Becoming a millionaire is hard, but staying a millionaire can be even harder. I will share 4 things that will help you.
00:00 I’ll even share with you, why investing your money is more important than spending it all.
00:41 Get professional money advice
A financial advisor holds the power to reposition your portfolio for long-term growth and keep assets safe from market volatility. With big money comes bigger risks, and most millionaires have learned that the hard way. Everyone makes financial blunders but you should always be careful for financial deathblows.
Financial mistakes mostly revolve around unprecedented misfortunes and decisions made in haste. But it is understood that no one needs to make 100% right decisions for wealth creation.
03:40 Millionaires believe in passive income
All real wealthy people have at least one or more sources of passive income with Real Estate being the most common.
Statistics have shown that 62% of the millionaires had one or more sources of passive income, with real estate being the most common.
For decades, the ultra-rich held 30% of all real estate investment globally since most people couldn’t afford the high-capital entry into the market.
Since the introduction of REITs, millennials have invested and earned millions in dividends from real estate! The safer part about investing in REITs is that your money is diversified to the extent that you can expect average annual returns up till 10%.
Your portfolio is usually managed by a team of financial advisors, real estate experts, and investors. And you are already able to get started with just 1000 dollars
06:01 Worry about retirement healthcare
You have to understand that health is wealth.
Millionaires follow strict fitness routines and work schedules to outperform everyday.
With the pandemic reaching new heights, securing your family’s financial future with a term life insurance can bring you some peace of mind. It can pay for your children’s education, mortgage, loans, and daily expenses in case you pass away.
If you really want to enjoy your wealth, be sure to be healthy! Have a plan for your health as well!
07:29 Have fun but save most of your income
Millionaires understand that it is okay to spend on things that make you happy.
You have to understand that you should be cautious about your work-life balance and save fun time for all the hard work you’ve put in.
If you want to be a millionaire, you have to strive to achieve maximum productivity. Millionaires have so much on their plate, so knowing how you spend your time, is very important. What I would like to give you is that when you are earning, it is okay to spend it on the things you love.
Keeping track of money is simply a matter of will.
09:13 Why investing your money is more important than spending it all.
You really need to be making money, while you sleep. If you don’t make money while you’re sleeping, you’ll always stay in the rat race.
You really need to start setting money aside, before you start paying all those bills at the beginning of the month.
If you can, start with about 100 dollars per month. I know, maybe that 100 dollars per month is not going to make it happen, but if you never start, it just never starts.
If you want that millionaire’s life, you have to work towards it. Just thinking and dreaming about it is not going to change anything.
Happy investing!
