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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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