Sunday, 26 February 2012

Paths Of Self-Made Multimillionaires

Be warned making money is NOT for the weak, takes a strong will to overcome setbacks, haters, even family members that hate like it pays the bills. In your quest for the riches you will encounter all sorts of obstacles but your WILL to see those many zeros in your account or buy whatever you want without asking the price will get you through.

First you need to understand that you no longer want to be just a millionaire but that you want to become a multimillionaire. While you may think a million rands will give you financial security, it will not. Given the volatility in economies and tax, not to mention the cost of living and financial markets around the world, it's no longer safe to assume a million rands will provide you and your family with true security. In fact, an investments study of millionaires last year found that 42 percent of them don't feel wealthy and they would need R7.5 million of investable assets to start feeling rich.

This isn't a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-rand wealth and enjoying it during the creation process. To get started, consider these seven secrets of multimillionaires.

No. 1: Decide to Be a Multimillionaire - You first have to decide you want to be a self-made millionaire. Decide to go from from nothing— no money, just ideas and a lot of HARD work— to create a net worth that probably cannot be destroyed in your lifetime. The first step is making the decision and setting a target. WORK FOR IT!!

No. 2: Get Rid of Poverty Thinking - There's no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. Most of us are raised by a parent that will do everything possible to put her kids through school and make ends meets. Many of the lessons parents would teach is, "Eat all your food; there are people starving," "Don't waste anything," "Money doesn't grow on trees." Real wealth and abundance aren't created from such thinking - instead if there was such talk as research on investment or unit trust then many of us would turn out different.

No. 3: Treat it Like a Duty - Self-made multimillionaires are motivated not just by money, but by a need to conquer. Multimillionaires don't lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities.

No. 4: Surround Yourself with Multimillionaires - well you might not befriend them but study them, read their stories and see what they went through. Those should be your mentors and teachers who inspire me. You can't learn how to make money from someone who doesn't have much. Who says, "Money won't make you happy"? Oh please, it's people without money that say that and worse they will say "All rich people are greedy"? hence they have money. Wealthy people don't talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited?

No. 5: Work Like a Millionaire - Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they're not good at or aren't a productive use of their time, such as household chores. But don't kid yourself that those who hit it big don't work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.

No. 6: Shift Focus from Spending to Investing - The rich don't spend money; they invest. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.

No. 7: Create Multiple Flows of Income - The really rich never depend on one flow of income but instead create a number of revenue streams.

You will be surprised to learn that wealthy people wish you were wealthy, too. It's a mystery to them why others don't get rich. They know they aren't special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people. HUSTLE - Get rich playa.

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