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How to become a millionaire 9 Golden rules to become a millionaire
Many people dream of being wealthy. If you are ready to make your dreams come true, check out
these 9 golden rules to become a millionaire No1: Stick to your needs rather than your desires
We all have many wants and desires. Many of them are expensive. Even more of them are unnecessary.
If you want to become a millionaire, the first rule is to stick to what you really need,
not what you desire. Spending a lot of money on things you don’t actually need will never lead
you to real wealth. Spend wisely; live below your means and your true reward will eventually come.
No2: Change the way you think about money Many people think that they can never have a
lot of money. For them, wealth and a millionaire status are impossible to get. Those people never
get rich. If you don’t want to be one of them, change the way you think about money.
Being wealthy is not only achievable; it is achievable for you, especially if you have
these rules in mind. If you don't believe you can earn more, you're less likely to ask for a raise,
apply to jobs where you could earn more, or put yourself in positions where you can earn side
money. Believe that you can, and you will! No3: Implement the 50/20/30 budget
This is a neat rule that can help you a lot. The 50-20-30 budget rule is an intuitive and
simple plan to help you reach your financial goals. This rule states that you should spend
up to 50% of your income on the things you need and the obligations you must fulfill.
You can spend 20% of your money on your wants and desires. And remaining 30% should be your
savings. This rule is a template that can help you manage your finances and reach your goal.
No4: Make boredom your friend We all get bored sometimes. But, that is
not always a bad thing. We sometimes need exactly that – a couple of moments of doing nothing. But,
you should not spend those moments on Netflix, shopping online or mindless browsing through
social media. You can use this free time to read a book, learn something new, or exercise. These
small things will not interfere with your schedule and can help you reach your money goals faster.
By making the most out of boredom, you will stay both mentally and physically fit, and alert enough
to make the best of any opportunity you spot. No5: Keep Your Millionaire Goal Front and Center
Things you need to do in order to become a millionaire are contrary to most people’s
behavior. While you are making all the efforts to make more money, you will see friends and family
going places, doing things, and buying stuff. In fact, they will be doing all those things you are
denying yourself because you set different goals. If you start doing what they are doing, no matter
how much you want to, you would be in financial trouble. The amount of money you’d spend on
unnecessary things you see other people buy could be invested to help you increase your wealth. So,
be aware of the dangers of comparing yourself to others. One study showed that 57% of millennials
said they spent money they hadn’t planned to because of what they saw on social media. The
people I know who have become millionaires didn’t get there by playing the comparison game. They
stayed focused on their own goals and didn’t worry about what other people were thinking or doing.
No6: Self-education is the key Another golden rule you should follow if
you want to become rich is that, in the business world, lifelong self-education is the key. Wealthy
people recognize it from an early age and that is how they become agents of their success. They
know that everything is up to them and they take learning and self-improvement seriously. If you
want to succeed, you must be willing to dedicate a lot of time to your education. Read books,
take courses, or find a mentor. It will help you succeed in your endeavors. But,
it is also important because successful people are able to have intelligent
conversations on many different topics. No7: Use the 30-day rule to control impulse buys
We all have those moments of uncontrolled impulse buys. We see something we like and we want to buy
it here and now. But, that only takes you further from your dream to be rich. There is one rule that
can help you in situations like these. The 30-day rule that says you should buy something only if
you still want and need it after 30 days. Take the money you were going to spend on the impulse buy,
and instead put it in your savings account for the next 30 days. Try and see if you can get it
cheaper somewhere else. If after this time, you still want to purchase the item, then go for it.
No8: Avoid debt like plague, especially credit card debt
You can get a loan for almost anything nowadays. Whether it is a new car, jewelry or a house,
the idea is to get it now and pay for it later. But the problem is that you will pay a lot more
later. This is why it is essential that you avoid debt at almost any cost if you want to be rich.
Every time you buy something on credit, you’re digging a deeper hole for yourself. That money
you’re sending to lenders is money you could invest and make more money. And if you already
have some debt, get rid of it as soon as possible. No9: You can either look rich or be rich
Many people focus too much on looking rich. They buy expensive clothes, drive the newest Porsche,
or have ridiculously expensive watches. But, if you think about it, truly wealthy people rarely
look like the millionaires they are. They simply don’t have to. And they are aware that their
clothes or cars don’t make a real difference in their lives. That amount of money you spend on
fancy suits, pricey accessories or cars is the money you could have invested to become even
richer. If you spend it on trying to look rich, it actually prevents you from becoming rich.
Which of these rules do you think would be easier to follow? Share your thoughts
in the comments section. We love reading your comments
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