I have often heard it said, “I can’t make that type of money,” or, “Some people have all the luck when it comes to money.” Those statements are patently false. If you believe it, it’s true, but that is only the perception of the truth. The reality of the truth is that anyone, and I mean anyone can become a millionaire and millionaire secrets are really not that secret.
Here are two brief secrets that millionaires share and if applied can make you a fortune.
Millionaire Secret #1
Millionaires save/invest first and spend what’s left. Poor people spend first and save/invest what’s left. Well guess what, there’s never anything left. A bill collector will wait, why? Because they have to, that’s why! Pay yourself first. Here is a great rule of thumb when it comes to your paycheck. Save 10% of your paycheck no matter what! Talk to a financial advisor or financial planner and set up an account if you must or take part in your company’s 401k. Make it a forced savings if you must, but save it none the less!
Millionaire Secret #2
Millionaires leverage their money to have it make money for them. This particular thing is known as the rule of 72 or compounding interest. The rule states that if you take the interest your money is earning and divide 72 by that number, it will tell you how many years it will take your money to double. For example, a standard savings account interest rate is about 2%. Take that 2% and divide it into 72 and you come up with the number 36. 36 is how many years it will take your money to double. A CD or certificate of deposit is about 3% or it will take 24 years for your money to double. A money market at 4% takes 18 years and a mutual fund at 12% takes 6 years to double. So, out of those options – a savings account, CD, money market account or mutual fund, which will double your money the fastest? That’s right, a mutual fund.
Now, I am not a financial advisor or planner, so please seek the assistance of a trusted advisor. Someone that is referred to you. Seek their professional guidance in these matters and do it soon. The sooner you start, the sooner your money doubles.
Millionaire Secrets Aren’t All That Secret!
These are very simple millionaire secrets that really aren’t that secret, but they are not readily taught to the general public. There are more millionaire secrets on the way, so keep checking and start applying what you are learning. You can start making changes today that can drastically affect your future. And do me a huge favor, share these millionaire secrets with others. Help change their lives like I am assisting you in changing yours. Stop saying things like, “I can’t make that type of money,” or, “Some people have all the luck when it comes to money.” Start paying yourself first and start having your money work for you.
Well, what are you waiting for? Get started now!!!
PS: You can find other millionaire secrets right here on this blog.