What should i do to become a millionaire this year? - changing the way we think

Discussion in 'Featured Posts of The Find Some Money Blog' started by admin, Sep 29, 2015.

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  1. admin

    admin Administrator Staff Member

    Admin Post
    By changing the way you think and treat money you may well be on the way to becoming a millionaire, many people that have become disorientated by working long hours for little or no reward are increasingly asking this probing question with regards to financial success.

    To become a millionaire you should have certain underlying characteristics, you should be determined, you should be motivated and you should embrace hard work and be unfazed by failure. Depending on how quickly you can change your ways you could become a millionaire very quickly.

    After reading more personal finance books than I care to remember I’ve come to the conclusion that every books specializes in a particular goal, it might be frugality, it might be sorting your finances, it might be assets; disappointingly not any of the books gave me the complete picture. It’s only by combining all the ideas and advice together I could come up with some universal truths about becoming a millionaire.

    The reason for writing this article other than to make money was to make disillusioned people understand that there is a way to become extremely rich and you don’t have to work for the rest of your life to achieve the success. There are three phases that you need to embrace to stand a chance of sustained financial success, by focusing your energy on all three phases you stand a better change of financial success.

    Phase 1: Financial Security

    We all have to start somewhere and the best place for most is financial security, it’s time to lay the foundation for continual financial growth and prosperity. Working on financial freedom and financial liberation while neglecting financial security will mean that you’re putting additional pressure on yourself to perform which will ultimately manifest to negative energy, you feel like you have no backup plan and as a result wrong decisions are made and financial growth stops.

    Financial security is important because we all need a safety net; having security gives us peace of mind to pursue other financial goals unmolested. This is where you have to ensure that you pay yourself first, spend less than you earn, live frugally and max out your retirement fund while keeping an emergency fund for those crisis that creep up on us in the least expected circumstances. Having financial security removes negative thoughts from thinking and lets the brain focus on progress.

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    Phase 2: Financial Freedom

    Once you’ve built your safety net you can start to think about financial progress, the next step is financial independence, this is when you are in a position to choose whether you want to work or not. Your aim should be to replace your income which is currently derived from your employment and substitute it with income that comes from assets, you should see every dollar as an employee and you need to make the employee work as hard as possible so it can buy your time.

    Buying assets is a risky proposition which is why financial freedom requires a substantial growth in financial intelligence; you need to know what the difference is between assets and liabilities. You need to become an expert in acquiring assets and an expert in manhandling liabilities. Your ultimate goal is to buy assets that can buy you time and rent or sell liabilities which will mitigate your expenses and costs.

    You could create a portfolio of assets which produce income; this could invariably include rental properties, dividend stocks, and mutual funds. You rent out your liabilities, this could be renting a room in your property which still has a mortgage or renting your vehicle out for the weekend to mitigate gas and insurance. The road to financial freedom requires small steps at first however as financial intelligence increases you’ll start to find better returns and major inroads can be taken to achieve your goal of leaving the rat race.

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    Phase 3: Financial Liberation

    The phases mentioned above do not need to be done one after the other, phase one is just about changing habits while phase two is about growing financially and becoming a savvy sophisticated investor. The phases can be done together and should be seen as a separate phases which are being tied together to achieve the ultimate goal. The final phase is financial liberation, this is where you have more money than you need and have the choice to improve your lifestyle or make a difference to other people’s lives.

    Financial liberation is achieved through a higher taxonomy of thinking, you’re no longer thinking small and local you start to think globally. You need to look at the bigger picture and find ways of effecting millions of people by making their lives better or by solving problems, you need to see yourself as the producer and not the consumer.

    Once you start thinking like a producer you’ll see that your upper limit in terms of earnings goes through the roof. You could think of effecting millions through the internet or by inventing a product. The final phase requires an abundance of creative thinking and will not come overnight, you need to keep your eyes open to opportunity yet have the common sense to prevail in due diligence.

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    What Should I Do To Become a Millionaire?

    Some may argue that phase 3 is the most important as it gets you to millionaire status fast, however to get to phase three you need to devote 100% to your thinking to creativity, having a nagging thought about how you’re going to make ends meet at the end of the month puts unnecessary pressure and pollutes the mind with negativity.

    Having a positive mindset will help you achieve your goals or financial liberation quicker, it’s better to use your brain to pursue financial liberation as opposed to a lower calling of paying the rent on time.

    Your astuteness brings opportunity in front of you, your prowess when it comes to assimilating financial intelligence will help you to assess opportunities with clarity, having peace of mind will give you the confidence to pursue something without fear of failure thanks to phase 1 and phase 2. I really believe that this is the real formula for becoming a millionaire. Maybe I’ll even write a book (Phase 3).

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    Rayhan, Ammo_Ram and Simrin like this.
  2. Simrin

    Simrin Newbie

    Having a financial security blanket really helps because it spurs you on to earn more. Not relying on credit cards and loans makes you feel in control which allows you to take calculated risks. When I cut up all my credit cards and paid off all my debt I concentrated on building an emergency fund which would give me financial security. Once I built the emergency fund I was able to save and invest for the future. I definitely agree with everything in your post and hope more people think this way.
    Rayhan and Ammo_Ram like this.
  3. Ammo_Ram

    Ammo_Ram Newbie

    For me Phase 2 is very important because it allows you to focus on the future so you can plan for financial freedom. Most people just concentrate on the past and present and forget to plan for the future. Knowing exactly what you want and then relentlessly cutting costs and increasing income can really help you to get ahead. I would also add the need for a review. Every once in a while I like to check that my expenses are under control and see if my income is rising. I also check my net worth. Measuring everything helps because you see progress which wants you to do more.
    Rayhan likes this.
  4. Ammo_Ram

    Ammo_Ram Newbie

    Emergency Funds are definitely important but I think its good to keep a few credit cards to establish and improve a good credit score. The last thing anyone wants is to apply for a financial product like a mortgage and not have any track record of creditworthiness. I like to keep a few credit cards which I spend on every month (on essential items on the budget) and then make full payment at the end of the month.
    Rayhan likes this.
  5. Rayhan

    Rayhan Newbie

    I suppose financial liberation is when you open your eyes to see all the potential the world has to offer. Its true many people just accept the daily grind, if only they'd take a moment to see if there was a better way the world would be a better place. I am working on phase 3 at the moment and think big as a producer, hopefully the ideas I have on the back burner will eventually come to fruition.
  6. Rayhan

    Rayhan Newbie

    I think it depends on how disciplined the person is. If you have a weakness to spend and act impulsively then cut the credit cards and don't look back. If on the other hand you've managed to keep your emotions in check you could build a nice line of credit which you could use to invest for your future, like I said, it depends on the person.
  7. Rayhan

    Rayhan Newbie

    I like reviewing my finance and like you I try to do it every month to see if there's any room for improvement. What I've found is there's always another way to save and make money so the margin between income and expense can always rise. I also check in on my investments every 6 months, looking at investments account every month can lead to anxiety because of the fluctuations, I always tell myself that investments are for the long term and think of it as units bought rather than price, as long as I've invested wisely I know my portfolio will eventually rise.
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