Having been in the company of several self-made millionaires over the years in my travels, I have been fortunate enough to gain some insight into how they were able to reach a point of being financial free.
Here is a collective summary of their top 7 golden nuggets of wisdom:
1. Become a lifelong learner. Invest in your education throughout your life. Focus on taking courses or buying programs that show you the ?how to? steps and processes as opposed to primarily theory or general concepts.
2. Master a financially valued skill that our North American society is willing to pay you well for. Pursue a passion that can generate consistent financial rewards for you down the road. Strive to be good at what you do. This will also build your confidence over time.
3. Early on establish the work ethic of arriving early, working harder than your colleagues, working smarter and letting decision-makers know. Many of the self-made millionaires I?ve talked to worked 50 to 60 hours per week for several years before reaching a point of being financially free.
4. Live modestly. I?ve been told that the cost of your house determines the cost of your lifestyle and thus impacts on your ability to create wealth. By living within your means and being moderate in your spending you increase your chances of reaching a point of being financially free.
5. Be extraordinary in your saving. Keep reminding yourself that when you buy a depreciating asset such as a car, TV, or camper you are becoming poorer. Get into the habit of paying yourself first rather than budget and pay others first. With your savings either invest in your on-going education, a systematized business that you are creating or in investment vehicles such as stocks and real estate.
6. Keep track of your money. Get into the habit of monitoring your cash flow. As well, on a quarterly basis calculate your net worth. In doing so, you are able to see what the fruits of your labor have produced thereby motivating you to keep up the great work.
7. Have multiple streams of income; one of which you are able to do extremely well. Learn to quickly convert your earned active income into passive income by investing in the stock market, rental real estate or systematized businesses where your presence is not necessary in order for you to make money.
Focus your attention on investing in opportunities that generate cash flow. With cash flowing into your bank account from multiple sources every month you will reach a point of being financially free as soon as your monthly expenses are covered by your passive income streams.
The most important lesson that I have taken away from all of this advice is to believe in yourself and your capabilities. Have the resolve to strive to make a difference in the lives of others and your life will be richly blessed in return.
As a parting thought, all of the self-made millionaires that I have had the privilege of chatting with have re-iterated the same words of advice: ?Find a financially valued skill that you are passionate about and then pursue that passion with enthusiasm and purpose.?
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