6 Secrets You Need to Know to Become a Millionaire
Many millionaires now live in the middle class, work full time, and shop in discount stores just like everyone else. Are you wondering how they got rich? Here are the six secrets to know to become a millionaire.
Secrets of millionaires
Making a fortune isn't as rocket science as it sounds.
Focus on your goal to become a millionaire
Wanting to be rich is condition number 1. “The biggest obstacle to wealth is fear,” says T. Harv Eker, author of Secrets of the Millionaire Mind . People are afraid to think big, but if you think small you will only achieve small things. "
Educate yourself to enrich yourself
To make money, you need to know as much as possible about finance. Read books and magazines on money management and investing. Ask anyone in the know to explain how it works and start applying what you learn: live below your means, don't make impulse purchases, always try to negotiate better prices (on cars). , cable bills, supplies, etc.), stay in your house even if you have long been able to afford a more expensive one, and invest 20% of your annual income.
Passion pays off
According to research by Thomas J. Stanley, author of The Millionaire Mind , more than 80% of millionaires say they would never have succeeded if their main occupation had not been something close to their hearts. So, if you want to get rich, and while it isn't always easy, focus on your passion rather than the paycheck.
Make your money work and become a millionaire
Set money aside for the sole purpose of investing it in something that pays big, whether it's your retirement fund, a specific business, or real estate. The most important thing is that this money earns you. This means you need to place it where it will work hard for your own benefit before you use it for some other purpose, such as bringing you the latest flat screen TV model.
Know future millionaires, that there is often no glory without risk!
Making a fortune also requires taking risks. At 29, Dave Lindahl started a landscaping business buying all of the equipment on credit. When the business died down in winter, he took on house renovation contracts. After a few contracts, he figured he had better buy houses and sell them at a profit. He took the risk and bought a first home. With the profits, he bought another, then another. Today, Lindahl owns rental properties worth more than $ 143 million in eight states across the United States.
