You’ve probably heard the stories of lottery winners who are now bankrupt, celebrities who were swimming in cash but spent it all, and people who use up all of their extra cash on materialistic things. Is there a way to keep from heading down that path and to become a millionaire? The answer is yes, and I’ve got the 5 steps to become a millionaire that you can follow in this post.
Is money evil? The answer is NO. Most people see millionaires as greedy people who are above others. The thing is, millionaires have something in common, and that is how they think. They see money as a tool, not an end all be all. They make their money, store it, and invest it to make them more money. The key here is that once they receive money, they know exactly where it’s going and what they’ll do with it.
You can get to where you want to be financially, but you have to stay focused no matter what. Get rid of distractions like overspending or bad credit, and always keep in mind what you’re working toward. The end goal is what’s important here, so let’s dive into what the 5 steps to become a millionaire are.
Set a big target and look at it daily. If you are currently struggling financially, all that means is you have the wrong target. Once you change the target – everything changes. People always ask me where I got the cash to make real estate investments and it’s the same every time: customers fund the transactions. I have my goal and everyone who has purchased a product or service has contributed to those transactions. Use your resources as a means to get to your goal target.
Guaranteed income is crucial to your investment plan. Think about it sort of like a jackpot you’ve got in the bank that will never disappoint you. It’s a big pile of money you can always fall back on. Guaranteed income could be something as simple as a steady paycheck, or even better, passive income from investments or products that are selling themselves without your help.
I guarantee if you use this method, you will become a millionaire. Get your income not to what pays your bills, but to where you can save 40% of your gross income. For example, let’s say you make $30,000, you put $12,000 in storage, $12,000 goes to the IRS and that leaves you with $6,000. The remainder is what you set aside as “storage”.
Stay Broke & Invest The Storage
The goal here is to invest the storage money. Take your money and put it into a “sacred account” so no one can touch it and neither can you. Leave it alone. Don’t just get your money and blow it all. Once money lands in your bank account – store it and invest it. Live on the remainder of your income from working or even from passive income if you have a lot saved up. To live on less money, you can cut back on little things like fancy dinners out or an expensive cable package.
Keep in mind: Do NOT risk this money; Don’t lose money. Figure out what you need to invest in instead of leaving it in the bank (because that’s losing money). Another thing here: Don’t buy cars, lease them, don’t buy homes, rent them. Try your best NOT to own anything. Stack cash and wait until you can put it in something that won’t be lost.
Passive = Income
The passive income should now exceed your monthly income. This is why I like to save passive income over a period of time because it means you’re creating a cash cow that generates income without your own hands. So now, you should have guaranteed income and passive income. That’s called “safe money”. Run with that and keep stacking more in the bank.
Give Yourself Time
Millionaires say that when they were young, they would always look into their future and say what they wanted, “I want to be a millionaire by age 20” or “I want to be a millionaire by 30”. Then, they would work their butts off until they were able to make that happen. The point is, you need to set a target and stick with it. It takes time (and patience) and trust me, even the richest people have had to struggle at some point. Nothing happens overnight, so you have to work hard every single day to reach your goal.
The key to becoming a millionaire is simple: It’s all about changing your perspective on money and not letting it control you. The 4 steps we went over will show you how you can become a millionaire with just the right mindset, some hard work, and perseverance.
Start by setting your goal target – what do you want? What are your dreams? Then set up guaranteed income so that even if things don’t go as planned or an emergency comes up, you’ll still have something to fall back on financially.
Once those two pieces of the puzzle are in place, start investing any extra cash into passive income streams like real estate investments or online businesses so that they’re generating more money for you without much effort at all!
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