Would you choose a vacation destination and then sit around your house until it was time to go back to work? If that sounds silly, think about the times you thought about losing weight or finding a more fulfilling job but didnât take the steps necessary to achieve what you wanted. In the vacation scenario, strategy may not be a big deal because your motivation is high, and obstacles are few. However, when you're pursuing more challenging goals, itâs important to think about the process as well as the outcomes. Enjoy more success by changing your approach to goal setting. Learn [...]
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It's not the things you don't know, but rather the incorrect things you believe, that cause many of the real challenges in life. A few errors in your thinking can be a detriment to your finances. Enhancing your understanding of money and personal finances is an effective way to get on the path to prosperity. Avoid these money myths: 1. Income equals wealth. People that make more have a tendency to spend more. Lottery winners are notorious for losing everything. Many of the families that earn over $1 million per year manage to outspend their income. You can earn a very [...]
If you aren't lucky enough to inherit a million dollars, you'll have to create wealth on your own. Relatively few millionaires inherit their wealth, so you're in good company. Most millionaires didn't become wealthy by doing anything spectacular. They simply have a useful set of habits that they stick to religiously. Start on the path to becoming a self-made millionaire: 1. Deal with uncertainty. Most millionaires don't have a "regular job" and are forced to deal with more uncertainty than average income earners. Be comfortable with uncertainty. 2. Pay yourself before you pay your bills. Save at least 10% of your [...]
With the high price of gas these days, you may have considered selling your car and purchasing one that's more fuel efficient. If your current car is only delivering 17 miles per gallon, one of those hybrids that get 50+ miles per gallon might look pretty good! If you start doing some quick calculations, it doesn't take long to get excited about all the money you could be saving. Think about all the wonderful things you could purchase with that extra cash. Maybe you could take that vacation you've been dreaming of! But hold on a minute. It isn't that simple! [...]
Manifesting wealth and abundance begins from within. You have to appreciate what you have in your life already - your family, friends, and job - instead of focusing on what you wish you had. Often people waste precious time thinking about what they don't have. They start to believe their lives will improve if only they had more money, or more friends, or more gadgets. They think about what's lacking instead of the abundance that is already overflowing into their life. Positive Thinking Brings Abundance If you appreciate what you have, you'll be inspired to take the necessary actions to bring [...]
Warren Buffett is famous for being incredibly wealthy and giving good advice. One of Buffettâs most famous pieces of advice is commonly referred to as the 2-List Strategy or the 25:5 List Strategy. Itâs simple, but effective. Letâs look at how it works. How many goals do you have right now? If youâre honest, you probably donât have any. On the other hand, having 10 goals isnât an optimal strategy either. This is where Buffettâs idea fits in. Follow this process to use Buffetâs 2-List Strategy to prioritize your goals and focus your energy: 1. List the top 25 goals youâd [...]
Who doesn't want more money? Even people with billions of dollars seem preoccupied with trying to get even richer. But why do some people seem to acquire money easily while others really struggle? I'm sure you've noticed that many financially successful people aren't particularly talented. The difference is that they're spending their time on productive and profitable things. At the end of the day, people are paid in relation the amount of value they provide. To receive money, you simply must be creating value in some way. There are many ways to provide value; just think of all the things in [...]
It's quite easy to become a 401(k) millionaire if you get started early enough. It's also important to avoid making silly mistakes. Fewer people are able to retire at 65 than at any time in recent history. 30.8% of those over the age of 65 are working to make ends meet. With a 401(k) and some diligence, you can avoid becoming one those forced to work in your senior years. Become a 401(k) millionaire by following a few simple rules: 1. Get the full company match. Every company is different. Some match 50% of the first 4% of your income contributed [...]
Enjoy a Positive Cash Flow Even if You Lack Money Management Skills Are you being confronted by financial challenges? You're probably feeling discouraged because you havenât been able to keep a positive cash flow. This is a common challenge faced by many, but it is especially difficult for those who lack good money management skills.But by no means is the absence of money management skills a financial death sentence! In fact, there's so much help out there today that you should be able to turn things around in no time.The question is where to start!First, itâs important to come to terms [...]
Being a millionaire isn't as impressive as it once was, but people take notice when you have a billion dollars. Becoming a billionaire requires a lot of work and at least a little luck, or the right parents. Many billionaires inherited their fortune. Assuming you don't have billionaire parents, there are a few other options. Earn your first billion and impress all your friends: 1. Investing. Many billionaires invested their way to success, or at least earned their money in the financial world. For example, there are several hedge fund managers that are billionaires, but they got that way through investing [...]