The road to becoming a millionaire is a raggedy one. Even when you become a millionaire, things do not become simple. Yes, life becomes wealthier, accessible, and influential. But this doesn’t mean there is no need to consider what comes next. A visionary millionaire understands the impermanence of success and keeps close a set of methods to keep innovation, motivation, and passion alive. Today, I shall discuss a few of these with the readers.
Look on the Internet and know that most of these methods are commonly advocated in the super-rich community. However, the application of these methods is not exclusive to the community. Anyone can take a leaf out of their books and improve life in multiple ways. On this note, we should uncover the five practices of life every successful millionaire follows.
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Do not compromise with self-improvement
Imagine the stakes involved as a millionaire. So many assets to look after, so many investment/business plans to consider and execute, so many social relations to manage, especially when under scrutiny all the time, so many dangers lurking to you and your data safety, etc. There are too many things to deal with. As a millionaire, these become more pronounced and complicated. You must ensure your mind works healthily to approach these matters calmly and smartly. Mental health and physical well-being are never to be sidelined. Read books, engage in a regular exercise regime, have a healthy diet, limit or withhold intake of substances, and accept life as it comes. Money, in itself, does not cure problems but indeed leads you to the ways that do. -
Have a budget for yourself
The sky is the limit. Good! But do not apply it when it comes to money. You can earn as much money as you can lose. A financially savvy individual understands that spendthrifts don’t make long-lasting millionaires. Therefore, it is advised that you create a budget for yourself, possibly monthly, to limit your expenses, ease your money management, and contribute to better investment strategies. When I ask you to budget it, I don’t mean to say you do not buy your favorite car or travel the world. No, I suggest you do everything without hampering your financial credentials. Please don’t do it all at once; distribute your money and use it in a timely fashion. -
Minimize debt liabilities
Whether it is business or personal expenditure, avoid incurring debt liabilities. If there is no other choice, make sure that you minimize the amount of credit you take. The problem is that we take too much credit without realizing it, and it eventually piles up. You fail to pay up at the right time and incur a penalty reflected in your credit score. It is understandable to think that millionaires do not have to worry about all this. But, this is not practical. Millionaires know they are indebted to pay up with hefty interest once they take credit. This interest, mind you, is nothing to sneeze at. -
Patience is the key to well-being
Back in school here, we used to have what we called ‘moral science lectures. Those lectures tried to formalize certain ethical principles and effectively institutionalize the kids. Yet, they were not entirely arbitrary because one of the lessons I learned from them was that patience is gold. In the world of money, without patience, there is no growth. Millionaires don’t become success stories you read about overnight. Years of toiling through long, sleepless nights and numerous failures made them what they are today. They would have been driven into oblivion if they had been restless and desperate for immediate results. -
Think of the possible inevitable
Foresight is an asset, and millionaires can’t do without it. Life is unpredictable. Anything we do comes with an uncertain time limit which we may or may not be aware of. But we can always plan. Millionaires do that. They know that market correction will happen, investment returns will fluctuate, government policies can change anytime, global order may collapse, death can knock at the door at any moment, or their kids will soon grow up to be their successors. Your mind should always be thinking about these eventualities. Plan for these situations as you grow.
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