Have you ever wondered: What could be the TOP SECRETS or the PERFECT RECIPE of the Millionaires that you may not know?
Today I will share with you the 5 secrets that I discovered as I look for the answer myself.
1. Frugality – It is so shocking to hear that Millionaires are FRUGAL, we often carry an impression that Millionaires spend their money on luxurious items, but most of the millionaires live within their means. They are masters over their money, rather than being enslaved by it.
Did you know that Warren Buffett, the 4th richest person in the world, still lives in the same house since 1958 that he originally bought for $31, 500.
2. They Practise 80 – 20 Principle – Millionaires don’t spend their all incomes on travels and luxury items. A lot of them know and practise the principle of SAVING.
Let’s say you earn $100k a month and your expenses or lifestyle is equal to your earnings. What do you think will happen at the end of the year?
Apply the 80 – 20 Principle. Create a lifestyle that will require you to spend the 80% of your income and 20% of it will be your savings towards your financial goals
3. They spend more time Planning and Studying – Millionaires don’t waste their time on things that don’t matter. They invest their time in reading and studying. Even though they are Millionaires, they are also lifelong learners.
According to Sarah Stanley Fallaw, who coauthored “The Next Millionaire Next Door: Enduring Strategies for Building Wealth,”millionaire investors spend an average of 10.5 hours a month studying and planning for future investments. By making informed decisions, one is more likelyto stick to your own decision and less frazzled to market turbulence.
Planning and Studying will help you achieve your Goals. If you don’t know where to start. Try Google and Watch Youtube Tutorials. It will help you a lot. Just spend your time investing in yourself.
4. They have multiple streams of Income –Millionaires don’t rely on a single stream of income. They always think about how they will grow their money by investing and launching new businesses. There’s a saying “don’t put all your eggs in one basket”. Think on how you will earn more.
Diversifying your income streams also make you more resistant to disruption and ensure that your lifestyle can still carry on. Imagine only relying on your job as a single income stream; If you suddenly get retrenched, your income stops!
Mark Zuckerberg, owner and CEO of Facebook, bought Instagram in 2012 and Whatsapp in 2014. He knows the importance of having multiple streams of income.
5. Consistency –the last secret of a millionaire is CONSISTENCY. Maybe right now it seems like you are a long way from becoming a Millionaire but if you are consistent in following these Secrets you will become one of them. Have some FAITH and never lose HOPE.
And that’s it! That’s the 5 secrets of a millionaire. Now, that you know the answer, what is 1 IMMEDIATE action you will take? The choice is yours. I hope you will commit yourself following these secrets to become a Millionaire.
If you learn something today, don’t forget to like and comment down below. And if you have questions about finances. Drop me a message and I’ll be happy to see how I can help.
DISCLAIMER: The views expressed here are solely those of the author in his private capacity and not necessarily to the author’s employer, organization, committee or other group or individual.