‘Millionaire’ – It is a most aspirational title for modern youth. Everyone wants to be a millionaire, that too in dollars. But how?
Saying that you can be a millionaire at the age of 30, sounds like a fantasy. But this is not impossible that you cannot be.
At the Age of 21, Grant Cardone (International Sales Expert) got out of his college, broke and in debt, and by the time he was 30, he became a millionaire.
There are 10 steps to becoming a millionaire:
- Follow the money. In today’s economic environment you cannot save your way to millionaire status. The first step is to focus on increasing your income in increments and repeating that. His income was $3,000 a month and nine years later it was $20,000 a month. Start following the money and it will force you to control revenue and see opportunities.
- Don’t show off — show up! He didn’t buy his first luxury watch or car until his businesses and investments were producing multiple secure flows of income. He was still driving a Toyota Camry when He had become a millionaire. Be known for your work ethic, not the trinkets that you buy.
- Save to invest, don’t save to save. The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income).
- Avoid debt that doesn’t pay you. Make it a rule that you never use debt that won’t make you money. He borrowed money for a car only because He knew it could increase his income. Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.
- Treat money like a jealous lover. Millions wish for financial freedom, but only those that make it a priority have millions. To get rich and stay rich you will have to make it a priority. Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.
- Money doesn’t sleep. Money doesn’t know about clocks, schedules or holidays, and you shouldn’t either. Money loves people that have a great work ethic. When he was 26 years old, he was in retail and the store he worked at closed at 7 p.m. Most times you could find him there at 11 p.m. making an extra sale. Never try to be the smartest or luckiest person — just make sure you outwork everyone.
- Poor make no sense. He also has been poor, and it sucks. He had just enough and that sucks almost as bad. Eliminate any and all ideas that being poor are somehow OK. Bill Gates has said, “If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”
- Get a millionaire mentor. Most of us were brought up middle class or poor and then hold ourselves to the limits and ideas of that group. He had been studying millionaires to duplicate what they did. Get your own personal millionaire mentor and study them. Most rich people are extremely generous with their knowledge and their resources.
- Get your money to do the heavy lifting. Investing is the Holy Grail in becoming a millionaire and you should make more money off your investments than your work. If you don’t have surplus money you won’t make investments. The second company he started required a $50,000 investment. That company had paid him back that $50,000 every month for the last 10 years. His third investment was in real estate, where he started with $350,000, a large part of his net worth at the time. He still owns that property today and it continues to provide him with income. Investing is the only reason to do the other steps, and your money must work for you and do your heavy lifting.
- Shoot for $10 million, not $1 million. The single biggest financial mistake he had made was not thinking big enough. He encourages you to go for more than a million. There is no shortage of money on this planet, only a shortage of people thinking big enough.
Apply these 10 steps and they will make you rich. Steer clear of people that suggest your financial dreams are born of greed. Avoid get-rich-quick schemes, be ethical, never give up, and once you make it, be willing to help others get there too.