Who doesn’t want to become a millionaire (at the very least) someday? Building your wealth may not be easy to accomplish, but with the right attitude, you can be a self-made millionaire in a few years.
To help you get on the right track, we’ve compiled this list of 5 secrets every self-made millionaire knows, and you should, too.
1. It’s not how much money you make–it’s how much money you want.
State of mind plays a very important role in your level of success.
A driven, ambitious person will go further than someone who is easily defeated and unwilling to make an effort.
2. Learn to allocate your monthly earnings appropriately.
Be sure to set aside a percentage of your salary for monthly non-negotiables (i.e. utility bills) and for your savings and investment accounts.
Remember, savings is a habit.
Saving regularly is much more important than saving large amounts periodically.
3. Spend less than you earn.
Are you guilty of “living paycheck to paycheck”, where you suddenly run out of money about a day before your payday?
Ever heard about lotto winners who suddenly became rich, only to go back to being poor again after just a short period of time?
You need discipline to keep and grow your wealth, otherwise you risk losing your hard earned money.
4. If it sounds too good to be true, watch out!
Get rich schemes exist because there will always be gullible people who don’t know any better.
Be proactive; research about companies and their offers before investing your money.
5. Create specific goals and stick to them.
Once you have the discipline and mindset for success, you need to create specific goals and stick to them.
This can be as simple as a increasing your savings by X pesos per month, or as complex as regularly optimizing your investment portfolio.
Does all of this sound easy or difficult?
Regardless of your answer, nothing will happen if you do not ACT. Now. If you haven’t noticed, discipline is the running theme in this list.
You may need to sacrifice short term pleasures (i.e. a brand new smartphone or a luxurious family dinner) for long term gains (i.e. your child’s education, your future home).
It wouldn’t hurt looking for finance management solutions and tips from people like Chinkee Tan either.