How to be a millionaire

Have you ever wondered why some are excessively rich while some are living in poverty?.

Everyone wants to make it in life, live fine and comfortable, go for vacations, have fun but only few are willing to pay the price.

Every wealthy person known on earth today had to pay a price in one way or the other. Great men like Jeff Bezos (Amazon), Steve Jobs(Apple), Mark Zuckerberg (Facebook), Mackenzie Bezos, Bill Gate (Microsoft), Alice Walton (Walmart), Elon Musk, Robert Kiyosaki (Rich dad poor dad), Dangote, Otedola etc all paid a price.

80% of a common or low class person’s mentality is ‘go to school, get a degree, get a good job’ but the fact is before you become a self made millionaire, you have to think outside that box.

Though school has it impact on one’s mind and exposure, it does not guarantee one’s success in life. The aforementioned personalities, Never made it with school degrees or certificates (though they had), but with a different mentality and sense of reason.

Below are Mentalities Every aspiring millionaire/billionaire must have

1. Work to learn, Do not work for money

This might sound crazy and controversial right?

“Financial struggle is often the result ofpeople working all their lives for someoneelse” – Robert Kiyosaki.

Though Whatever we do in life, knowledge is crucial, but working hard under someone or an organization for pay rise is personal slavery.

Anyone working towards becoming financially free should not depend on Earned income (income from a jobs or self employment) alone but should work for knowledge and how to apply the knowledge to make Passive income (income that requires little or no work at all).

2. Invest in Assets instead of Liabilities

Assets are the best way to produce more money (passive income). Every individual has 2 natural assets, The mind and time, the more you invest into this two to solve problems, the more your chances of getting wealthy.

Other Assets include (for people who are financially stable already) real estates, businesses, companies etc.

(For middle class or common people) Vehicle for transporting people, affordable houses for rent, of course blogging and networking etc are also assets so long as they solve common problems.

Note: Assets create wealth for future economic benefit while Liabilities take away wealth. Assets brings back returns even when you’re asleep.

Liabilities are for luxury and pleasure e.g buying a yatch for personal use, overdue Debts are also liabilities.

3. Never be afraid to take the risk

“It is more risky when you don’t take the risk than when you do”- Anonymous

Every self made millionaire/billionaire took the risk at some point. Learn to trust your judgment, learn to take sides with the best possible outcome against the worst possible outcome.

Bill Gate started his company in his garage, what id he was afraid of failure, what if he never took that risk?.

The next step you’re not taking could be your breakthrough.

4. Save little, invest more

Saving means thinking upfront, in other to have and avoid being captivated when there’s an emergency. Saving is one aspect then investing is another.

If you save money today, the interest will grow quite alright but over a long period but inflation might affect the value of money.

But When you invest, you’ll have less money at the moment but you’ll significantly have more from the savings and investment in the future.

5. Pay off Debts/Loans as soon as possible

Getting a loan from banks or other financial organization is in itself risk taking. Come to think of it ‘what if what I want to do with the loan doesn’t work out?’

Loans are a very good sources of capital for business in my opinion but are also a set back when it is not paid on time, or when in the wrong hands, as interest keeps heaping from time to time.

6. Brainstorming/implementing new ideas

We all are swimming in a pool of ideas but only the sensitive take hold of it. In other to be financially free, you must be able to solve real problems around you.

It is one thing to get an idea, it is another to implement, no idea is too impossible.

Coming up with a new idea might be daunting and hard but picking up an idea that is already established, brushing it up to solve problems is also a sure way to help bring home the figures.

Published by Ernest I.

Sharing knowledge

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