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Developing The Millionaire Mindset by Eljay24(m): 12:24am On Feb 14, 2015 |
To obtain the type of financial independence you’ve been dreaming about all your life, you must learn to develop a “millionaire mindset”. Thomas Stanley and William Danko, in The Millionaire Next Door, explain that most wealthy people and self-made millionaires drive used cars, live in average neighborhoods, wear average priced clothes and watches and are very careful with their money. In addition, very few of them buy boats, recreational vehicles, second homes, personal airplanes or invest in expensive vacations. Stanley and Danko point out that there are “Those who look rich, and those who are rich.” Your job is to be one of those people who are genuinely rich, rather than those who spend a lot of money but who have very little in the bank. DEVELOP A MILLIONAIRE MINDSET Truly wealthy people develop the habit of “getting rich slow” rather than “getting rich quick.” To assure this, they have two rules with regard to money. Rule number one: Don’t lose money. Rule number two: If ever you feel tempted, refer back to rule number one, “don’t lose money.” Develop the habit of investigating before you invest in anything. The rule is, “Spend as much time investigating the investment as you spend earning the money that you are thinking of investing.” Fast financial decisions are usually poor financial decisions. Develop the habit of taking your time, of moving slowly, of finding out every detail of the business or investment before you ever think of writing a check. Never allow anyone to pressure you into an investment decision. Never allow yourself to feel that a financial investment decision is urgent and must be made immediately. A wealthy man I worked for once told me, “Investments are like buses; there will always be another one coming along.” Develop the habit of negotiating more effectively to get higher prices when you sell and lower prices when you buy. A good negotiator can save or gain 10%, 20% and more on every financial transaction. Most great fortunes are built slowly. They are based on the principle of compound interest, what Albert Einstein called, “The greatest power in the universe.” In full 99% of cases where people become wealthy, it is over a long period of time, and it is based on slow, incremental growth as the result of compound interest. Every dollar that you save, properly invested and protected, has the ability to grow 5% – 10% each year. As your money grows, it compounds on itself, and grows even more. As you begin to accumulate money, develop the habit of protecting your estate from unnecessary taxes and frivolous lawsuits. Invest in the services of a lawyer who specializes in wills and estate planning. Achieving financial independence as the result of developing Million Dollar Habits is a great goal in itself, but it is not the most important thing. It is the person that you have to become, in terms of courage, character, thoughtfulness, and persistence that is most important. As the result of becoming financially successful over a long period of time, you will feel truly happy and satisfied with yourself, and with every other part of your life. This is the most worthwhile goal of all. Thank you for reading this post on developing a millionaire mindset to achieve financial independence. 3 Likes |
Re: Developing The Millionaire Mindset by Profitsng(m): 12:32am On Feb 14, 2015 |
Good one for nairalanders jumping from one Make Money Online Post To Another, Just in the Name Of Making Money Online... |
Re: Developing The Millionaire Mindset by siegfried99(m): 11:12am On Feb 14, 2015 |
Nice |
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