How to become a millionaire.
Thank you for visiting our blog and we are moving to new blog in order to provide you a better experience.
Please bookmark our new blog and keep reading.
Hi guys. Most of us wanted to become a millionaire, but only a few do and many don't know even where to start and how to progress on it. let me tell you a story.
A group of students were assembled and given a marshmallow at first under some conditions. the conditions are " they can eat the marshmallow at once as quick as they received it or if they wait for a little bit longer they will receive one more"
Most of the students ate the marshmallow as soon as they received it (Group A), only a few controlled their temptation and waited for a little longer (Group B). Group B received one more after completing the task. Researchers were keen on this and they started to track both groups for years. Finally, they realized that Group B students were more successful in their life when compared to Group A students.
The outcome of this experiment identified People with delayed gratification will succeed than of those with Instant gratification
For example -
Instant Gratification - Whenever a new costly for example a Smartphone was introduced. These people will buy it ASAP even if they are in debt.
Delayed Gratification – These People would wait for some time even if they had money to buy that smartphone
Just imagine. How a millionaire be? Most of you would imagine. The millionaire as wearing branded costly cloths. a large home or I can say a number of houses, luxury cars and etc. that is the basic difference between a millionaire and a normal person. If you imagine this way then you are wishing to look rich, not to become rich. Some self-made millionaires are among us, but even though are millionaires’, we don’t recognize them as millionaires because they live a normal life as a normal person.
If you see a person who is wearing branded clothes. Jewelry, driving an expensive car and etc. It shows us how much he spends not how much he earns.
Let me walk through some basics things to become a millionaire
1 – Live below your means.
This is the thing am explaining all this time. Go for delayed gratification instead of instant gratification. Make some sacrifices to achieve your goal and become a successful person.
2 – Spend efficiently
Most of us live defensive in earning and offensive in spending.
For example –
Let’s say one of your friends comes to you and says that he has a project which will make income for both in long the term with some initial investment. At that moment you feel defensive and reject that project.
If the same friend comes to you and says lets party this weekend and go on a tour. You will get ready in no time. This is known as offensive in Spending. Even it doesn’t generate any income any way you will proceed since it will be fun and happy.
But millionaire lives offensive in earning and defensive in Spending. It doesn’t mean he doesn’t spend money at all. They spend it in a proper manner.
Millionaires use their TEM efficiently.
T – Time
E – Energy
M – Money
3 - Parents Economic care
Many of the Asian country parents spend on their children even after they enter college. But in Europe countries children need to find their own way of earning and spending money on their college fee and etc. this way could help them to understand the value of money. (Earning in Legal Manner)
For example - Work Part-time at a restaurant.
Warren buffet started earning in his childhood. He serviced as a paper delivery guy and found a way of earning income on his own without working for it. He is one of the Top 5 richest men in the world
4 – What is wealth?
If someone asked us this question. Most of us would say as money, power and etc. but the real definition was given by a person called Bucky Fuller. “
“Number of days you can live if you stop working today” this is the exact definition for wealth. This can be simply stated as Financial freedom.
Every Millionaire work to become financially free, but not tot show off to others that they are rich.
KNOWLEDGE IS WEALTH