Time Management

Self-made millionaires create a personal vision, set goals and actively pursue those goals. They allocate their time, energy and resources effectively.

Even if they hire an outside financial adviser, they still monitor the budget to ensure the investment portfolio matches the level of risk taken.

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Self-made millionaires choose moderation over extremes. They often buy used cars, don't live in the most expensive houses and don't try to time the investment market.

A defining characteristic of many millionaires are their willingness to work hard and stick it out in high-paying careers until they are financially independent.

Frugality

Frugality means resisting the temptation to spend more than you earn.

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Money is about value, not time

You are paid in proportion to the perceived value of your work. Not based on how hard you work: A handyman may work hard, but his work is easily replaceable so he will make less money than a lazy accountant.

The most valuable employees are the ones working on the biggest problems. The richest people are those who solve a problem for billions. 

If you want money, stop chasing money. Look for big problems and come up with solutions. The market will reward you generously. 

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IDEAS

Characteristics Of The Wealthy
  • They live in homes just large enough for their needs and drive used cars.
  • They have affordable interests.
  • They don’t worry about having the highest credit score possible as they have enough saved to skip loans and make large purchases with cash.
  • When they get a raise, they focus on investments instead of raising their spending. 
  • The long-term approach to wealth building: If you’re younger and your income limits allow, open up a Roth IRA. Invest in mutual funds and ETFs while making sure you have enough cash in your emergency fund.
  • For a faster approach more aggressive measures are necessary, like saving and investing on education, a business or real estate.

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