Fight the fear. The dollar is weak. The housing market is in the tank. But to the millionaire mind, such meltdowns present classic opportunities. As scary as it may seem, you have to make the commitment to write a check to the mutual fund company, start up your 401K, or commit to buying a house, or another piece of real estate. Fear is the number one factor that keeps people from making money. Yet most millionaires invest 20% of their income annually. Overcome your fear and start making your money work for you.
Be headstrong. Millionaires are always researching and studying trends. There are lots of investment opportunities out there so keep your eyes and ears open, looking for the next long-term growth opportunity. The millionaire mind is looking for long-term returns, investments that will make money over time. Stocks, bonds, real estate and private investments can generate huge opportunities. Millionaires know where to put their money.
Don’t play victim. There is nothing worse than claiming you can never have money because your parents weren’t rich, or that your family has never been rich. So what? Eighty percent of millionaires did not inherit their fortunes. They were determined people with great ideas who acted on them. That could be you too.
Manage your lifestyle. You may want that house in the hills or that million dollar island, but most millionaires live below their means. Sixty six percent of them work 45- 55 hour weeks. Continuing to be thrifty and continuing to work leaves plenty of money to invest. There’s a lot of temptation to spend money when you have money. Chances are that guy living in the million dollar home, driving the million dollar car is deeper in debt than you.
Maintain the millionaire mindset. It is surprisingly straightforward and yet so difficult to do for some. The following list gives a good outline for thinking like a millionaire.
Save your money
Seek new opportunities
Be humble; and
Keep informed and keep at it. It is important to be aware of what is happening around you and what is impacting people other than just yourself. Understanding what worries and what motivates other people is a key to knowing what to invest in next. And be persistent; your belief that you will get to where you want to go is vital to hold on to. Good luck!