If you long for financial independence, you must learn to develop a millionaire mindset. It’s not about being cocky. It’s a positive attitude that can help you become successful in any kind of business.
Wealthy people believe in getting rich slow than making millions in an instant. To back up this habit, they keep this in mind: Never lose money. They’re careful in spending their hard-earned money.
Self-made millionaires study and plan their finances. Thus they make better decisions, get better results, and can easily achieve financial independence. A millionaire also seeks advice before doing anything with his finances. Wealthy people do not rely on luck.
Do not be easily lured into investments that are “too good to be true.” Remember that money that does not grow on trees, thus you must understand what you are getting yourself into.
Again, if you think you have enough money for an investment, don’t put it all in unless the investment has a proven track record and backed up by other people you trust.
Make it a habit to have a thorough understanding of the investment. If there is one thing that is too hard for you to understand, do not put any money in it at all.
Spend on insurance. Keep in mind that it may be your savior when worse comes to worst.
Protecting your assets is just as important. Develop the habit of protecting your estate from unnecessary taxes and inconsequential lawsuits.
Seek a lawyer who specializes in wills and estate planning. Small things like this can save you a huge amount of money.
Learn the habit of asking for more information when it comes to expenses. Ask the following questions:
- Does the company need it?
- How often will it be used?
- Are there other means where it can be purchased at a much lower rate?
- What are the limitations?
Don’t be in such a hurry to become a millionaire. There is no such thing as an overnight success unless you involve yourself in illegal business transactions. Achieve financial independence slowly.
Every cent that you save and properly invest has the ability to grow. Even if you grew up in a very wealthy family, and you are unaware of how to manage your finances well, there is a huge possibility of you losing all of it.
But the most important thing is how you grew as a person – the courage and persistence that you develop along the way. – that is when you can finally be more than financially secure, but ultimately happy and satisfied for being able to provide to all the needs of your family.
Get The Business Mentor’s latest book “35 Tips On Business” available on E-book and paperback at www.amazon.com
(Armando Bartolome is known as the Philippines’ Franchise Guru, a mentor to numerous micro entrepreneurs who are now themselves big names in the industry. This article is reposted with the author’s permission and was previously published on The Business Mentor column posted by ABSCBN News. For questions and more information, you may contact Armando “Butz” Bartolome by email: firstname.lastname@example.org or on Twitter @philfranguru. His website is https://www.gmbmsglobal.com/ )