Relaxing vacations in Boracay or outside the country, huge donations to favorite charity and an early retirement. These are the kinds of things people think of when they hear the word “millionaire.”
It’s unlikely you’ll ever experience that. Sorry.
It’s unlikely you’ll ever experience that. Sorry.
Unless, of course, you can overcome the following four roadblocks stopping you from achieving millionaire status. Each roadblock below also offers an“immediate action step” to help you overcome the things holding you back. Let’s get started.
1. You don’t understand how money works.
Money is not a complicated topic, but still, few seem to really understand how it works. Do you? Millionaires understand that money is not something that is discovered, won, or created by chance. Well, wealth is not an accident, but an action. Building wealth is the world’s largest game, and if you want to win, you need to learn the rules. So start studying. Personal finance can be learned, and by mastering it, you might discover that wealth is much easier to build you previously thought.
2. You don’t value your education.
You might be busy. You have 25 hours of work to do every day and there simply isn’t enough time to get it all done. That’s life! So something needs to be sacrificed. Wealthy people never stop learning, despite the business/work in their life.
When is the last time you scheduled “learning time”? Do you just try to “fit it in” when everything else is caught up? Piece of advice: never stop learning, no matter how busy you are.
3. You live to your means.
What are you doing with your extra money each month?
I know, you probably don’t have any left over. Your boss doesn’t pay you enough. Your company hasn’t taken off yet. Or maybe your business is not a hit.
Let’s face it: you are spending too much money. "I don’t care how much you make -- it doesn’t matter" attitude. Everyone lives to their means. You could make P20,000 per month or P150,000 per month and you’ll still be broke.
True millionaires have made a conscience decision to live on less than they make. Instead of upgrading their life every time they make more money, they choose to put that extra cash to work for them through various investments, such as their business, stocks, mutual fund investments, other assets like an insurance policy that's investment bundled.
4. You don’t collect assets.
Few jobs will make you rich. More so if will try to save all your cash in a coffee can. So how can you build that wealth?
Start collecting assets. Millionaires collect assets. It’s as simple as that. Do you?
An asset could be a profitable business, a growing stock portfolio or investing in the right place.
Your car is not an asset. Your new iPhone model is not an asset. Your home might not even be an asset. These are all liabilities that are robbing you of future wealth.
Stop collecting these, and start collecting things that will make you money in the long term.
Becoming a millionaire is not impossible. In fact, it’s relatively easy when you have time on your side and the knowledge to do so.
1. You don’t understand how money works.
Money is not a complicated topic, but still, few seem to really understand how it works. Do you? Millionaires understand that money is not something that is discovered, won, or created by chance. Well, wealth is not an accident, but an action. Building wealth is the world’s largest game, and if you want to win, you need to learn the rules. So start studying. Personal finance can be learned, and by mastering it, you might discover that wealth is much easier to build you previously thought.
2. You don’t value your education.
You might be busy. You have 25 hours of work to do every day and there simply isn’t enough time to get it all done. That’s life! So something needs to be sacrificed. Wealthy people never stop learning, despite the business/work in their life.
When is the last time you scheduled “learning time”? Do you just try to “fit it in” when everything else is caught up? Piece of advice: never stop learning, no matter how busy you are.
3. You live to your means.
What are you doing with your extra money each month?
I know, you probably don’t have any left over. Your boss doesn’t pay you enough. Your company hasn’t taken off yet. Or maybe your business is not a hit.
Let’s face it: you are spending too much money. "I don’t care how much you make -- it doesn’t matter" attitude. Everyone lives to their means. You could make P20,000 per month or P150,000 per month and you’ll still be broke.
True millionaires have made a conscience decision to live on less than they make. Instead of upgrading their life every time they make more money, they choose to put that extra cash to work for them through various investments, such as their business, stocks, mutual fund investments, other assets like an insurance policy that's investment bundled.
4. You don’t collect assets.
Few jobs will make you rich. More so if will try to save all your cash in a coffee can. So how can you build that wealth?
Start collecting assets. Millionaires collect assets. It’s as simple as that. Do you?
An asset could be a profitable business, a growing stock portfolio or investing in the right place.
Your car is not an asset. Your new iPhone model is not an asset. Your home might not even be an asset. These are all liabilities that are robbing you of future wealth.
Stop collecting these, and start collecting things that will make you money in the long term.
Becoming a millionaire is not impossible. In fact, it’s relatively easy when you have time on your side and the knowledge to do so.
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