Many people offer financial tips, but be careful about this and always challenge where you get your information. In the internet world that we are in, getting data isn’t a problem. The problem is too much data and way too much wrong data. Knowledge is power for sure, but what if the knowledge is wrong? People give up on learning, not because of laziness or being too comfortable. People become skeptical because they’ve received so much incorrect information that has failed them. There are too many people out there offering ridiculous ideas on how you actually can become rich.
I can promise you that will not get rich by “tips” such as skipping your daily latte at Starbucks. People are out there trying to save money, talking about how debt is bad and save, save, save. Look, if you don’t have income then there is no money to save. Don’t let anyone give you the idea that you need to skip your Starbucks coffee and save $5 a day and that will somehow turn into a fortune.
I can skip my $5 Starbucks every day and save $10,000 over the next 5 years, but if you think $10,000 is going to change your life, you’re not just broke, you’re quite frankly unaware of the kind of money it actually takes to really change your life. Of course, you should spend less than you earn, but if you make $50,000 a year with a couple of kids, what money is there left over to save? Do the math.
Increase your income enough and you will be able to start to save something. Here are 5 non-fiction tips you can use that will actually get you to millionaire status:
1. Invest in you— Successful people invest time, energy, and money in improving themselves. A man told me once, “the best way you can help people in need is to not be someone in need.” Help yourself out so you are in a position to help someone else out. This means you have to invest in yourself to become great at something. I invested in sales training when I was 25 that skyrocketed my income producing ability. Investing in yourself is the best investment you can make.
2. Find a job in the right vehicle— The rich are able to get in with the right company where there is an opportunity for growth. My VP of sales Jarrod Glandt started working for me over 7 years ago for $2500 a month. He wasn’t making anything but he was in the right vehicle. He grew his skillset and was able to multiply his monthly income many times over because he knew I was looking to expand. Too many people just look for a “job”. You need a job, but you need the right vehicle. All companies live from this thing called revenue. Get commissions rather than just a salary and you will finally be in control of how much you earn.
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3. Get great at what you do—Get committed to being great, not just average. Any industry can be a painful profession for average and bottom performers, but massively rewarding for those that are great. Those that live, breathe, and eat their profession—those that are obsessed—become great. I have never met a great that wasn't all in and completely consumed by their trade. Have you? The fact is, if you aren't great you are average and I know you don't want that. The rich get great at something.
4. Get symbiotic income flows—You won’t get rich without multiple flows of income. That starts with the income you currently have. Increase that income and start adding multiple flows. You want what is called symbiotic flows to that first flow of income. Do NOT add disconnected flows first. Find other ways you can add income to the job you already have. My video guy does advertising for me—and then he started making advertisements for those connected to me. He didn’t start a doughnut shop. Too many people go from one flow to a second flow resulting in two flows that do nothing. Your flows should always be connected.
5. Invest surplus after 100K— Only invest in yourself until you can save $100,000. Why? You need to prove to yourself that you can go out and get money. If you only have $10,000 saved, your only priority should be increasing your income so that you can save more. Saving $100,000 shows that you have an ability to make money and to keep it. Most people can’t do either of those things. Once you can make money and keep it, then you can start multiplying it. I’d recommend multi-family real estate if you are conservative like me. I never looked to get rich quick, but I did look to get rich.
Get started with the first step—investing in yourself—by getting my Millionaire Now Webinar and leave a comment below which step of the 5 above steps you believe for you is the MOST important to stack a million dollars within the next two years.