Month: November 2017

11 Step To Become A Millionaire in Your 20s!

How to become a millionaire? A question that puzzles millions! The majority of people believe that access to wealth and financial freedom is very difficult, and requires many years to achieve. Talking about becoming a millionaire before the age of 30 is unbelievable.

Nevertheless, 7FigureCycle is undeniable that today the world is full of very wealthy people, even though they are only 30 years old. There are even millions of dollars in wealth that are still in adolescence. So what is the secret of all these? How did they manage to achieve all this wealth at the earliest age?

If you want your financial balance to be converted into a number of 7 digits, these tips on the lips of the wealthy people who have gathered their wealth at an early age and depend on themselves can help you. While we will not guarantee that it will add you to the list of the world’s richest, its implementation will certainly not undermine your chances of achieving this dream.

If you’re looking for an income that meets your ambitions when you’re over 30, here are a few steps you can take to achieve the best financial situation.

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How to Become a Millionaire in 11 Steps

1. Focus on increasing your income

“Within the current economic environment, you can not just save your income to become a millionaire,” wrote Grant Cardon, who turned from a bankrupt, heavily indebted man at the age of 21 to a self-made millionaire at the age of 30. “The first step is to focus on increasing your income on Frequent payments and repeated it. ” “My income was $ 3,000 a month and after nine years I was $ 20,000 a month,” he said.

In general, gaining more money is easy to say and difficult to implement, but most people have multiple options to reach this goal, such as finding ways to earn extra income, getting some high-paying jobs, or taking the first steps to becoming a men’s class Business that earns up to $ 170,000 per month.

2. Make multiple income sources

One of the ways to increase money is simply to increase income flows. Jim Thomas Corley, in his five-year study of self-employed millionaires, found that most relied on multiple sources of income. 65% of them relied on 3 sources, 45% on 4 sources, 29% On 5 or more sources.

Additional sources of income may include rental of properties, investment in stock markets, small businesses, or purchase of additional business ownership in partnership with a person or other persons.

Read also: How to build multiple sources of income in 6 steps

“It seems that having three streams of income is the magic figure of becoming an immortal millionaire, as I found out in my study of the habits of the rich, but providing more sources of income makes your financial situation more secure,” Corley wrote.

3. Save the owner to invest not just to save

“The only reason you have to save money is to invest it, start by putting your money in secured accounts and do not spend it, do not use these accounts for anything, not even emergencies, and this will force you to continue with the first advice,” says Cardon. Increase income).

A person’s salary will increase over the course of his or her career. Of course, a person should increase the amount of money he saves over time. The most difficult stage to becoming a millionaire is to decide to invest part of the income for long-term investment.

Read also: How saving becomes a gateway to financial freedom

The golden key to always saving and saving money is by making this process automatic. In this way, you will not be able to see the money you make to invest it, and you will learn how to live without it.

4. Be decisive

Tucker Hughes, who became a 22-year-old millionaire, is advised to avoid the uncertainty of not making critical decisions.

Hughes believes that there is a limited amount of daily attention, so it is advisable to provide mental effort to critical decisions, and make the rest of the routine decisions automatic.

Hughes, for example, advises making daily decisions such as choosing work clothes and breakfasts automatic so that he does not consume mental effort at the expense of other important decisions, which may lead to dispersion and poor attention.

5. Grow rather than boast

The youth category is the most profitable category and the most frequented by the shops and malls. Most of them unfortunately allocate a very important part of their monthly income to buy clothes, jewelry, accessories and other things that are not in urgent need.

The problem is that without saving, one can not become rich or financially free, and his whole life will remain the same: welfare and spending at the beginning of the month, financial crisis and problems at the end.

On your way to getting rich, do not buy expensive things just to boast that you are in a comfortable financial position. Self-rich people are well aware of the value of money, so they do not buy luxury clothes, fine cars and luxury homes, so they make sure that there are huge projects behind them that give them so much money that they do not feel that big expense. As long as you are young and have not yet reached this stage, try to draw your attention to how to bring more money or reinvest it rather than focusing on how it is spent.

6. Change your financial mindset

“Access to wealth begins the way you think, and what you believe about making money,” says millionaire Steve Seabold. “The secret of richness has always been fixed: the way of thinking.”

Related: Secrets of the Millionaire’s Mind – Mastering the Game Getting Rich

While most people believe that access to wealth is beyond the limits of their control, the rich believe that making money is inherently intrinsic.

7. Invest in yourself

“Most of the investments I have made are self-investing,” says Hughes. “Read at least 30 minutes a day, listen to the radio while driving, and look eagerly for someone to guide you; it’s not enough to be ahead of your business, You have to gather from each flower garden and be able to talk on any subject, be it financially, politically, or mathematically. In short, consume knowledge like the air you breathe, and put your effort to learn first of all. ”

Warren Buffett’s 80% of his work day is devoted to reading.

8. Get rid of your fixed salary

“We can not deny the existence of successful people in the world who fight around the clock to pay their salaries, but this is the slowest way to prosper, even though it is the safest, but the great wealth,” says Seabold. They know that self-employment is the fastest route to wealth. ”

So, as the world’s wealthy elite continue to open up businesses and build wealth, ordinary people continue to accept fixed salaries and miss the opportunity to accumulate wealth.

“Most of the riders almost guarantee themselves a life of financial inertia by continuing with a job with modest pay and an annual salary that rises only sparingly,” Seabold says.

9. Set goals and imagine how to achieve them

If you want to make more money or even want to become a millionaire, you have to set a clear goal and then you have to set a specific plan for how to achieve this goal; money will come from nothing, but you have to strive to get it.

The rich are always committed to the pursuit of wealth. In this endeavor, they rely on concentration, courage, knowledge and much effort, as self-confessed millionaire Harvey Ecker asserts. “The first reason people fail to achieve their goals is their inability to know what they want. on the principle.”.

10. Spend your time with people who share your vision

Andrew Carnegie, who began from scratch before he became the richest man in the United States, returns the full credit of his wealth to one thing: the collective mind. The idea here is to surround yourself with the talented people who share your vision, because the combination of several intelligent and creative minds will result in better things than just one mind.

In addition, we turn to become exactly like the people we accompany, and that is why the rich tend to endorse each other.

“In most cases, your net worth reflects the level of your closest friends,” says Seabold. “Opening up to people who surpass you is a success that widens your horizons and increases your income. The fact is that the wealthy are thinking money differently from the middle class, When you are by their side. ”

11. Extend to earn $ 10 million, not just a million dollars

“The biggest financial mistake I have made is that I have not thought big enough ideas,” Cardon wrote. “I encourage you to seek more than a million dollars. There is no shortage of money on this planet. The shortage is only in people who do not think big ideas, Enough “.

These 11 steps will definitely help you if your goal is to become financially independent and why not? Become a future millionaire. Just be behind your ambition and do not think that wealth is a privilege given to lucky people only. But you also have the right to be rich if you are willing to bring great value to others. Ask yourself, why am I not that lucky person? Lift the ceiling of your goals.