Bill Gates said, “if you were born poor, it’s not your fault. But if you die poor, it’s your fault.”
So I came across this guy who at 21 was out of college, broke and in debt. But at 30 had made a million dollars.
When people like that talk, I listen.
So here are my millionaire mentor inspired laws of money.
1. Increase Your Income
Use your head.
If you continue at your present income in the next five years, you’ll remain at the same spot.
My millionaire teacher says, “In today’s economic environment you cannot save your way to millionaire status. The first step is to focus on increasing your income in increments and repeating that.”
If your income is $300 a month, you cannot become a millionaire in 10 years no matter how you try.
So find ways to increase your income.
You may need to start some part-time business or take a second job, but by all means, explore opportunities to increase your income
2. Don’t Save Money, Invest It.
“The only reason to save money is to invest it,” says my millionaire mentor.
Learn to put a greater part of your saved money into carefully thought out investments, where, even if there are emergencies, you cannot easily reach it.
3. Destroy Your ATM Card
Money hates undisciplined spenders.
Put yourself in very tight corners where emergency lifestyle expenses are greatly reduced.
4. Poor People Show Off, Rich People Show Up.
Avoid luxuries that don’t pay. If you are focused and committed, a time will come when you can pay for any luxury toy without thinking about it.
Avoid the poor man’s trap of enjoying today at the expense of tomorrow.
5. Increase Your Expectation.
The strength you expend planning to become $5,000 richer, is the same strength you’ll invest planning to be $5 Million dollar richer.
So shoot for $10 million, not $1 million.
6. Money Doesn’t Sleep.
Money loves people that have a great work ethic.
Money doesn’t know about clocks, schedules or holidays, and you shouldn’t either.
Never try to be the smartest or luckiest person — just make sure you outwork everyone. You must put in the extra hours to earn the extra goods.
7. Avoid Unprofitable Debt
Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.
Make it a rule that you never use debt that won’t make you money.
8. Don’t Just Pray For Daily Bread When You Can Have Yearly Bread
Being poor makes no sense. It sucks.
In fact, just having enough to get by equally sucks too.
Eliminate any and all ideas that being poor or just enough to get by is somehow ok.
9. Money is a Jealous Lover
To get rich and stay rich you will have to make it a priority.
Almost everyone wants to have financial freedom, but only those that make it a priority finally get there.
10. Learn From a Wealthy Fellow
A single class with a millionaire is better than 10 years of struggle for money.
Seize every opportunity to learn from a rich man.
Study millionaires to duplicate what they did.
Steer clear of people that suggest your financial dreams are born of greed.
Avoid get-rich-quick schemes.
Never give up.
And once you make it, be willing to help others get there too.