Seven "Secrets/Tips" to Becoming a Millionaire - Get Articles by Craig Lock |  |
> Get Articles > Business Ideas > Seven "Secrets/Tips" to Becoming a Millionaire Seven "Secrets/Tips" to Becoming a Millionaire Download as PDFCraig Lock clockxtra.co.nz Creative Writing Course http://www.nzenterprise.com/writer/creative.html Title: Seven "Secrets/Tips" to Becoming a Millionaire Author: Craig Lock Contact Author: mailto:clockxtra.co.nz Copyright: Copyright © Craig Lock 2002 Web Address: http://www.nzenterprise.com/writer/creative.html Additional Articles:http://www.bridgeniche.com/ebooks/Ebooks.htm Publishing Guidelines: Permission is granted to publish this article electronically or in print, as long, as the bylines are included. SEVEN SECRETS TO BECOMING A MILLIONAIRE These thoughts are extracted from the book THE MILLIONAIRE NEXT DOOR, as seen on Oprah Winfrey's fine show, which I watch regularly (enough free advertising for her - she doesn't need it!). The research for the book was done on people with a net worth of over a million dollars (3.5 million households in America, apparently). I've written this piece in point form for brevity. Portrait of a millionaire: 86% of millionaires are first generation - the money is not inherited. Accumulating wealth takes a long time. Most wealthy people don't reach millionaire status until age 50. A glimmer of hope for me then! Two thirds of millionaires are self employed. A bit more hope for me then! Many were "C-students", not A's. Quite a number were told to take the journey of self employment. I believe doing this makes people much stronger. There is "no parachute in the journey of life". Most millionaires live on less than 7% of their wealth. They take 15% - 20% of their pre-tax income to live; thus living way beneath their means. Most of them drive a Ford And not a Cadillac or Mercedes Benz. They usually don't have overseas trips, own luxury cars and new suits. The authors found that most millionaires went to public schools - not private ones. 81% buy their cars and don't lease them. If $35000-$43000 is the median net worth. Many aim to have 6 months salary as a reserve/emergency fund. However, many people can't afford to miss even a week of work. The majority of people are three pay-checks short of bankruptcy. We live in a culture, where less time is committed to service. Add value, be exceptional in the delivery of your product or service at all times. * 7 RULES FOR BECOMING WEALTHY: 1. Live well below your means and be frugal. Have a budget - know how much you spend on food, clothing and housing. Many spend +- 20 hours per month planning and managing their incomes. (1/30th of age X income). Millionaires can live for 16 years off their capital - it's a shift in lifestyle. Millionaires: 2. Make achieving financial independence a priority in their lives. 3. Do not accept a substantial economic contribution from their parents. 4. As adults, they encourage their children to become self sufficient. 5. They have a clear vision of where their lives (including the financial area) are headed 6. Are good at targeting OPPORTUNITIES in any business: whether it's scrap metal, garbage disposal, junk, waste management, or cleaning buildings. There is even a billionaire making candles. Finally...and most importantly, 7. they choose the right occupation - the sooner, the better. Hope I've made the right choice then! Craig Lock "Information and Inspiration distributor" http://www.craiglockbooks.com Craig's books are available at: http://www.nzenterprise.com/ and http://www.novelty-gift.com/ The "original" Online Creative Writing Course http://www.nzenterprise.com/writer/creative.html P.S: Don't worry about the world ending today... it's already tomorrow in "little" scenic and tranquil New Zealand THIS ARTICLE MAY BE FREELY PUBLISHED. How useful did you find this article? This article can be downloaded freely from http://www.get-articles.com and used on your website or in your ezine so long as the author is credited and their resource box left intact. You should not change any links in the article, and where the article is used on a website it's links should be clickable. Please see our terms and conditions page for more information: http://www.get-articles.com/authors-publishers-terms.php |
|
Top Articles |
||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
January 7, 2009 © www.Get-Articles.com. All Rights Reserved.