourself and everything will go the way as planned. There will be no stop-overs along the way and the trip will be hassle-free.

Sixth is to invest your money wisely. Becoming a millionaire means you have to invest in order to gain. Invest your money on a property that will benefit you and do not let you impulsiveness get to you. Be wise and invest on a good and profitable property or whatever you are going to invest on.

Lastly, save money. No one is a millionaire forever. You can always go down when you don’t know how to handle your money. Becoming a millionaire thrives on saving money because if you a big spender, your days of being a millionaire are shortened unlike with millionaires who knows how to save money.

Source: ezinearticles

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5 Easy Steps To Become A Millionaire

Over the past years I have researched into this matter and I realized that there is an easy approach in becoming a millionaire which most people don’t notice or seem to be ignoring. I have put this approach into 5 easy steps. If you follow these steps and take them into action, I guarantee you will be a millionaire in no time.

1. Desire: To become a millionaire, first you will have to have the desire for it; this will be an edge to make you strive very hard to achieve what you want.

2. Focus: You will have to be focus on what you want and don’t let anything interrupt it no matter what.

3. Search: It is very important to search for opportunities but in this case the best opportunity to search for is to learn from other millionaires. Being a millionaire takes a lot more but the best, fast and easier way to become a millionaire is actually learning from the millionaires themselves. There are so many millionaires out there who are willing to teach anyone who is interested to follow their footsteps. They provide ideas, entrepreneurships, step by step training, solutions, businesses etc. In so many fields like art & entertainment, betting, business/ investing, computer/ internet, cooking, food &wine, e- business & e- marketing, employments & jobs, fiction, games, green products, health & fitness, higher education, home & garden, languages, mobile, parenting & family, self-help, software & services, sports, travel etc. All you need to do is to search for the right one that suite your interest. You will have to be very careful when searching on these because there are a lot of scams out there who are ready to scam you.

4. Invest: To become a millionaire, one most important thing you should know is dedication. You will have to be dedicated in what you do. You usually do this by investing your money and time in what you do in order to achieve your purpose. Most of these millionaires and entrepreneurs will ask you to purchase some form of guide, become a member or for training. They sell these things for a small fee and is nothing compared to what you will be acquiring to become a millionaire, these fees they charge you are to make you committed and dedicated to what you want and to achieve it since you paid for it. You should also be dedicated to invest your time to learn everything they teach you to become one of them.

5. Action: After having the great desire to becoming a millionaire, focused on what you want, searched for exactly what you are focused on, invested your money and time on what you want, now you will have to take a serious action to what you want by doing exactly what the millionaires have thought you in order to become one of them and to be your own entrepreneur if you want.

Source: ezinearticles

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The Top 5 Ways To Become A Millionaire

“Becoming a millionaire isn’t all that difficult and there are countless ways to achieve that milestone. Some people do it through real estate, others start their own business, while some simply get lucky by winning the lottery or winning big on a game show. What is even more interesting is that you don’t have to be wealthy to begin with nor do you have to earn six figures to reach this goal.

I know some people who earn well over RM100,000 and all they have to show for it is a large mortgage payment and a fancy car that depreciates faster than a glass of milk left outside in the summer sun. Anyone can become a millionaire and there are five ways to have the best shot of making that a reality.

1. Earn Income. Clearly the more money you make the faster you can reach that milestone but that doesn’t mean your average Joe with a median income can’t obtain millionaire status. The current median income in this country ranges between RM35,000-RM60,000 depending on which state you live in. Better yet, get married so you have dual incomes. The wonderful thing about having dual incomes is that even with two people in the household your income may double but your expenses typically don’t.

If you don’t earn even an average income, all is not lost. It is up to you to do something about it. A negative attitude about your job or your earning potential won’t change anything. Be proactive and make the decision to improve your situation. It is your life so take control and realize that things don’t change overnight. It may take a few years of slow growth before you reach the point where you want to be, but you can do it if you try. Remember, short of inheriting money from a relative or winning the lottery you will need income to become a millionaire.

2. Live Within Your Means. Ok, so you have income but now what? It doesn’t matter how much money you make if you spend it all or spend even more than you make. It might be nice to eat out at nice restaurants every night or to always be on the cutting edge of designer fashion but, this will only make you feel like a millionaire. This doesn’t mean you have to live a miserable and miserly lifestyle but you simply need to live reasonably.

Start by purchasing a home that you can comfortably afford and drive vehicles that suit your lifestyle without straining your budget. You don’t have to be pulling down RM75,000 a year and drive a 1992 Civic Hatchback or live in a dump, but throwing your money at a 4,000 square foot home in a gated community and luxury cars or SUVs that cost as much as one year of your salary won’t help you become a millionaire. Some may argue that an expensive home and real estate in general is a good way to become a millionaire but I will touch on that later.

3. Save Money. This isn’t rocket science but if you earn a reasonable income and you live within your means, guess what, you will probably have money left over to save. The problem most people have is they put savings last, as an afterthought. People pay bills, buy things and then whatever is leftover they try to save. That is the wrong way to save. I’m sure you’ve heard it before, but pay yourself first. Whether it is RM100 a month or RM1,000 a month, think of the savings as a bill that needs to be paid and do it regularly. If you are unable to save money you will find that your only wealth is in the form of material things.

 

4. Stick With Your Plan. If you have done the previous four items the only thing left to do is to continue doing it and stick to the plan. As far as income is concerned, always be on the lookout for ways to increase your income, whether it is through climbing the ladder at your current job, finding work elsewhere, or maybe even starting a business on the side. Increased income will mean you can save even more, provided you aren’t foolishly spending the additional money. As that additional money gets tucked away into savings or investments it will continue to grow even more quickly.

It Isn’t Hard to Do

Unfortunately most people are looking for a way to get rich quick or to capitalize on the next big thing. It is true that some people have made their wealth through playing the real estate market while others have done so by investing in a few stocks that exploded, but this is the exception and not the norm. If the above list seems overly simplistic, good. There are no secrets to becoming a millionaire and almost anyone has the chance to make it happen. The process is simple:

1. Make money

2. Don’t spend all of your money

3. Save some money

4. Invest that money

5. Repeat

Source: ezinearticles

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Becoming a Millionaire – 10 Successful Habits

Attempts at becoming a millionaire are usually futile because:

1. A formula doesn’t exist. And it never has. There isn’t a magical formulae like E=MC square, round, diamond or whatever.

2. There is often no guarantee, whatsoever, of success. Marva Collins was so right when she said, “Success doesn’t come to you; you go to it”. But how do we do that?

What makes people certain people highly successful and others, not so much?

Well, studies have shown all millionaires across the globe have some common habits that make them successful. They have cultivated these traits, rather painstakingly, and it goes without saying, that if you have or develop these traits, you will soon own millions of dollars!

Becoming a Millionaire… Like They Did!

1. Be Uncle Scrooge…

Millionaires are oh-so-frugal and astute about spending their money. Call them the modern-day Uncle Scrooge, if you will, but they believe that a penny saved is always a penny earned.

So, throw away that credit card, avoid over-leveraging your equity and believe in the sanctity of your savings account.

2. … And Be King Arthur!

Fearless, brave, undaunted – was our dear King Arthur. And so you must be.

You don’t need to draw forth ye sword, for sure, but you must be equally brave – take calculated business risks, out-think your competition, hang in there till the others have closed shop.

Above all, never call it quits!

3. Becoming a Millionaire by Being Different

“Many millionaires suggest they have always felt as if their thinking processes differed from those of their peers. While most people go one way, they tend to go the other. They frequently identify a need to prove themselves to others-a kind of ‘me against the world’ mentality that drives them constantly to do bigger and better things,” says Dr. Ken in his new book ‘The New American Millionaires’.

4. I’m a dreamer, but I’m not the only one…

… to just dream! Millionaires go out and achieve their dreams.

“Most people dream of being rich. Few achieve that dream. The only thing that separates the dreamers from the doers is motivation. The dreamers make little effort to improve their circumstances. In contrast the doers… do whatever it takes to improve their circumstances,” asserts Dr. Ken.

However, knowledge of these critical 10 habits is pointless if you don’t know how to implement them.

If you have deep insights into how to apply a tried-and-tested model in real life, then nothing can stop you from becoming a millionaire yourself!

There are six more traits that you need to develop before becoming a millionaire:

5. Resourceful

6. Innovation

7. Driven / Focused

8. Competitive

9. Delegation

10. Learning

Source: ezinearticles

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