How To Succeed With The Millionaire Mind

There will be many people sleeping late on New Year’s Day, some hungover, others just enjoying the holiday. As they wait for their credit card bills, they’ll dread having to reckon with the large amounts of money spent on gifts. A number of people will become frustrated as the new year approaches, but they are still in the same financial hole.

Everyone seems to want to be wealthy or at least financially secure. The burden of always having to pay bills, rents, and mortgages can be quite uncomfortable. Money isn’t just important, it’s what money represents—being able to provide for your family, not having to worry about bills, and being able to enjoy travel and good things. 

Making smart career decisions is easier when you have money. Having saved a certain amount of money allows you to live a free life. Just because you need the salary right away, you are not forced to take a dead-end job. 

With a financial safety net, you will not be subjected to an insufferable boss since you have time to look for a new position or just quit. It is fine to accept a job that pays less now, but offers tremendous long-term potential.

It is considered to be rich and comfortable to become a millionaire – depending on your location. A million dollars or more can still provide a comfortable life, even though it isn’t as much as it used to be.  It is possible to attain such wealth. Commitment, hard work, deferring gratification, and some luck are essentials. These are the steps you should take now. 

Your mindset must be one of a millionaire. Think and act differently to achieve this. The norms of society and the crowd will need to be broken. 

According to the book The Secrets of the Millionaire Mind, author T. Harv Eker explains how to get rich a second time by focusing on your mindset (get your mind right first!).

Living within your means is essential. In other words, you need to spend less than you earn. The culture today encourages consumption. Having more things makes us feel successful. 

Advertisers brainwash us into buying expensive luxury car brands, McMansions, clothing designed by “right” designers, and other items that supposedly make us more attractive and happier.

Your brainwashing begins at an early age. When you see toys on television, you beg your parents to buy the cool baby Yoda. Many high school seniors select colleges based on party reputations, winning sports teams, and the looks of a campus. It may be fun, interesting, and easy for you to select a major there. This is not a good way to earn a decent living once you’ve graduated. 

Millionaire students select majors that will allow them to earn a good living and grow their careers to achieve success. When her peers are out partying and drinking, she will be studying in her dorm room. 

No matter what her friends say or do to her, she will still stay the course, confident in the knowledge that her future is brighter than that of her peers who are slacking off. Other students will peak in college and then fade away. 

In the early stages of your career, you must focus on your job and career. Show up on time, stay late and work hard. You should take advantage of your youthful energy and maximize your potential. Work in a field you are good at, enjoy, and possess the appropriate skills. You will actually enjoy it and it won’t be drudgery. 

Your niche will help you succeed. Your drive and enthusiasm will be noticed by managers and bosses, and you will be rewarded with raises, promotions, and bonuses. As a result of your reputation, employees at other companies will attempt to recruit you and offer more money to convince you to join them. 

You’ll keep moving forward as the momentum builds. Stay grounded mentally as this happens. Do not buy an expensive apartment in a trendy neighborhood, eat out every night, or drink incessantly. Although it is an unpopular opinion, you should live at home after college for a few years. 

It will allow you to save-up to purchase your own home while those who didn’t follow your path are unable to do so. Take advantage of the 401(k) plan at your company. Invest a large part of your income. Ten to twenty years from now, you will be surprised by how much you still have.

Spending more than one has is a big issue. Three dollars are spent for every dollar earned. Credit card companies charge predatory interest rates for loans they take out with their credit cards. Second and third mortgages are taken out by homeowners to finance luxury lifestyles. 

The best, coolest, and chicest gadgets, toys, outfits, and accessories are compared among people. Everything is just for show. People run up big debts to impress people they do not know or like. While you continue to fall deeper into debt, you owe so much to the banks and mortgage companies that you will never get your head above water.

Millionaire-minded people do not succumb to this trap. People with this mindset live below their means. They spend less than they earn. When you can’t afford it you can’t buy a house, a car, or take four vacations a year. Don’t buy things you can’t afford. 

If a product of the same quality can be obtained for a fraction of the price somewhere else, there is no need to go to fancy high-end department stores and boutiques. Don’t buy anything on your credit card unless you fully intend to pay it off before you are charged high interest rates.  

Amazon makes it possible for Americans to get everything right now. With a millionaire’s mindset, deferring gratification is a necessity. Rather than goofing around with friends and having fun, these future-oriented students will work hard in high school to earn a scholarship in college. Consider working a job during spring breaks or the summer instead of taking mindless trips. 

Someone with a millionaire mindset understands the concept of compound interest. The interest on money saved early will grow. With your initial savings plus interest, money will grow as you earn returns. The same is true for stock, bond, mutual fund, and ETF purchases. 

Saving and investing will reduce your current wealth but increase it in the future. In order to gain long-term benefits, you’re giving up some things today. Having additional income streams is smart in addition to investing. 

In addition to your job, you can purchase real estate, start a side business or work a couple of extra jobs.

Long-term thinking is key. The process of planning for the future and letting go of certain things is necessary to achieve your goals.

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