Live Like A Millionaire – Even If You’re Broke!
You Heard Me Right! Here are the Reasons Why You Should Live Like a Millionaire – Even if You’re Broke!
Have you ever thought to yourself, “I want to be a Millionaire!” Who hasn’t, right? Well, if you’ve ever wondered How to Become a Millionaire, you might be surprised by these 7 Principles that modern day millionaires live by.
I’m not talking about your “Hollywood” or Tony Stark millionaire…I’m simply talking about the millionaires who are living next door! You’ll probably never notice them or even think of them as “millionaires,” but in today’s world, becoming a millionaire is easier than you think!
This post contains affiliate links.
These seven Principles come from William Danko’s, “The Millionaire Next Door.” I highly suggest purchasing your copy TODAY and set yourself up for a brighter future! Who knows…you might just be the next Millionaire Next Door!
7 Steps to Living Like a Millionaire
Live Below Your Means
This one sounds a bit counter intuitive. We often think of millionaires as being able to spend money whenever they want on whatever they want. But it’s simply not the case!
Frugality Translates into Wealth.
Needing ways to save money? Check out these 50 ideas to start saving today!
Allocate Your Time, Energy, and Money Effectively in ways Conductive to Building Wealthy
Simply put – Are you spending your time and energy on things that will help you build wealth – like investments or building a business, or are you simply “Spending” your money?
Believe that Financial Independence is More Important than Social Status
Strangely enough, very few millionaires will spend money on things like “New Cars” and houses with extra space they simply don’t need. Take a look at this table below. This is a statistic given in the book, “The Millionaire Next Door.”
It states that over 50% of millionaires drive a car that is at LEAST 2 years old.
Millionaire’s Parents Did not provide them with “Economic Outpatient Care”
This means that they how to get where they are on their own WITHOUT relying on “Mom and Dad’s Money.”
They know how to work hard and go after what they want! They stopped relying on other people – including the government – to give them money
Teach Your Adult Children to Become Economically Self-Sufficient
Children of millionaires can be surprising self-sufficient when it comes to managing their funds. This is because their parents taught them how to do so. When you teach your children how to handle money – they will grow into adults who can be financially independent.
On the flip side, if you have a child who is an adult and they just can’t seem to live below their means or follow the basic principles of spending less than what you make – it’s okay to QUIT giving them handouts. That way, the money you save when your children are young will be there for YOU to enjoy when they are grown and out of your house.
Be Proficient in Targeting Marketing Opportunities
I’ll be honest, this one is hard for me. I’m NOT very good at the stock market. But we HIRE someone to handle our investment accounts. We interviewed several people before we decided on who to trust with our money.
Make sure that IF you hire out that you choose someone who you KNOW without a doubt will have your best interest in mind.
See my post on How to Retire Like a Boss!
Choose the Right Occupation
Yes, you should choose a job that you love and that will bring your joy. But let’s face it – sometimes those jobs are not reliable and you can’t just sit around waiting for your “Big Break.” (otherwise you might find yourself waiting tables)
Find an occupation that will provide a stable financial income and one that will give you MORE money than what you need to live on. (Remember Rule #1).
I love what I do as an online social influencer and blogger! I can write about subjects I love and I can provide some financial stability to my family.
If you want to try out affiliate marketing – or are just interested in learning the ‘ins and outs’ of making money online, I suggest you Try Out Wealthy Affiliate’s Training Program. You will have access to 10 videos that will TEACH you HOW you can start earning an online income. You can Get Started for FREE Today!
Also see How to Build Your Own Online Business.
Another great Resource to learning how to save and spend below your means is Dave Ramsey’s Total Money Makeover. This is a MUST READ for anyone in need of helping them create, plan, and stick with a budget. You’ll also learn about saving for your financial future!
Are you ready to become the next Millionaire Next Door? Let me know in the comments below how you are setting yourself up for future success!
Related Video: 7 Reasons Why You’ll Never Get Rich