The Secret Of Success
Numerous people ask themselves, how do you become successful or what made ‘him/her’ so successful. What is the secret? I’m sure you asked yourself that same question in one form or another.
The truth is, there is no one true secret. It’s a very simple answer. Of course this answer doesn’t apply to everyone. There isn’t a way on how to become a millionaire overnight, unless we take into consideration, a couple of people who were lucky enough to go out and play the lottery and actually won.
Others might have inherited their wealth and success naturally came along with it. But the majority of successful people that generated their wealth through hard work and other mediums, mostly had one thing in common.
The truth is, that success doesn’t come without a cost. That cost is hard work and dedication.
How Can I Become A Millionaire?
The above answer was probably not what you were looking for, but if you haven’t realized it yet, there sadly isn’t a quick way (unless you are one of the above two exceptional cases) to achieve the millionaire title.
On the other hand, we can consider ourselves lucky that the term millionaire, doesn’t actually hold as much value as it used to. These days a million dollars can’t get you that far anymore.
If you would live purely on that one million dollar you wouldn’t last very long unless you live a very reserved and quiet lifestyle I guess.
These days it’s safe to say that we should all have at least one million lying around for our retirement alone, in order to live our remaining days comfortably.
So how exactly does working harder mean we will achieve more wealth? I guess the right term to use would be, to work smarter!
A Long Term Solution
The safest way on how to become a millionaire at a steady pace and building your millionaires title, is to set a long term goal in your mind. You won’t get it within the next month or two, but if you have the right mindset and stick certain rules, you will get there eventually. The earlier you start the sooner you’ll get it.
So the first thing you should do is plan early and by planning early I mean start becoming used to the word ‘underconsumption’. Unless you want to live from paycheck to paycheck every month, you should do this.
I have researched so many ways of becoming rich/wealthy/a millionaire it’s almost pathetic, but it always mentioned the word underconsumption in one form or another.
If you start spending less money on things you don’t need, guess what? You end up having spare cash. This spare cash needs to do the additional work for you.
Have you ever heard the saying: “To make money you need money”? I’m sure you did and if you didn’t you heard it here for the first time 😉
That saying always bothered me, because there are so many ‘from rags to riches’ stories and they all start with the person being broke and living with no money to their name. What I failed to realize is that their entire empire did eventually start with some sort of money they managed to get by working for some small job. Lord Alan Sugar started off by selling oranges on the street!
To get back to the point, once you have the spare cash you need to spend it wisely. Yes you need to spend it! But by spending I mean invest it. Don’t put it in your savings account where it will just wait for you to take it back out.
The 6 Rules Of Wealth:
In my several years of research, there have always been a certain amount of rules to follow to achieve that wealth, we long for. It’s never a list greater than 20 rules. Most of the longer lists are usually just repetitive.
The main points all lead to these 6 right here:
- Don’t be a spender
- Live below your means
- Stay Healthy
- Use Compound interest
- Buy more assets
- Don’t stop learning
The first point has been mentioned in the previous paragraph, but to emphasize it, we live in capitalistic world where consumption of materialistic goods is in our everyday nature. This might be a nice feeling for some but in reality, most of the things we buy to treat ourselves, either sit in the closet or on our shelves to collect dust, before we throw them away.
Try to buy things you only truly need. Think twice about what you want to do with that X-mas bonus.
2. Living below your means is almost the same as the first point, but it is more directed towards cutting down on things that would make our lives easier. For instance, make a list of things you spend money on and see how you could reduce these. Instead of buying the more delicious groceries from one store, go to the store down the road which is cheaper and probably tastes very similar.
Don’t get a new car, stick to the old one which might look worse but still drives you from A to Z. There’s plenty of small things that could end up saving you over a couple of thousands a year.
The third point shouldn’t even be hard to maintain. We all want to live a good life and stay healthy. Eat the right food, exercise regularly and try to avoid bad habits like smoking. Not only does it cause obvious damage to your health but it is also extremely expensive. One packet might only be a few bucks but it all ads up throughout the year.
If you haven’t heard of compound interest yet, I highly encourage you to get involved now. It might be the most beautiful way of achieving wealth. I won’t get into much detail on this but invest in long term funds or bunds early and you won’t regret it in a couple of years.
5. Is not always as obvious but you should strongly consider buying assets. Assets are things that appreciate in value the longer you hold them. For instance real estate would be a great asset to own.
And finally, keep learning. Most millionaires constantly look for new ways of investing their money to generate more. There’s always new companies to invest in, new strategies to learn etc.
How Long Will It Take?
The truth is, the only person that can answer how long it will take to reach a million, is you. It depends on everyones personal sacrifice and commitment. The more you stay in instead of going out with your friends, the less you consume things that are unnecessary and the earlier and more you invest, the quicker you will receive the reward.
I’ve also read numerous times that the hardest million to reach is the first one. The others come naturally. It’s not that after 1 million you suddenly get thrown over with piles of money, but by then you’ve learned and spent money so wisely that it does the hardest work for you. By then you have enough to risk more and invest more in other businesses and assets.
If you haven’t seen my newest source of income yet I encourage you to read my review about it here.
Not only can I save a lot more time during the day and get more done, it also saves me a lot more money by not having to commute to work and buying smart clothes and eating out.
It’s probably a lot quicker as well than having to wait for every months paycheck because the more I work on it the more results I see. Therefore the bigger the check will be by the end of the month 🙂
I hope this was enjoyable to read and maybe it enlightened you a little. Have you heard the above list before? Have you made your changes in life already? How are you planning to make your first millions?
Share your thoughts by leaving behind some comments! I would love to hear what you have to say.