Do You Posses an Attitude of being Millionaire?

Do You Posses an Attitude of being Millionaire? 

Budgeting

Every year, thousands of people become millionaires, while millions of people are still struggling to make they needs meet. Which group yourself belong?

To find out, you must have an attitude and has a mindset same as of those millionaires otherwise you are belong to those millions of people still struggling. 

Find out and let’s see if You Posses an Attitude of being a Millionaire. 

1. Do you understand the difference between good debt and bad debt? 

While some consumers are spending their loan money on electronic goods such as cell phone, flat screen tv, etc. Others are using their loan money by buying a foreclosed property. The first consumers will end up paying interest on a electronics goods that will only depreciate over time until no value at all. While the second consumers has the potential of making more money if they will plan to sale in the future, or a steady stream of rental income in the mean time. 

2. Do you have a clear financial plan for yourself, five years, 10 year from now and in the future? 

Many times, people become millionaires because they set specific goals for themselves, they focus their mind to improve their ways and then work hard to achieve those goals. Even if you don’t quite make it to your goals, chances are if you are aware of your financial condition, you want to make it better and find a ways to accomplish it, you will be better off money wise. 

3. Do you understand the importance of budgeting? Or Do you live in the 80% or less of your basic salary?

Overspending is a very big problem and it gives way to fall yourself into a debt. If you spend more than what you earned, becoming a millionaire is like betting in the lottery which are very little chances or almost nothing. And for my opinion you depriving yourself to become a millionaire. 

There is no point in making and growing the money if you are spending faster than what's comes in. Millionaires knows the importance of saving money, they know how to protect their money and also controlling their expenses, otherwise, they wouldn’t have that millions of money. 

For example. Let’s say you spend Php. 100,000.00 every year on non-essential items. In ten years, you would have spent Php 1,000,000.00. Now, take that same amount Php. 100,000.00, but invest it in property or stocks – in ten years you would likely have much more than Php 1,000,000.00 at your disposal. 

4. Do you understand that “overnight success” takes time? 

While there are a few exceptions to the rule, most millionaires spent their time getting to that point. Whether it is five years or more. Becoming a millionaire requires effort, it requires focus and it requires dedication. If you are not willing to put in that kind of work, your chances of achieving that goal are very small. 

Start developing the “millionaire mindset” and make baby steps towards achieving your financial goals. Whether or not you actually do end up making a millions of money, you’ll be working towards developing not only sound financial principles, but chances are you will have more than enough money to remain financially comfortable for the duration of your life.