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How to Become Rich
11-Step Formula to Riches
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11-Step Formula to Riches
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1. Curate your Network
If you want to be a winner, you have to surround yourself with winners.
Curate your network with people who are:
- Kind
- Honest
- Positive
- Inspiring
- Persistent
- Intelligent
- Motivating
- Thoughtful
- Disciplined
Your network is your net worth.
If you want to be a winner, you have to surround yourself with winners.
Curate your network with people who are:
- Kind
- Honest
- Positive
- Inspiring
- Persistent
- Intelligent
- Motivating
- Thoughtful
- Disciplined
Your network is your net worth.
2. Stop Buying New Cars
After 1 minute of purchasing a brand-new car, it may lose up to 11% of its value.
Millionaires buy used cars because:
- They are cheaper
- They've already depreciated
- They can invest the "saved" money
Don't invest in negative returns.
After 1 minute of purchasing a brand-new car, it may lose up to 11% of its value.
Millionaires buy used cars because:
- They are cheaper
- They've already depreciated
- They can invest the "saved" money
Don't invest in negative returns.
3. Pay off Credit Card Debt
47% of American adults carry credit card debt.
Why credit card debt is bad:
- Increased stress
- Lowers credit score
- Decreased cash flow
- Pay extra fees & charges
"If you use a credit card, you don't want to be rich" - @mcuban
47% of American adults carry credit card debt.
Why credit card debt is bad:
- Increased stress
- Lowers credit score
- Decreased cash flow
- Pay extra fees & charges
"If you use a credit card, you don't want to be rich" - @mcuban
4. Invest in what's Proven, Not what's Sexy
Avoid being tempted to invest your life savings into hot, new investments.
"Sexy" investments could cost you:
- Time
- Money
- Energy
"Be fearful when others are greedy, and greedy when others are fearful" - @WarrenBuffett
Avoid being tempted to invest your life savings into hot, new investments.
"Sexy" investments could cost you:
- Time
- Money
- Energy
"Be fearful when others are greedy, and greedy when others are fearful" - @WarrenBuffett
5. Discipline Your Spending
To decrease your expenses, change your habits.
How to decrease your spending:
- Pay with cash
- Cut up the cards
- Use cashback apps
- Follow your budget
- Track and review spending
It takes discipline to make a lasting change.
To decrease your expenses, change your habits.
How to decrease your spending:
- Pay with cash
- Cut up the cards
- Use cashback apps
- Follow your budget
- Track and review spending
It takes discipline to make a lasting change.
6. Pay Yourself First
The average millionaire saves and invests about 64% of their income.
Why you need to pay yourself:
- Peace of mind
- Financial stability
- Decreased spending
- Build emergency savings
- Increased retirement savings
Invest today for a better tomorrow.
The average millionaire saves and invests about 64% of their income.
Why you need to pay yourself:
- Peace of mind
- Financial stability
- Decreased spending
- Build emergency savings
- Increased retirement savings
Invest today for a better tomorrow.
7. Live like an Undercover Millionaire
Income does not equal wealth.
How to live like an undercover millionaire:
- Stop overspending
- Stop buying fancy stuff
- Stop keeping up with the Joneses
To feel rich, count the things in your life that money can't buy.
Income does not equal wealth.
How to live like an undercover millionaire:
- Stop overspending
- Stop buying fancy stuff
- Stop keeping up with the Joneses
To feel rich, count the things in your life that money can't buy.
8. Tackle Retirement Now
If you want to retire early, you need to take action now.
How to tackle retirement:
- Invest early
- Invest in yourself
- Invest consistently
- Invest in your net work
- Invest at least 20% of income
Take the first steps today to build your tomorrow.
If you want to retire early, you need to take action now.
How to tackle retirement:
- Invest early
- Invest in yourself
- Invest consistently
- Invest in your net work
- Invest at least 20% of income
Take the first steps today to build your tomorrow.
9. Build Your Own Business
66% of millionaires own their own business.
Some great business ideas:
- Tutor
- Translator
- Podcaster
- Car detailer
- Web designer
- Personal trainer
- Freelance writer
- Dance instructor
Live without limits.
Build a lasting empire today.
66% of millionaires own their own business.
Some great business ideas:
- Tutor
- Translator
- Podcaster
- Car detailer
- Web designer
- Personal trainer
- Freelance writer
- Dance instructor
Live without limits.
Build a lasting empire today.
10. Find an Accountability Partner
Surround yourself with people who keep you motivated.
An accountability partner can be:
- Your friend
- Your spouse
- Your partner
- Your mentor
“Accountability is the glue that ties commitment to the results” - @bobproctorLIVE
Surround yourself with people who keep you motivated.
An accountability partner can be:
- Your friend
- Your spouse
- Your partner
- Your mentor
“Accountability is the glue that ties commitment to the results” - @bobproctorLIVE
11. Diversify your Income
The average millionaire builds 7 income streams.
Find ways to make money outside of your 9 to 5:
- Walk dogs
- Start a blog
- Drive for Uber
- Freelance writing
- Sell a digital product
Start diversifying your income streams today.
The average millionaire builds 7 income streams.
Find ways to make money outside of your 9 to 5:
- Walk dogs
- Start a blog
- Drive for Uber
- Freelance writing
- Sell a digital product
Start diversifying your income streams today.
Want to make more money?
Sign up for Fiona's mail list today.
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- The latest financial tips
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Sign up for Fiona's mail list today.
Get free access to:
- The latest financial tips
- Wealth building strategies
- Step-by-step investing guides
Learn more
https://themillennialmoneywoman.com/email-landing-page/
