Becoming an Entrepreneur Millionaire
Were you voted “Most Likely to be a Millionaire” in high school? And how is that going for you? According to CNBC, 300,000 Americans became millionaires in 2015. Were you one of them?
If not, then these 5 tips are just what you need to make 2017 the best money-making year of your life!
Make a Plan
You can’t achieve goals that you don’t have. So the creation of an actual written financial plan is key to your success. The two main parts of any financial plan are the money that you have/bring in and the money that you spend.
Make lists for yourself. Lists are a great way to visualize what is actually going on with your money. List out all of your expenses then figure out how much you have left over after you pay all of those bills. This leftover income to be used for savings or other needs.
Make More Money
Well, obviously. Since you now have an idea of how much extra income you have on hand (see tip #1), you should decide how much of it to invest.
According to Grant Cardone, who rebounded from being debt in his 20’s to becoming a millionaire by 30, investing is the only way to use disposable income to become a millionaire. With the current interest rates, simply saving just won’t cut it.
Another option is to somehow expand your business or increase your client base. But that should already be one of your goals.
Have Savings Automatically Drafted
Yes, you’re thinking this article contradicts itself. Wrong. While solely saving won’t make you rich, it still is important to save regularly for emergencies and retirement.
Putting the money into an IRA, Roth IRA, or 401(k) will help you save while also investing.
Meet Successful Millionaires
Steve Siebold wrote for Business Insider that befriending millionaires is important because “We become like the people we associate with, and that’s why winners are attracted to winners.”
Millionaires simply have a different mindset regarding money than the middle class does. Instead of comfortably enjoying their million, most millionaires view becoming a billionaire as the next goal. The only reason they are still millionaires is because they have not figured out how to become a billionaire yet.
Being exposed to this world of high-achieving business men and women will change the way you approach business. One recommended goal is to double the number of your wealthy friends by the end of the year. There are worse things than setting a goal to hang out with rich people.
Only Borrow Money to Make Money
Do not borrow money to buy things that you cannot afford. Instead, use debt (if it is necessary) to invest/buy things that will make money. For example, you could use the borrowed money to cash flow the construction of an investment property or you could use it to leverage investments.
Again, this departure from the average American’s behavior regarding debt hearkens back to a millionaire’s mindset. Borrowing for a non-investment item simply does not make sense.
The essence of these 5 tips is that millionaires expect their money to make more money. And with careful financial planning and interacting with the right people, it is reasonable to believe that 2017 can be a prosperous year.
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