What percentage of the adult population do you think are millionaires?
Take a guess, 0.1 percent?
The number isn't too big since every other person is not a millionaire, and neither it's
too small since every single year, hundreds of thousands of people join the millionaire
club.
If you are born in the right place, and your basic needs were met while you were a child
so that you didn't have to work as a kid, then you stand a pretty good chance to become
a millionaire if you take a series of good financial decisions.
Even if you are struggling in your 20s or 30s, that doesn't mean you still can't make
it because the average age of millionaires in the US is between 60 and 79 years old.
But according to our demographics, most of you are in your 20s and 30s, so do not tell
yourself that its already too late!
So what percentage of the adult population are millionaires?
Almost 2 percent!
Around 6 million adults are millionaires.
That's a pretty big number if you ask me.
Of course, while you are worried about how to pay your rent, it's difficult to imagine
yourself earning millions of dollars.
But you don't need to make millions of dollars to become a millionaire.
Wealth isn't an overnight thing.
It's something you accumulate over time.
It can take you a few years or a few decades, but every big goal starts with a series of
small steps.
Every complex problem is a combination of multiple small problems.
So if you want to set yourself up for financial freedom, you have to start taking actions
that you can afford.
So here are 7 small steps that you can take today to forge your path to financial freedom.
If you are ready, Give the video a thumbs up and lets with the first one.
develop a routine This might not sound like a financial decision,
but I can confidently tell you that by having an effective and productive routine, you are
going both save a lot of money and make a lot of money.
People who do not have a routine and are having adventures every single day end up wasting
a lot of money.
A routine allows you to have a clear idea of how much money you need and stick to it.
That's the only way to be conscious about every penny you spend.
Of course, if you are earning hundreds of millions of dollars, you probably can do without
it, but at a small scale, every penny matters.
You need first to build a capital that you can rely on.
And secondly, at this stage, you are probably at the beginning of your journey, so every
hour that you spend not investing in yourself is an hour wasted, and in the long run, that
wasted hour will compound, and you might be missing on some huge gains.
2.
Stay away from social media Social media is a recent thing.
In fact, the internet is a recent phenomenon.
But we can already see the implications of always being on social media, especially for
teenagers.
There are people whose job is to show everyone how exciting and great their lives are because
that's the only way they can attract attention and therefore monetise that attention to pay
the bills, often that pays pretty well.
People generally understand that social media isn't real life, but we spend so much time
on it that we forget about the fact that Instagram is just a series of pictures taken at one
particular time and doesn't represent the real day-to-day life of these people.
So we strive to be like them.
People get into debt to impress others, drive better cars, or even travel just to show their
friends that their lives are at least as good as theirs.
Social media is, of course, a great tool, but when it leads you to make bad financial
decisions that ruin your life, then you are probably spending too much time on Instagram.
Stay away from social media as much as you, don't scroll through your Instagram every
moment you are distracted.
3.
better sleep leads to better financial decisions There are many ways to financial freedom,
from easy ones where your father gives you a small loan of a million dollars to lucky
ways where you win the lottery or tough ones where you build a successful business.
However, most people aren't going to win the lottery, nor will their parents give them
millions of dollars in loans with zero interest.
So you are left with only one choice, where you work hard for years to achieve that goal,
where you make the right financial decisions every single day for many, many years.
But it's difficult to make the right decisions where your brain is exhausted.
Your brain has a short-term memory and a long-term memory like a computer.
Whatever information you receive, your brain saves them in your short term memory, it's
like a ram, but whenever you go to sleep, your brain transfers that information into
your long term memory, that's why its really difficult to think properly if you didn't
have enough sleep because your short term memory is filled with information and it needs
to move them to your long term memory, so one of the best ways you can help yourself
to make better financial decisions is to simply sleep better.
Go to bed on time, make sure you don't get distracted while you are sleeping and always
make it a priority to sleep well.
4. have a goal in life
Life is unpredictable.
It's probably what makes life interesting.
No matter how you plan, things always go the other way, sometimes better and sometimes
worst.
But if you at least don't know what direction you are going to, chances that you will be
where you want to be are very slim.
Despite how chaotic life is, it's always better to have a goal that you strive to, that at
least inspires you to stick to your daily routine.
We have already talked multiple times about how daily small savings can lead to millions
of dollars in the long run through compound interest.
Of course, it's going to be different for everyone since we are all under different
circumstances, but to have a sense that you have a goal is a small thing that you can
do to move in the right direction.
Just make sure that your goal isn't too big and isn't too small and practical to a certain
extent because if it's too big, you will be lacking behind and probably forget about it
while if it its too small, it won't inspire you.
5.
Stay away from money wasters There are both things that waste your money
and people that are simply too expensive to have around.
Friends that you can't be around without wasting money on things you don't really need.
Avoid these types of people at all costs because they will forever keep you in that dark financial
situation.
Sometimes it takes just one bad person around you to ruin your financial life.
Other times it could be just a bad habit such as smoking or drinking.
Guess what happens when you start making more money?
You will drink more or smoke more often, and damage your health further.
Making more money is only going to harm you, so start working on these problems now, turn
your bad habits into good habits, remember you can make your life far better without
spending a single penny, and all these small improvements will only help you to achieve
your financial goals faster.
6.
Learn how to solve your problems without money At first glance, it seems like money solves
all problems.
The truth is that money does solve a lot of problems but not all.
No amount of money is going to get you real friends or overcome your insecurities, you
might be able to appear that you are no longer insecure, but they are going to hide deep
down inside you.
You don't need to make millions of dollars to feel confident or improve your social skills
and build deep connections with your friends.
Most people are not financially independent, so you don't have to be one to do that.
Keep working on your financial goals but at the same time, if there is something you can
solve without wasting money, go ahead and do it.
Work on your self-esteem, learn how to build valuable connections, boost your confidence.
You don't need money to do that.
You need willpower and time, which you probably have if you are watching this video.
7.
Be conscious about spendings For some reason, a lot of people consider
you cheap if you count every penny you spend.
As if you are so stingy, but that's not the case.
You can't be spending randomly and expect yourself to be left with some savings at the
end of the month.
That's why most people live paycheck to paycheck.
Money is not an infinite resource, you have to spend your time to earn it, and your time
is limited, so every dollar you spend is the time you have spent working.
So before buying anything or paying for something, think twice, do you really need that, is it
something worth the price.
If your hour is worth 20 dollars and that pair of sneakers has a price tag of 300 dollars,
do these sneakers worth 15 hours of your life or two working days?
The first step to financial independence is knowing where your money goes.
Then only you can manage it.
Of course, the path to financial independence requires far more steps than these 7 simple
steps, but you have to start somewhere.
Preferable start with something small, because it's much easier to stick to simple small
habits than pushing yourself to do something big that's so difficult you might end up giving
up in the middle.
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Thanks for watching and until next.