Just because you have a debt problem does not mean you cannott turn it around and become a millionaire. If you have ever read The Millionaire Next Door then you know Americas millionaires are not who we think they are. As the title implies, the majority of millionaires are just normal people who do not drive fancy cars or live in expensive houses. Rather today millionaire is a self-proclaimed frugal spender who saves most of their money and is constantly on the prowl for new ways to make extra income.
The principles that helped your neighbor achieve millionaire status are the same principles that can help you rid yourself of your debt problem. For starters you need to gain a new appreciation for money. Your debt problem probably didn’t just appear overnight. More likely this debt problem that you have created was built over time by getting in the habit of spending more than you make.
Before you can eliminate your debt problem you have to kick your habit of spending more than you make by replacing it with a new habit – saving money on a regular basis. Saving is a millionaire habit, and if you ever hope to kick your debt problem to the curb you must learn how to save. By learning how to save and thus spending less than you make you will demonstrate that you have a new found respect for money and the power it has to either liberate or cripple you for life.
As you head down the road to becoming Americas next millionaire, by saving your money, you should set a small amount aside for a rainy day and apply the rest of your savings to pay off your debt. Part of becoming financially liberated involves paying off your creditors. Slowly but surely as you stick to your savings plan you will begin to erase your debt problem.
To speed up the process of paying off your debt and becoming a millionaire you will need to begin to look for extra income opportunities. Working a steady job isn’t always enough to get you to that coveted millionaire status. Looking for additional opportunities to make extra income will help you erase your debt problem and become a millionaire in no time at all.
Some extra income options you might consider involve investing in stocks and bonds, buying an investment property, or opening up your own small business. Becoming a millionaire is ultimately dependent on taking the money you have saved up and investing it in a market that offers lucrative returns on your money. Leaving your savings in savings account that earns a paltry 2-3% each year is just not going to cut it if you ever hope to become a millionaire. To really make some extra income you have to take some risks. Investing in the real estate market is indeed a risk but it can pay off in huge proportions if you are able to manage the property effectively and make a profit from month to month.
Eventually the snowball effect will take over and you will quickly see how just a little bit of extra income can quickly double or even triple in a few years time. As you continue to reinvest your profits and savings your net worth will increase exponentially until eventually you have become the millionaire next door. So if you have a debt problem don’t despair, apply the millionaire principles you learned today to erase your debt and help you make your first million!
By Adam Smith
Friday, April 27, 2007
Friday, April 20, 2007
Get Rich Quick, Become a Millionaire?
Are you looking to get rich quick? Do you need some extra income? Are you ready to become a millionaire today? If you answered yes to any of these questions then you are ready to start down the enlightened millionaire path. More than anything, controlling your cash flow is the key to becoming a millionaire in today’s world. Let’s explore how an enlightened millionaire becomes just that.
Get Rich Quick Myth – Most people think the best way to get rich is to get rich quick. Perhaps this is true, but very few millionaires become rich overnight. For the most part there is nothing fast about getting rich. You can dream about how you are going to get rich quick, but while you are dreaming your neighbors will be working to make their dreams come true. Millionaires form millionaire habits. Some millionaire habits include tracking expenses, adhering to a budget, minimizing discretionary spending, and saving their money. None of these millionaire habits lends itself to the get rich quick philosophy. Rather, the majority of America’s millionaires are patient hardworking people who earn their lot in life.
Strong Positive Cash Flow – People become millionaires by ensuring they always spend less than they make. That is to say they ensure their monthly cash flow is always positive. When you are able to establish a strong positive cash flow it becomes very easy to save your surplus or find ways to invest this money. Strong positive cash flows are achieved by paying close attention to things you spend your money on. Most of America’s millionaires don’t drive fancy cars or wear designer clothes. America’s millionaires are very careful in the way they spend their money, typically establishing moderate spending habits that allows them to put some money aside for savings and investments.
Extra Income – A millionaire is always intent on finding additional ways to earn extra income. Typically they will increase their savings by investing their hard earned money into lucrative investment opportunities such as mutual funds and real estate properties. Finding ways to make extra income is just one of the many millionaire habits that millionaires possess. But most importantly when a future millionaire starts making extra income, rather than spending the money they put it in the bank or find a suitable investment opportunity to invest in. Millionaires and millionaires in the making take advantage of their extra income, constantly finding ways to make more money by using the extra income they have earned.
Ultimately becoming a millionaire requires financial discipline and hard work. Most millionaires will tell you they didn’t get rich quick. Rather they worked hard to get to where they are at today. A lucky break or two along the way to making your first million is appreciated but what you lack in luck you can make up in hard work. Finding ways to make extra income on top of your healthy salary can help you establish a strong positive cash flow. Making good decisions and using your extra income wisely will go a long way to helping you realize your goal of becoming a millionaire. Start today on the road to becoming a millionaire by making a plan and committing to it until your objective has been reached. It is never too late to start forming the millionaire habits that will help you save your first million dollars.
By Adam Smith
Get Rich Quick Myth – Most people think the best way to get rich is to get rich quick. Perhaps this is true, but very few millionaires become rich overnight. For the most part there is nothing fast about getting rich. You can dream about how you are going to get rich quick, but while you are dreaming your neighbors will be working to make their dreams come true. Millionaires form millionaire habits. Some millionaire habits include tracking expenses, adhering to a budget, minimizing discretionary spending, and saving their money. None of these millionaire habits lends itself to the get rich quick philosophy. Rather, the majority of America’s millionaires are patient hardworking people who earn their lot in life.
Strong Positive Cash Flow – People become millionaires by ensuring they always spend less than they make. That is to say they ensure their monthly cash flow is always positive. When you are able to establish a strong positive cash flow it becomes very easy to save your surplus or find ways to invest this money. Strong positive cash flows are achieved by paying close attention to things you spend your money on. Most of America’s millionaires don’t drive fancy cars or wear designer clothes. America’s millionaires are very careful in the way they spend their money, typically establishing moderate spending habits that allows them to put some money aside for savings and investments.
Extra Income – A millionaire is always intent on finding additional ways to earn extra income. Typically they will increase their savings by investing their hard earned money into lucrative investment opportunities such as mutual funds and real estate properties. Finding ways to make extra income is just one of the many millionaire habits that millionaires possess. But most importantly when a future millionaire starts making extra income, rather than spending the money they put it in the bank or find a suitable investment opportunity to invest in. Millionaires and millionaires in the making take advantage of their extra income, constantly finding ways to make more money by using the extra income they have earned.
Ultimately becoming a millionaire requires financial discipline and hard work. Most millionaires will tell you they didn’t get rich quick. Rather they worked hard to get to where they are at today. A lucky break or two along the way to making your first million is appreciated but what you lack in luck you can make up in hard work. Finding ways to make extra income on top of your healthy salary can help you establish a strong positive cash flow. Making good decisions and using your extra income wisely will go a long way to helping you realize your goal of becoming a millionaire. Start today on the road to becoming a millionaire by making a plan and committing to it until your objective has been reached. It is never too late to start forming the millionaire habits that will help you save your first million dollars.
By Adam Smith
Thursday, April 05, 2007
Millionaire Money Skills from Robert Allen
Have you ever dreamed of becoming a millionaire? If you have, then there is no better time than now to realize your dream and become a millionaire. It is not as hard as you think. If we learn from the best, then we can become like the best. One of the most successful businessman and multi-millionaires is Robert Allen. Robert Allen suggests following seven key money skills in your quest to become a millionaire.asp">millionaire. Let’s take a look at these money skills that Robert Allen swears by.
1. Value It Robert Allen suggests that we value every last penny we have. Even a mere dollar holds value. We waste a dollar here and there and pretty soon that adds up to a substantial amount of money. A budding millionaire will treat a dollar like a money seed, using it to make their next dollar.
2. Manage It – Becoming a millionaire is dependant upon proper management of your cash flow. Learning how to manage money properly and using it for the best purposes will lead you towards becoming a millionaire.
3. Save It – Like all good millionaires, Robert Allen stresses the importance of saving your money. It will do you no good to have a steady cash flow of money from your primary job if you constantly spend all of the money. It is like taking a bath without plugging the drain – no water will collect in the tub if the drain is not plugged. In life, a future millionaire learns how to plug his spending drains so that part of his income can be saved.
4. Invest It – A millionaire doesn’t just sit on the money he has saved either. As he continues to save money from his monthly cash flow, he also looks for prime investment opportunities. A millionaire will look for ways to increase his savings account through investments.
5. Make It – Sometimes one stream of income is not sufficient to “fill up the bathtub†fast of enough. Thus a millionaire is always interested in finding new ways to make more money. Finding multiple streams of income is one way Robert Allen has identified as a way to reach your goal of becoming a millionaire faster.
6. Shield It – As you learn to master the skill of making money, a millionaire must also understand how to protect his money. In today’s world one must protect all their assets from those who would rather steal it than earn it.
7. Share It – Just as you protect your millions from those who don’t deserve it, you must also share your money with those who do. Help others to realize the same prosperity that you have by helping them jumpstart their journey to financial wellbeing. Share your money with good causes and deserving people.
Learning these money skills developed by Robert Allen will help you become a millionaire. Each skill teaches a unique value that is important to realizing financial success. As you learn and acquire these money skills your pennies will turn to dollars which will turn to millions of dollars and your dream of becoming a millionaire will have been realized.
Adam Smith is an informational author for 10X Marketing. To learn how to become a millionaire visit the enlightened millionaire institute. More information about Robert G. Allen can be found at OneMinuteMillionaire.com.
By Adam Smith
1. Value It Robert Allen suggests that we value every last penny we have. Even a mere dollar holds value. We waste a dollar here and there and pretty soon that adds up to a substantial amount of money. A budding millionaire will treat a dollar like a money seed, using it to make their next dollar.
2. Manage It – Becoming a millionaire is dependant upon proper management of your cash flow. Learning how to manage money properly and using it for the best purposes will lead you towards becoming a millionaire.
3. Save It – Like all good millionaires, Robert Allen stresses the importance of saving your money. It will do you no good to have a steady cash flow of money from your primary job if you constantly spend all of the money. It is like taking a bath without plugging the drain – no water will collect in the tub if the drain is not plugged. In life, a future millionaire learns how to plug his spending drains so that part of his income can be saved.
4. Invest It – A millionaire doesn’t just sit on the money he has saved either. As he continues to save money from his monthly cash flow, he also looks for prime investment opportunities. A millionaire will look for ways to increase his savings account through investments.
5. Make It – Sometimes one stream of income is not sufficient to “fill up the bathtub†fast of enough. Thus a millionaire is always interested in finding new ways to make more money. Finding multiple streams of income is one way Robert Allen has identified as a way to reach your goal of becoming a millionaire faster.
6. Shield It – As you learn to master the skill of making money, a millionaire must also understand how to protect his money. In today’s world one must protect all their assets from those who would rather steal it than earn it.
7. Share It – Just as you protect your millions from those who don’t deserve it, you must also share your money with those who do. Help others to realize the same prosperity that you have by helping them jumpstart their journey to financial wellbeing. Share your money with good causes and deserving people.
Learning these money skills developed by Robert Allen will help you become a millionaire. Each skill teaches a unique value that is important to realizing financial success. As you learn and acquire these money skills your pennies will turn to dollars which will turn to millions of dollars and your dream of becoming a millionaire will have been realized.
Adam Smith is an informational author for 10X Marketing. To learn how to become a millionaire visit the enlightened millionaire institute. More information about Robert G. Allen can be found at OneMinuteMillionaire.com.
By Adam Smith
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