Mindset & Psychology Personal Finances

How to Become a MILLIONAIRE From Scratch: Five Rules and Prohibitions

The vast majority of people want to have more money.

And this is not such a difficult task as it might seem at first glance.

All you need to do is follow the plan below.

Plus add a little persistence and patience.

So, meet Five rules and prohibitions for future millionaires:

1) Make good use of your time

Good financial health begins with the systematic growth of your income.

Everything else you do with your money is based on the foundation of your primary income — at least initially.

Most millionaires built their wealth at a fairly slow pace: year after year, adding new sources of income, regularly investing and acquiring various assets.

For clarity, imagine the growth of an apple tree.

For the first 3-5 years of its life, it grows very slowly, unnoticeably to our eyes.

However, then, the apple tree almost instantly turns into a huge spreading tree and begins to bear fruit abundantly.

2) It takes 10 years to achieve “overnight success.”

Millionaires are persistent — they understand that the road of life is never smooth (no matter how much you have in your wallet).

That is why a characteristic feature of wealthy people is their ability to persevere no matter what.

They persistently move forward, despite obstacles and overcoming difficulties as they arise.

An example of “overnight success” in 10 years is investing in the stock market (by the way, this is one of the most common ways to become millionaires).

Here is the simplest investment strategy available to everyone:

Every month, allocate 10-20% of your salary to purchase currencies and index funds.

3) Don’t accumulate stupid debts

Credit is always a “double-edged sword”.

If you take out too much credit, you can get stuck in a debt hole for decades.

4) Don’t make hasty decisions

Make well-thought-out decisions about your finances.

At a minimum, don’t go and invest with the “crowd”.

5) Don’t stay in the same place for too long

Strive for consistent growth in both your personal and financial lives.

Don’t get stuck in one position or only one asset.

By CashGuy

Online Money Maker

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