Monday, 23 January 2017

Lessons from Millionaires

You may or may not want to become a millionaire. But there are certainly lessons you can learn from self made millionaires that will help you manage your finances better and will help you be financially free. Why is this important? Because it will give you the freedom to do the things you really want to do.

It can sound virtuous to say money doesn't matter to you but if you don't have it or you don't manage well what you do have then you can end up in debt and controlled by others. Many find themselves working many hours for the banks to pay off their credit cards or loans rather than helping their families or spending time doing things that can make a difference in the world.

So here are some of the lessons that you can learn from millionaires:

1)  Spend less than you earn - This is key. If you can't control your spending then you will never control your life or future destiny. Many self made millionaires are not ostentatious but quietly live simple lives. While being interested in quality they are not interested in brands for the sake of it. 

2) Save regularly -
Many self made Millionaires will make sure they regularly put 10% into long term savings. $100 saved from the age of 20 at an interest rate of 10% on a monthly basis will end up as $1,000,000 by the time you retire. I know it is hard to find this kind of interest rate immediately but as you build up savings you can learn about higher interest investments that will not be too risky.

3) Find out what people want and need and give it to them at a reasonable price. 74% of millionaires are those who have started their own businesses. Others are well paid executives who know how to manage their money well by saving and spending less than they earn. Believe it or not many well paid executives can be in constant debt or living from pay cheque to pay cheque. 10% of millionaires are doctors, lawyers and other professionals. 5% of self made millionaires in America are sales people.  So you can find a good product and sell it if that works for you. It is also now much easier to sell on line. The key here is that you find a need and meet it.

4) Add value to people. When you add value to others they will be open to paying for your help and services. You can add value to people in so many ways. By listening to them and helping them with a need. If you are doing a small job for them, then do it really well.

5) Whatever you do, do it with all your heart. Work hard and do things excellently for others. Go the extra mile and people will want you to continue to work for them.

6) When working for others look for additional things you could do for them to meet their needs and wants. There are many odd jobs people want done that they can't get around to do. You could be the person who provides a solution. Some call this up-selling. 

7) Always be a person of integrity and honesty. I was speaking to one businessman recently who told me his clients had been very loyal to him over many years. I asked him what had been the key to retaining customers and he said treating them well, keeping his word and turning up on time and doing a great job.

I hope these 7 lessons have given you some ideas of how you can increase your wealth and begin to be financially free. Perhaps even how you could become a millionaire. This does not just have to be for the sake of it. You can be free to do all the things you would really like to do and contribute to the world if you had the resources and were not bound to your present job.

This week I will post clips and articles of those who have learnt these lessons and more. Happy learning!

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