The topic is so simple — how to find a way of thinking like a millionaire. But it’s easier to say, then to do. Let’s get deeper in it.
Everyone is talking about the thinking of millionaires and the psychology of money. Admit, surely you are subscribed to many channels about how to become a millionaire? This all high-level theory. But let’s take a look at scientific research and accurate scientific data on brain work and social statistics on the thinking of millionaires.
Three main attributes of thinking like a millionaire:
- Saving in everything despite all the possibilities to spend.
- They are effectively spent resources (money, time, energy) to increase their state.
- Financial independence is more important for them than a demonstration of high social status.
In general, the strategy of thinking like a millionaire is to accumulate capital.
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Everyone knows the name of John Rockefeller, which became a symbol of wealth. The richest man in history grew up in the family of a logger, and his parents often had to save on everything.
What is the secret of his success?
John at the age of seven began to work part-time helping his neighbors. And he wrote down all incomes and expenses in his own book. This book he saved for life, considering these records a very important step to his wealth and success.
Most of the earned money he put in a piggy bank to make his first investment at age 13 — lent to a familiar farmer $ 50 at a rate of 7.5% per annum. And these two habits of the thinking like a millionaire: carefully fix incomes and expenses and scrupulously postpone most of the money — John Rockefeller saved for life.
What does this mean for you? How to approach this discovery and apply it to yourself? Here is a simple step-by-step algorithm for how to develop the thinking like a millionaire.
[Check-list] 5 steps of thinking like a millionaire
Step 1. Look at how you are distributing money
Consider your incomes and expenses by categories.
Here is an example of a table for this: Click here to download
Adapt categories for yourself, if necessary. This table is useful for accounting all your finances until your business grows up, and it will be the first step to developing thinking like a millionaire. So how to start filling a table?
If you have at least some data in recent months — checks, a statement on the card in online banking, use them to fill out the “Plan” columns for the coming month. If there are no exact figures, estimate approximately how many categories you earn and spend.
Install Google Tables on your smartphone. From now on, your main financial habit for the development of thinking like a millionaire should be immediately fill in any movement of money.
When you fill the table you will see the dependencies and understand how it is arranged.
Step 2. Soberly evaluate your spending
Further in the process of developing thinking like a millionaire, it is important to analyze what is happening in your financial sphere.
To do this, answer the following questions:
- How much money do you earn and spend per month? Does this match what you thought before counting?
- What category of spending consumes the most money? Which ones are much more than you expected?
- Do you earn as much as you expected?
- Do you postpone for large purchases, the fund “start from the bottom”? Do you spend more or less each month than you earn?
- Are you getting richer or getting into debt?
- If you still have the same ratio of incomes and expenses as now, will you be able to really achieve your goals this year? Trips, buying an apartment, cars, equipment – will it take place?
A warning! At first, emotionally you can become worse from what you have seen and want to give up everything and not look at it anymore. As always, when we start working on a certain life sphere, first of all, we look at the truth and see the problem which was previously closed by our eyes. We hid our head in the sand and pretended that everything was more or less in order and “we just have to work harder ” — and everything will be fine.
But the numbers never lie, and it’s difficult to argue with them. Therefore, looking at them is an important part of thinking like a millionaire.
Step 3. Look into the future to get additional motivation to earn
Ask yourself: what do you want, what do you dream about and what is the price of these dreams? What do you need money for?
When goals are not digitized, then your dreams of traveling or buying an apartment can remain very long dreams. Because every month there are more important purchases.
A trip, apartment or car suddenly doesn’t usually “fall on the head”. Like repayment of a loan/mortgage. If you want to buy/pay them — you need to clearly know what money is needed for this.
Then this dream becomes a reality. The term becomes into concrete understandable actions, the motivation to act increases immediately and the thinking like millionaire turns on.
Step 4. Set intermediate goals on the way to the main
90% of the result in achieving the goals is action during days, weeks, months, years. Only then you can advance to the goal at the right speed.
Without this, you don’t understand in advance whether you achieve your goals or not. Often at the end of the year receive an unpleasant surprise: “Oops, I worked so much, but my dream did not come true. Again my family trip goes down in flames. As in the past year.”
To avoid such surprises set intermediate goals and start following them to create a millionaire’s mindset.
Step 5. Create algorithms for new behavior
Only clear thoughtful behavior algorithms ensure that the intention of getting finances in a new way will not remain only an intention.
Do you need to sit down to plan finances for example on Sunday from 10.00 to 11.00?
So you release this time in advance from all other cases on the calendar, negotiate with your relatives to not disturb you during this time and put a reminder at 9.55. And it would be better not to spend Saturday evening too violently.
Do you want to spend less on some category of purchases? Then what do you do instead? Then you lift a mood instead of impulsive purchases? How do you increase your self-confidence and your status, instead of the non-optional, constantly new “status” things?
Each of your actions closes some of your real needs. You can’t cancel the needs. Ask yourself how can you close it differently?
Do you want to double your net profit this month?
What specific actions will be done in the calendar for this? How much do you need to get up and go to bed? How to remind yourself to re-read the goals? What to do and not do during the day?
How to push yourself not stuck in the unimportant and delegate everything that can be delegated? For example: to start a timer and every half an hour mused: “what the fuck I’m doing right now?” – it helps not stuck and translate yourself into the thinking like a millionaire.
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Start doing these simple actions and begin to cultivate the habits of real dollar millionaires.
It is important – praise yourself for new habits and solutions!
Love your new habits for thinking like a millionaire, think out how to make them comfortable for yourself, how to visualize your goals for yourself, how to make filling financial tables an enjoyable activity, allocate special time for it.
When something does not work out as desired, analyze where and why the plan does not agree with the fact. Make it a game, not a punishment! And treat the discovered shortcomings as an opportunity to do better, and not to scold yourself.
And the next step is to do better!