.10 Steps To Become A Millionaire

10 Steps To Become A Millionaire

In 5 Years  (Or Less)

By Benjamin Hardy PhD

"A lot of people think we are creatures of habit but we're not. We are creatures of environment." — Roger Hamilton

“Become a millionaire not for the million dollars, but for what it will make of you to achieve it.” — Jim Rohn

Hey!

Money is a means to far more important ends.

However, if you don't have clear financial goals—which you track, measure, and report consistently—then you certainly won't hit them.

If you don't have specific and stretching financial goals, it's likely due to limiting beliefs and a fixed mindset.

In this article, I detail a simple (and realistic) 10 Steps To Become A Millionaire In 5 Years (Or Less)

You can do this.  Have an epic week!

It doesn’t matter where you currently are in your financial situation — whether just starting out or already making lots of money.

 Most people, no matter what their income, are treading water. As a person’s income rises, so does their spending.

 Few people understand how to continually increase their income, lifestyle, and joy at the same time.

 In this article, you will learn:

 How to become wealthy

 How to build a life that continually increases your level of confidence and joy

 How to continually expand, learn, grow, and succeed as a person

 How to develop mentorships, friendships, and strategic partnerships with nearly anyone you want

 If these things are not interesting to you, then this article was not written for you.

 Here’s how it works:

 1.  Create A Wealth Vision

 “When riches begin to come they come so quickly, in such great abundance, that one wonders where they have been hiding during all those lean years.” — Napoleon Hill

 Step one of becoming financially successful is to actually create a vision for yourself financially. Einstein said that imagination is more important than knowledge. Arden said creativity is more important than experience.

 How much imagination do you have for your future?

 Do you see huge potential and possibility for your life?

 Or, do you see a pretty average life?

 Creating a vision is an iterative process. You don’t just create a vision once and then never look at it again.

 You continually create and write your vision — every single day.

 Lok at any area of your life in which you’re doing well, and you’ll find it’s because you see something beyond what you currently have. By that same token, look at any area of your life that isn’t exceptional, and you’ll find that you don’t see something beyond what you currently have.

 Most people are living in and repeating the past.

 Having a vision is focused on the future.

Your life and behavior immediately shift when you begin imagining a different future and stridently strive for it.

 In order to do this, you must obliterate your need for consistency. From a psychological perspective, people generally feel the need to be viewed by others as consistent. This need causes people to retain behavioral patterns, environments, and relationships that are ultimately destructive and unsatisfying for far too long.

To continue reading, please go to the original article at

https://benjaminhardy.com/10-steps-to-become-a-millionaire-in-5-years-or-less-4/

.15 Personal Finance Rules to Live By

15 Personal Finance Rules to Live By

The following is a guest post from Marc at VitalDollar.com.

Have you ever wondered what separates those who are successful financially with those who are not? Have you felt like your income should allow you to live a much more comfortable life than what you are experiencing?

Personal finance doesn’t have to be complicated. There are a few basic rules that you should follow, and if you do that, everything else falls into place.

This article covers some of the most basic and most powerful financial rules that should impact your everyday life.

1. Spend Less Than You Earn

Arguably, the most important financial rule is to spend less than you earn. Regardless of how much money you make, it’s impossible to get ahead if you’re spending it all. Even worse, you could be going backward and accumulating debt if you’re spending more than you earn.

Lifestyle creep is when your spending increases at the same rate as your income. Ideally, as you progress through your career your income will rise. If you’re able to minimize lifestyle creep and keep your expenses at the same level, you’ll be able to save and invest the excess.

Ultimately, how much you keep is far more important than how much you earn. Someone with a $50,000 income can wind up in a better spot than someone with a $500,000 income based on how much is spent and how much is kept.

2. Know Where Your Money is Going

Establishing a budget is common financial advice. A budget gives you control over the way your money is spent, which helps you to make the most of the money that you have.

While budgeting is important, it’s equally important to track your expenses. If you’re not tracking your expenses, you won’t know if you are truly sticking to the budget.

Knowing where your money is going is a critical aspect of managing your money wisely. If you haven’t budgeted or tracked your expenses in the past, it can be an eye-opening experience.

When you see how you are really spending money, you’ll probably be able to quickly identify a few areas where you’re spending too much and could easily cut back (with a little bit of discipline).

3. Avoid Impulse Purchases

Most people spend their money based on emotions. Impulse buys can be small things (like picking up a few items when you’re checking out at grocery store, or it can be bigger things like a timeshare.

Large impulse purchases can obviously have a damaging impact on your finances, but even the small purchases add up.

To get control over the small impulse buys you can commit to grocery shopping with a list, and sticking to the things on your list.

For larger purchases, get in the habit of waiting at least 24 hours (or longer, if possible) before making a buying decision. When you take time to evaluate the purchase based on all of the factors involved, you’ll often find that you don’t really want or need that thing that you almost bought. You’ll reduce buyer’s remorse and keep more money in your pocket.

To continue reading, please go to the original article at

https://www.freemoneyfinance.com/2019/07/15-personal-finance-rules-to-live-by.html

.More Money, Less Happiness: When Money Makes You Miserable

More Money, Less Happiness: When Money Makes You Miserable

By  Michael Laurence    August 2019   

Money, the conventional wisdom says, doesn't buy happiness. Modern psychology seems to back this up, with studies suggesting that beyond an income of $75,000, money doesn't make you any happier.

This conclusion is simultaneously obvious and counter-intuitive.

As an abstract principle, most us acknowledge that money doesn't buy happiness. But, at the same time, we all want more of something material — a nicer house, nicer vacations, the ability to live in a certain neighborhood or eat at fancier restaurants — that we think would make us happier. (If you're J.D., you think maybe season tickets to your favorite team might make you happier.)

So, we're left with a conundrum. Or, rather, a series of conundrums: Does income in excess of $75,000 make us happier? And if not, why not?

When Money Makes You Happier

In answer to the first question, I believe that all else equal — and as we'll see below, this is a huge qualifier, as things are rarely equal — more money generally makes you happier.

To be clear, money won't solve every problem. If you're lonely or bitter or angry, for instance, more money won't make you any happier. But just because money doesn't solve every problem doesn't mean that money won't solve any problems.

Money can make many things easier, or better. With more money you can:

Build a nest-egg.

Pay off your house or car.

Go on more vacations.

Have more kids.

Be a stay at home parent.

Eat better food.

Retire early.

With more money, you can do any number of other things that people enjoy and that make them happier. And if you're a victim of systemic poverty, more money can change your world.

As much as we pay lip-service to the idea of money not making us happy, it often does, and it's okay to admit this. It doesn't make us materialistic or greedy to want retirement savings, a nicer home, a paid-off car, or a trip to Europe.

When Money Makes You Miserable

Assuming that you buy the premise that (in theory) more money should (generally) make us happier, it raises the question of why (in practice) income beyond $75,000 annually doesn't make us any happier.

I think the explanation for this seemingly irreconcilable conflict is that most people spend the extra income poorly. Most people use money ways that make them less happy.

To continue reading, please go to the original article at

https://www.getrichslowly.org/more-money-less-happiness/

.8 Common Causes of Debt — And How to Avoid them

8 Common Causes of Debt — And How to Avoid them

By Tim Lemke

Debt plagues millions of Americans every day. It is such a common problem that many of us don't even think twice about what we owe, or how we landed in such a predicament.

The simplest explanation is that debt happens when you spend more than you earn. But it's not actually that simple when real life steps in. Unexpected events, bad planning, and even a decision to pursue an education can leave you facing big debt that may take years to pay off.

By understanding some of the main causes of debt, we can make better financial decisions in avoiding it. Let's take a look at some of the worst offenders.

1. Medical expenses

Medical costs have long been one of the leading causes of bankruptcy in the United States. Even those with health insurance are not immune to medical debt. An illness, injury, or health condition can cause bills to quickly accumulate.

The Kaiser Family Foundation found that three in 10 Americans report that they or a household member have had trouble paying medical bills in the past year — 58 percent of which were affected in a way that had a major impact on their life. More than 60 percent of respondents claim their savings were wiped out. Another 37 percent turned to credit cards.

It's not easy to predict how your health could change in the future. Actually, it's almost impossible. But putting certain safeguards in place can help mitigate the risk of financial ruin.

Health insurance is the first step. And while premiums can be expensive, facing an illness or injury without that coverage would be infinitely more devastating. (See also: The One Question You Need to Answer to Choose the Best Health Care Plan)

It's also critical that you build an emergency fund. This savings cushion should ideally cover six months' to a year's worth of your living expenses. If the worst happens, you'll at least have something to fall back on. (See also: 7 Easy Ways to Build an Emergency Fund From $0)

2. Loss of income

Losing a primary source of income can severely hurt your bottom line. Maybe you were laid off or fired, or had a sudden decline in revenue for your business.

Maybe you needed to stop working to care for a child or older relative. Or perhaps your health took a turn, and you were forced to retire early or drop to part-time employment. When something like this happens, it's easy to find yourself overwhelmed by bills and expenses. Debt can quickly follow.

One of the biggest safeguards you can establish for yourself, again, is an emergency fund. Ideally, this fund can sustain you while you try to replace your lost income. Is your emergency fund as big as it should be?

It's also key that you try to live well below your means at all times, even when money is good. This means spending more on "needs" and less on "wants." This way, even if your income drops unexpectedly, you'll find it easier to get by at your current lifestyle without dipping into that emergency fund or creating new debt.

To continue reading, please go to the original article at

https://www.wisebread.com/8-common-causes-of-debt-and-how-to-avoid-them?ref=seealso

.12 Places to Keep Your Money Safe — And Growing

12 Places to Keep Your Money Safe — And Growing

By Tara Struyk

 Maybe you've heard a story like this: An entirely ordinary — and often reclusive — elderly person passes away, revealing the millions of dollars they have stashed away in their modest homes.

One Nevada man died to reveal a fortune, including gold bars and coins, worth more than $7 million. His bank account was found to be holding a meager $200.

In an age when there are so very many options for saving, investing, and managing our money, the notion that people still really do put cash under their mattresses is a bit hard to imagine.

Then again, if you've been faced with the task of deciding where to keep your savings, you've probably discovered it isn't an easy one, precisely because there are so many choices.

So where can you keep your money safe but still earn a decent return? Here are some key options.

Savings Accounts

They're simple, they're convenient, they're easy to find and they're perfectly safe in terms of protecting your principal investment. Because there is so much competition, you can also find a decent interest rate if you shop around. Just be sure to choose an account with no fees. Who wants to pay to save?

(See also: Why Savings Account Interest Rates Are So Low)

Who It's Best For

Those who prioritize liquidity (the ability to withdraw your money whenever you want it without restrictions) above all other conveniences. If you're looking to save for shorter term goals, or for an emergency fund, a savings account is a great option.

Money Market Accounts

This type of savings account tends to provide higher returns than a typical savings account, but that also has more restrictions on withdrawals and minimum deposits.

Some money market accounts even allow some check-writing privileges. These accounts are risk free in terms of losing your initial deposit and, like a simple savings account, are insured by the Federal Deposit Insurance Corporation (FDIC), which protects your deposits against bank failure.

Who It's Best For

Those who value safety and are willing to forego some convenience and accessibility for higher rates of return.

High-Yield Checking Accounts

Many checking accounts charge a monthly fee, but some checking accounts, often called "high yield checking accounts," actually offer pretty solid interest rates instead.

These accounts are typically offered by local credit unions and online banks and, as of July 2014, some offered interest rates as high as 5% — although there are quite a few caveats to scoring that kind of return. You can run a search of these types of accounts and what they offer at CheckingFinder.

Who It's Best For

Those who seek safety, reasonably good liquidity and don't mind jumping through a few hoops for a higher return.

Certificates of Deposit

A certificate of deposit, or CD, is a sort of IOU from a bank in which the bank agrees to pay back the amount you deposited plus a specific amount of interest within a certain time frame.

For example, if you buy a $1,000 CD with a 5% interest rate, you'll be owed $105 when the CD matures. Generally, you can't withdraw this money before the CD's maturity date without incurring a penalty.

However, CDs are very low risk and generally provide higher returns than a savings or money market account. (See also: The Basics of CD Laddering)

Who It's Best For

Those who are seeking a long-term savings vehicle and don't expect to need to access their savings immediately.

To continue reading, please go to the original article at

https://www.wisebread.com/12-places-to-keep-your-money-safe-and-growing?ref=seealso