There are several millionaires in the world today and they make up a good percentage of the world’s population. And although the source of the wealth may differ, ranging from oil and gas, furniture, software, real estate, etc, they all that a set of common habits. Millionaires have frugal habits, which they all have in common. The good news is that wealth is not the ‘exclusive reserve’ of the wealthy. If you are disciplined enough to follow through, those habits will get you on the millionaire’s track too.
Becoming a millionaire does not happen over night, unless you inherited millions as a birth right, won millions of dollar jackpot, etc, which is as great! These tips coming from a millionaire himself, says it doesn’t happen overnight, but it’s definitely achievable so long as you try your best to be more practical about it and adhere to these six frugal habits.
1. Go For Quality Not Quantity
Try to put some thoughts into your purchase, they say ‘cheap is better,’ but who says quality isn’t cheaper? For instance, oil mogul, T. Boone Pickens has said;
“I don’t go cheap on anything, but I’m not a shopper. If I want something, I look at it, decide what it is, but it will usually be the best product. I’ve got a pair of loafers that I still wear that I got in 1957.”
You might spend more buying a tough-quality product and it will last long enough for you to give away, still intact.
2. Leave The Wads of Cash And Plastics At Home
Take the advice of T. Boone Pickens and carry around only the cash that you need for what you intend to buy. As a matter of fact, it’s been discovered that “86 percent of people who spend cash on luxuries like expensive cars, jewelry, and electronics are non-millionaires trying to act the part by purchasing luxury brands.”
Instead, make a shopping list and only carry the cash you’ll need to make those specific purchases. This way you aren’t putting yourself into additional debt. Remember, if you don’t have the cash to make a purchase or pay off your credit card, then you probably can’t afford the purchase in the first place.
3. Don’t Waist Your Money On “Get Rich Quick” Schemes
If there’s one thing the wealthy have come to realize, is that “there is no such thing as getting rich quickly” According to studies conducted by Thomas C. Corley, “16% of the wealthy gamble on sports at least once a week vs. 52% of the poor.” Additionally, “9% of the wealthy play the lottery every week vs. 77% of the poor.”
Don’t waste your money on trying to accumulate a large amount of wealth in a short amount of time because the probability of that happening are slim to none. Instead, invest that money you would have spent, into new business opportunities.
4. Live Below Your Means
Even the extremely wealthy have realized that it’s better to live below your means if you want to extend your wealth. It might be tempting to splash a little bit of what you’re earning just for show offs, but before you do that, think of most riches people you see on TV or heard of, am not talking about most celebrities who wear ‘bling bling’ stuffs (because that’s part of their career). Think Bill Gates, Mark Zuckerberg, etc, they don’t have to show off their wealth, their wealth show them off, they’ve realize that a car serves just one purpose; to get from Point A to Point B, therefore they don’t need a flashy expensive car.
5. Get A “Side Gig”
This simply means, getting extract skills that can earn you more money than you’re liable to spend. Investing in your natural talent and skill is definitely a smart move that can fetch you more money when you least expect it. For instance: if you did web design, tech support, or became a bartender or a DJ, Photographer on the weekends, then you’re less likely to go out to eat or shop all day. Every little bit helps.
6. Cut Down Unnecessary Expenses
It easy if you can create a monthly budget so that you can examine where you’re money is going each month. You may quickly realize that you don’t actually don’t need that cable package that includes every channel. Merely keeping track of all of your expenses will go a long way to helping you see what you are spending your assets on, but that is only if you learn to be discipline with you money.
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