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Mindset & Psychology Personal Finances

How to Live “Like a MILLIONAIRE” Without Having a MILLION DOLLARS: What Financial Literacy Teaches Us

We don’t need a huge “load of money” to make our life wonderful and unforgettable.

To do this, we need: (1) a clear understanding of what exactly we want, + (2) a firm intention to make it a reality.

In today’s article we’ll talk about what will allow us to “live well” with the money that we currently have available.

1) Life teaches us to be reasonable in our spending

This means: determine your life priorities + spend money on these things = be happy.

Managing our money wisely will give us the opportunity to afford the things and events that we truly love and that are critical to us.

2) Work only at will (and not under pressure)

This becomes possible with: (1) the absence of debts and loans + (2) the presence of a significant nest egg “under the mattress” + (3) the receipt of income sufficient to cover your daily needs.

After which we will no longer need a permanent job and will be able to find a suitable option “to our liking” — which will be the “cherry on the cake” and not the main course (in terms of income).

3) In investing you need to be a “fan”

We should carefully consider our investment strategy, which will rely on a wide distribution of money (across different currencies and assets).

After which we can only “pray” that the “god of compound interest” will smile on us as soon as possible. By turning our modest investments into large capital that generates solid income.

Important note: Many new investors are chasing the highest returns. This formulation of the problem is erroneous in itself. Because this encourages them to buy the “fastest appreciating” assets (after a long period of good performance). After which they are forced to record losses (when the growing trend changes to the opposite). Alas, 99% of all beginners lose their invested money in this way.

4) Backup option “in case of failure”

Our professional skills and accumulated practical experience are the best “back-up plan”.

If the worst happens to the economy, we can always find a job in our specialty to wait out the “dark streak” in the economy and the “bear collapse” in the financial markets.

By CashGuy

Online Money Maker

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