Saturday, January 7, 2012

A Millionaire's Work Ethic

So you want to be a millionaire huh? I can't act like I'm an expert, but I denifinitely want to partake in that reality. I've been doing my homework and most millionaire's are both high earners and smart investors. On one hand, they bust their butts and bring home a lot of bacon and on the other they invest about 20% of it in sound investments. Millionaire's take the time to plan out their expenses, they budget, and spend less than they earn. If you do this over several years, you'll more than likely become one. Not that difficult huh? Then why aren't more people at millionaire status? Something to think about.

 Here's a couple of things to consider (from a non-millionaire, but working to be one)

1) Become really good at your day job and try to boost your regular income
2) Create a side business that you are passionate about that will bring in additional income
3) Create a budget and stick to it
4) Use your day job funds to take care of regular expenses, but make sure to save at least 10-20% of it for (retirement, emercency funds, etc.), save another 10% for God's portion.
5) Reinvest the funds from your side business back into the business to grow it
6) Save a portion of your side business' cash and begin to invest in Real Estate, Stocks, Other Businesses (Learn and study how to do this first though)
7) Live below your means, you don't have to be the flyest, but you can at least float (First comes Levi's, then comes Guess, then comes Versace)
8) Rewire the way you think about money (Read The Millionaire Mind by Thomas J Stanley for starters)
9) Don't take advice about money from non millionaires (Ha! this is all good information though)

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