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The SEVEN HABITS TO BECOMING A MILLIONAIRE FAST:
1. Grow Your Income
Your income is your most important tool until you have multiple income streams to replace it... Don't forget to protect it. To get started increasing your income, you can ask for a raise at your current job. Start a side hussle to bring in additional income. Earn income by referring our services to others that need help in building wealth. Benefit from the tax advantages of having a side hussle. The average small business owner can save $6,000 - $10,000 per year in tax savings because of their side hussle. To learn more about saving money on taxes, click the Taxes tab at the bottom of the page or just click HERE.
2. Pay Off High Interest Rate Debts First
Typically the fastest way to get out of debt is to pay off your highest interest rate debt first. Sometimes getting rid of the highest payment (if the balance is low) is the best way and then use that newly freed up money to accelerate your other debts. Many choice to pay off their smallest debts first so they feel progress faster. Each families circumstances are different, get a FREE consultation and ask which method would be best for you.
3. Embrace Frugality
Buy used cars or keep fixing your old one until you reach your financial goals. Note: millionaires puts their money into assets that "appreciate" in value and pay them income streams. Cars "depreciate" the moment you drive them off of the lot. The average millionaire buys a 4 year old vehicle, with 41,000 miles on it. Once you are a millionaire, then you can afford the vehicles you want to drive... if that is important to you. Becoming a millionaire is not far away. A little delayed gratification can make a difference of millions of dollars in the long run. If we can show you how putting off the new car now for just a couple of years will make the difference of $5 million dollars (or more) to your wealth plan, could you wait just a little bit to buy your next car?
Don't spend more than you make. Find ways to lower your expenses, if possible. Some have moved to a less expensive house or area. Stick to your spending management plan is the key to becoming a millionaire faster.
4. Invest Your Money
Do not "save" money, learn to invest it in assets that produce ongoing income streams. Start a savings habit now, no matter how small at first. Start with 5 - 10%, then move to 15%. Eventually, work up to setting aside at least 20% of your income for investing. Often the best investment is in yourself. Educate yourself on different investments. If you don't know what to do, then hire a mentor or coach. Expand your knowledge on how to create multiple passive income streams and create security for your family sooner rather than later.
5. Establish Business Credit & Utilize Other People's Money (OPM) To Grow Your Wealth Faster.
If you don't have very much money, and your savings ability is going too slow, consider utilizing other people's money (OPM) or business credit. Gain the knowledge on how to make and grow money first, or this method can cause you undue stress and problems. If you have the knowledge and can make a higher rate of return... several times higher than what you are paying for the use of those funds, then you are a savy investor and can grow wealth very quickly.
6. Leverage Real Estate
Yes, leverage real estate. It is a "real" asset, that is why lending institutions are willing to lend you money against properties. Cash taken out, in the form of a loan, is not taxable. There are many other great tax advantages that real estate is given. Those that provide affordable housing to others in society are rewarded for doing so. One important point is, leverage has its advantages, but DO NOT over leverage your properties. Always keep sufficient liquidity to weather the storms.
7. Have An Entrepreneur Mindset.
To become a millionaire you don't have to be an entrepreneur, but by having the mindset of an entrepreneur you can get there faster. A millionaire with an entrepreneurial mindset, that invests in companies, can more easily distinguish a well-running company from a poorly run one.
Entrepreneurs are willing to take risks, learn, and grow from their mistakes... each time getting better and never giving up. America was built by entrepreneurs. That's what has made this "the land of opportunity". Understand there are tax advantages given to those who are willing to be entrepreneurs and grow our economy. There are also laws that protect the entrepreneur, allowing them to take the risks and provide jobs for the rest of the country. An important key to an entrepreneur's success is managing their cashflow and having cash available to run and grow their business. The best way to start a new venture is by developing business credit. This is credit giving to your business, that does not effect your personal credit report. Do not start a business using your personal assets or personal credit. If the business fails, and you are properly structured, it will only reflect on the business... not you. Never using a personal guarantee, will allow you to recover more quickly from mistakes when they happen. Sometimes an entrepreneur has to close the company and start over. When this happens, you can start -up a new business more quickly, if you didn't personal guarantee any of your former business loans. The one thing you do get to take with you is the knowledge and experience you have gained so you don't make a serious mistake again. That is what makes America great! Life is about learning, progressing and growing. A person should not be penalized forever for mistakes made during their learning process... as long as they have learned from those mistakes and don't make them again. America rewards the entrepreneur and therefore America benefits from the many technological advances and medical cures that are developed by its entrepreneurs. So, have an entrepreneurial spirit and take advantage of the great changes our country is going through. Your entrepreneur experience benefits society!
90% OF ALL MILLIONAIRES MADE THEIR MONEY IN REAL ESTATE AND/OR HOLD THEIR MONEY IN REAL ESTATE.
SEVEN Things MILLIONAIREs Spend Top Dollar On:
1. Mentoring and Coaching
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2. Music
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3. Health
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4. Household goods to improve the enjoyment of their home.
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5. Experiences
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6. Children's education
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7. Travel
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Money can't buy happiness, but it can give you options and make life easier.
SEVEN HABITS Of BilLIONAIREs:
1. Continous learning and curiosity.
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2. Master the use of technology.
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3. Founding companies with growth potential.
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4. Rigorous work ethic.
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5. Risk-taking and resilience
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6. Taking companies public.
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7. Vision and long-term thinking.
More info coming soon.