9 Financial Best Practices of Self-Made Millionaires

9 Financial Best Practices of Self-Made Millionaires

Click Photo for More Information
9 Financial Best Practices of Self-Made Millionaires
One of the most surefire methods to achieve success is to emulate the behaviours and best practices of those who are already successful. When it comes to wanting to become a millionaire, you can learn a lot by looking at the financial best practices of self-made millionaires. Here are 9 best practices that can help you become a millionaire too.
0
432

One of the most surefire methods to achieve success is to emulate the behaviours and best practices of those who are already successful. When it comes to wanting to become a millionaire, you can learn a lot by looking at the financial best practices of self-made millionaires.

If you aren’t lucky enough to inherit a million dollars, you’ll have to create wealth on your own. The truth is that 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.

Become a Self-Made Millionaire by Following These 9 Practices

Start on the path to becoming a self-made millionaire by adopting these financial best practices:

financial best practices - photo of gold coins

Want to become a millionaire? Adopt the financial best practices of of self-made millionaires.

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 paycheck before you sit down and pay your bills. If you pay yourself first, you’ll adjust your spending to accommodate your bills. If you pay your bills first, you’ll spend the remainder and save nothing. Save your money before you have a chance to spend it.

  • The average millionaire saves over 20% of his income each month.
  • When you get a raise at work, attempt to save 100% of that new income.

3. Live beneath your means.

Most millionaires aren’t big spenders. They buy used cars and avoid luxury brands. They live in more modest homes than they can afford.

  • Becoming wealthy is most often the result of a moderate lifestyle, aggressive saving, discipline, and time. These are all things that anyone can do. Consider the results when someone does the opposite of these things.
  • 4. Fire your boss.

    Roughly 70% of millionaires are self-employed. Working for a big company can be comforting, but it’s also expensive. You’re selling your time at wholesale prices. When you work for yourself, you have more opportunities to make a big salary. Start a small business on the side and make that your hobby.

    5. Spend time with other millionaires.

    Spend time with wealthy people if you want to become wealthy. You’ll be provided with more opportunities and learn how millionaires think. Their approach to money and the world is very different than those of the average person.

    6. Avoid debt that doesn’t increase your income or net worth.

    Millionaires avoid debt like the plague, unless it provides financial opportunities. A millionaire might get a loan to purchase an apartment building or build a business, but she wouldn’t borrow money for a vacation.

    • Avoid borrowing money unless it will strengthen your financial situation down the road.

    7. Have financial goals.

    Most impressive things are accomplished by those with goals. Saving a million dollars is too big to happen by accident. Wealthy people that created their wealth have goals. What are yours?

    8. Get a mentor.

    The vast majority of millionaires state that a mentor was a major factor in accumulating their wealth. Everything is easier when you have a guide that has already accomplished your goal. Find a mentor and follow their advice. Networking is the key to finding an appropriate mentor. Put yourself out there.

    9. Avoid wasting time.

    Every minute you waste could have been spent on earning more money or learning something relevant. It’s important to have hobbies and interests outside of building your wealth. But time spent on television and surfing the internet is neither beneficial nor satisfying. Use your time wisely.

    Adopting financial best practices can only help you

    You can adopt the most important financial best practices and behaviors of self-made millionaires. Is there anything in the list above that you can’t do?

    With patience and the right habits, you can become a millionaire, too. With persistence, there’s nothing you can’t accomplish.

     
     

     
     
    [ad code=1 align=center]  

Why Are US Property Prices So Cheap Compared To The Rest Of The World?

Click Photo for More Information
Why Are US Property Prices So Cheap Compared To The Rest Of The World?
Contrary to the understanding you may have from watching the news, US property prices are actually relatively cheap compared to the rest of the world. With that said, here's an in-depth expose well worth your time to read.
0
334

How To Prepare For World War III: Survival And Money Advice

Click Photo for More Information
How To Prepare For World War III: Survival And Money Advice
With the state of US and global politics, it's easy to imagine we could be on the brink of an extreme conflict or even another world war. What can you do to protect your finances in that eventuality? Here's some financial apocalypse survival and money advice to think about.
0
318

Are Mortgage-Backed Securities Backed by any Guarantees?

Click Photo for More Information
Are Mortgage-Backed Securities Backed by any Guarantees?
Are mortgage-backed securities backed by any guarantees? Here's an excellent article on mortgage-backed securities from Investopedia.
1
397

Essential First Time Child Expenses to Plan For As a New Parent

Click Photo for More Information
Essential First Time Child Expenses to Plan For As a New Parent
If not planned for, there can be a myriad of surprising first time child expenses that can catch you by surprise as a new parent. A lot of new parents underestimate the cost of having a baby. These are some of the main expenses you’ll have to cover in the next few months.
0
386

Is Your Hobby Hurting Your Financial Future?

Click Photo for More Information
Is Your Hobby Hurting Your Financial Future?
Having a hobby can enrich your life. However, as with all things in life, balance is important and there are times when what starts out as a hobby can get out of control. Here are 5 tips for evaluating whether your hobby is out of control and hurting your financial future.
0
405

9 Steps to Take Before Buying Your First Home

Click Photo for More Information
9 Steps to Take Before Buying Your First Home
Buying your first home is a very significant financial decision which requires careful planning because the house will soon become one of your main financial assets. That's why it's important to consider the following steps before you take the leap and become a first time homeowner.
0
368

10 Common Financial Challenges Facing Millennials

Click Photo for More Information
10 Common Financial Challenges Facing Millennials
In this article, we're going to cover 10 common financial challenges facing millennials. You may not necessarily agree with all of them -- which is okay. The point is to get you to think about the topics and how you might overcome the financial hurdles you deem relevant to your situation. Are you well positioned to overcome these?
0
405

9 Things to Consider Before Lending Money to Family and Friends

Click Photo for More Information
9 Things to Consider Before Lending Money to Family and Friends
If you've ever considered lending money to family and friends, this post is meant for you because it can easily turn into a potentially awkward and difficult situation. Think carefully before loaning money to family and friends. Here are 9 things to consider before lending money to friends and family.
0
392

Social Security Benefits – A Quick Guide

Click Photo for More Information
Social Security Benefits – A Quick Guide
Social Security benefits could become a main source of income once you retire. It is important to understand how these benefits work, figure out the best time to file, and know how much you'll receive on a monthly basis. Read this guide to learn more about your social security benefits.
0
279

8 Retirement Money Mistakes You Will Regret

Click Photo for More Information
8 Retirement Money Mistakes You Will Regret
Retirement money mistakes are far too common and if you commit them, you jeopardize the very financial future you've worked so hard to build over the years. Avoid these 8 retirement money mistakes if you want to enjoy your retirement rather than live a retirement of regret.
0
254

7 Smart Financial Moves for Unmarried Couples That Live Together

Click Photo for More Information
7 Smart Financial Moves for Unmarried Couples That Live Together
Financial implications aren't something you necessarily think about when entering into a relationship, unless you're planning to get married. Even if you aren't planning a wedding anytime soon, if you're living together as a couple, there are some financial considerations to pay attention to. Here are 7 smart financial moves for unmarried couples that live together.
0
272

6 Small Business Mistakes That Can Bring Disaster

Click Photo for More Information
6 Small Business Mistakes That Can Bring Disaster
Small business mistakes tend to fall into a common pattern. That's not particularly surprising since most new business owners don't have much prior experience. Here are 6 common small business mistakes that can bring disaster to your new business.
0
243

Financial Support for Your Startup Business – Where to Find It

Click Photo for More Information
Financial Support for Your Startup Business – Where to Find It
If you're an entrepreneur, finding adequate financial support for your startup business is critical to your success. Here are 6 sources of financial support for your business if you are looking for startup funds.
0
229

3 Steps to Protect Your Privacy Online

Click Photo for More Information
3 Steps to Protect Your Privacy Online
Do you understand what companies do with your private information and more importantly, how to protect your privacy online? Let's dig into the topic a little further and then let's look at some steps you can take to help protect your private information.
0
375

5 Steps to Getting the Promotion of Your Dreams

Click Photo for More Information
5 Steps to Getting the Promotion of Your Dreams
Getting the promotion of your dreams might seem far fetched to you. In today's world of business, getting a promotion can be challenging. There are more things to think of than just doing your job for a long time until your seniority earns you a promotion. Follow these 5 steps and position yourself to get the the promotion of your dreams.
0
209

Living On Minimum Wage – Minimum Wage Challenge

Click Photo for More Information
Living On Minimum Wage – Minimum Wage Challenge
If you've ever tried living on minimum wage, you know it is brutally difficult and it forces you to make very hard decisions about what is a necessity. In that regard, it can also be very instructive. If you're up to a really insightful learning experience, here are 5 tips to help you take the minimum wage challenge.
0
161

Understanding Workers Compensation – How to Get The Workers Compensation You Deserve

Click Photo for More Information
Understanding Workers Compensation – How to Get The Workers Compensation You Deserve
Understanding Workers Compensation might not sound like a relevant financial planning topic, but it's an element of insurance which provides some level of income protection and which is generally not well understood.
0
162

5 Tips to Secure Your Phone and Computer

Click Photo for More Information
5 Tips to Secure Your Phone and Computer
Taking steps to secure you phone and computer and protect your personal information is an important aspect of securing your financial future. Focus on protecting your Internet devices and personal information by applying these 5 tips to secure your phone and computer.
0
154

Medical Identity Theft – 7 Tips To Avoid Becoming A Victim

Click Photo for More Information
Medical Identity Theft – 7 Tips To Avoid Becoming A Victim
Medical identity theft can destroy your credit and make your life difficult. It differs from other types of identity theft, and it isn't easy to resolve. The "bad guys" continue to get more and more sophisticated at stealing your personal information. That's why taking steps to avoid becoming a victim of identity theft matters. Learn more about medical identity theft and avoid being a victim by following these tips.
0
174

Before You Buy a Timeshare – 7 Things You Must Know

Click Photo for More Information
Before You Buy a Timeshare – 7 Things You Must Know
Before you buy a timeshare you must understand what you're getting into. Memorize these 7 things you should know before you buy a timeshare.
0
150
Load More Posts
Powered by WishList Member - Membership Software