“Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline.”
― Thomas J. Stanley, The Millionaire Next Door: The Surprising Secrets of America’s Wealthy
Did you know? According to Statista, there were only 14,000 millionaires in the Philippines in 2016. That’s only 0.01% out of 110 million Pinoys of the entire nation!!!
If only a minor percentage reached that one million mark. How come not many Pinoys are rich? Why do we have a hard time earning our first million? It’s not because we don’t earn enough. It’s because of our wrong mindsets and behaviors.
If we can change our mindset towards money and transform our behaviors into that of today’s millionaires, we can achieve what they have too.
For those who are passionate to become one. Here are five millionaire mindset and behaviors that you can start imitating today!
1. Stop Comparing With Others
Most people think that being a millionaire is about having the nicest cars, most expensive luxury items and so on. But truth be told, not everyone who owns expensive things are rich. In fact, many of them are in debt, because they keep comparing themselves with others.
Truly rich people are people who do not compare their belongings and lifestyle with others.
Instead they remain content with what they have and choose to use their finances for more productive things. Which leads to the second point.
2. Invest Heavily
Instead of spending on things that depreciate over time or do not accumulate value, rich people put their money in instruments that appreciate over time. They invest.
On an average, you must invest at least 20% of your income on a regular basis.
You can put your money in real estate, mutual funds, money market funds, stock market, businesses.
Make sure that you take the time to study before investing in something. And when you invest, commit to do it on a regular basis over a long period of time.
3. Make And Keep A Budget
You might be thinking, “Bakit pa kailangan mag-budget ang milyonaryo? Eh, andami n’ya ng pera!”
It’s important that we realize that the only way to building your wealth is by tracking and measuring it. You will not become rich unless you create a plan and stick to it. In the area of your finances, your budget is your plan.
4. Make The Most Of Your Time And Energy Well
Millionaires are not just good with handling their money. They are also experts in handling their energy and time.
Your most valuable resources are the time and energy you have. What do you devote your time and energy on? Are these things making you more valuable as a person?
You can devote your time and energy into a business you love, a profession you’re good at or a skill that people find valuable. Whatever it is, use your time and energy well.
5. Be A Producer, Not Consumer
In Thomas Stanley’s study of the affluent, which he shares in “The Millionaire Next Door,” he discovers that only a small fraction of the wealthy in America inherited it. Most of them produced their own wealth.
If you want to be a millionaire, don’t sit down and wait for someone to give it. Don’t go for get-rich-quick schemes.
Produce wealth! How? By working hard and smart. The best way to wealth is to build it yourself. That way you will take ownership of it and be careful to use it wisely.
If you want to become a millionaire, it has less to do with how much money you make. It’s what you do with your wealth, time and energy that matters more.
Millionaires don’t just make money, they handle it well and make it grow.
Do you want to know how to handle and grow your money just like them?
Join me at my online training on “How To Retire At 50” at my site chinktv.com/
Chinkee Tan’s Wealth of Advice appears Wednesdays on GoodNewsPilipinas.com
(Chinkee Tan is a top Filipino motivational speaker, wealth and life coach whose goal is to inform, educate, motivate, and disturb. His vision is to help people become financially-literate and debt-free. For more info about Chinkee Tan, please visit his fan page at FB, Twitter and Instagram. Also follow VIBER PUBLIC CHAT GROUP search chinkee tan, and VISIONCHINKEE on You Tube for more news and encouragements.)