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7 Personal Money Tips to Become a Millionaire
Jul 8, 2024
7 Personal Money Tips to Become a Millionaire
Introduction
Motivational videos/seminars alone don't make millionaires.
Practical 7 money tips after 7 years of business experience and making tens of millions.
Avoids common scarcity-based advice.
Tip 1: Stop Drinking
Quit drinking to save money and improve mental clarity.
Expensive habit: e.g., $100+ on a night out means you need to earn significantly more due to taxes.
Example of a tattoo and how it helped refuse drinks.
Not necessary to quit forever but vital when starting out.
Tip 2: Learn a High-Income Skill
Easier to increase earning potential rather than save tiny amounts.
Not limited to entrepreneurship; high-income skills are valuable in jobs too.
Examples of high-income skills: sales, copywriting, content creation, advanced analytics.
Learn more on recommended business models via a linked video.
Tip 3: Regular Investment Saving
Consistent saving for investments is crucial.
Starting small is okay; the habit matters (e.g., started with $5 per week at age 16).
Personal example of saving $100,000 a week now.
Compare to training for a marathon—build capacity gradually.
Tip 4: Coffee in Affluent Places
Go to expensive places to observe and learn from wealthy people.
Increases inspiration, understanding of mannerisms, and dress codes of the wealthy.
Encourages learning polite communication and conviction in interactions.
Tip 5: Pay Off Credit Card Debt Quickly
Credit card debt is a financial trap due to high interest.
Pay off debt ASAP before other investments or expenses.
Learn to use credit cards responsibly for rewards.
Tip 6: Invest in Self-Education
Books, seminars, online programs are worthwhile investments.
Self-education increases earning potential in the long run.
Consider the investment as a reflection of belief in oneself.
Tip 7: Increase Investment Percentage Over Time
Start small when income is low; increase investment as income grows.
Aim to live off investment dividends in the long run.
Strive for financial independence to cover living expenses via investments.
Conclusion
Implement these tips as a process towards becoming a millionaire.
Understand there are no shortcuts but methods to accelerate wealth-building.
Commit to improving velocity of income generation and investment.
Encouragement to take the first step and consistency in the journey.
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