Sunday, February 15, 2009

8 Habits of the Millionaires

In order to be a Millionaire, you got to develop a Millionaire Mind, it helps to understand the habits of millionaires and simply mimic those behaviors.
So let’s take a look at the characteristics and habits that are common among self-made millionaires. What are the fundamental rules that have made most millionaires their hard-earned money? And how do you develop these habits of millionaires in order to become one yourself:
Habit 1: Earn to Invest, Not Earn to Spend: Sadly most people work hard in order to pay off their credit cards and support their lifestyles. The wealthy class understand that their money is better off being put to work in order to make more money and increase their net worth.

Habit 2: Have a Plan and Work the Plan: Self-made millionaire don’t normally become wealthy on accident. They are driven to become rich and formulate a plan to get them there over a lifetime of investing and accumulating wealth.

Habit 3: Make More Money: Sounds obvious, but wealthy people are constantly seeking ways to produce additional income streams in order to put more money to work for them.

Habit 4: Understand Their Finances: The wealthy class are aware of their personal income statements, and know how much cash flow they have coming in and how much is going out.

Habit 5: Risk Takers: Measured risk is a must in order to increase your net worth. Without taking some chances, your money never has an opportunity to grow. Risk is never taken without an exit strategy and insurance to protect the downside.

Habit 6: Patience: Self-made millionaires did not become that way overnight. They understand the power of compound interest and that consistent investment effort will be rewarded.

Habit 7: Great Team: Wealthy people who stay wealthy surround themselves with financial and legal advisors that are the best in their class. They don’t go at it alone.

Habit 8: Involved: While self-made millionaires seek advice of their trusted advisers, they listen intently, do their homework and ultimately make the decisions. They are actively involved in creating their own wealth.
The Millionaire's Advice: Becoming a millionaire does not often happen by accident. Becoming a millionaire, it requires planning, consistent effort and patience. Follow the fundamental rules, continue to increase your ability to understand how wealth is created and it will be virtually impossible to not become a millionaire. Follow your heart & be passionate, dream can come true if you believe it is real and work hard for it, i'm sure you will be a Millionaire. - Henry Lim.

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