Develop A Millionaire Mindset…Truly wealthy people develop the habit of “getting rich slow” rather than “getting rich quick.” To assure this, they have two rules with regard to money.
- Rule number one: Don’t lose money.
- Rule number two: If ever you feel tempted, refer back to rule number one, “don’t lose money.”
Wealthy people spend much more time thinking about their finances than people who remain poor. For example:
- The average adult spends 2-3 hours each month studying and thinking about their money, usually at bill paying time.
- The average self-made millionaire, by contrast, spends 20-30 hours per month thinking, studying and planning his finances.
This millionaire mindset, the very act of focusing on your money, will dramatically improve the decisions you make with regard to it. People who invest more time planning their finances invariably make better decisions, get better results, and achieve financial independence.
Develop The Habits Of Wealthy People
With regard to your growing bank account and goal of achieving financial independence, millionaires develop a series of other financial habits to assure that they don’t lose money, and that their money grows steadily over time. During the cultivation of a millionaire mindset, one of the best financial habits you can develop is the habit of getting good financial advice before you do anything with your growing account. Ask around and find a financial advisor who is has already achieved financial independence by investing his or her personal money in the areas that he or she recommends to you. Your ability to choose excellent financial advisors can be the critical factor in making good investment decisions.
Develop the habit of investigating before you invest in anything. The rule is:
“Spend as much time investigating the investment as you spend earning the money that you are thinking of investing.”
Fast financial decisions are usually poor financial decisions. Develop the habit of taking your time, of moving slowly, of finding out every detail of the business or investment before you ever think of writing a check. Never allow anyone to pressure you into an investment decision. Never allow yourself to feel that a financial investment decision is urgent and must be made immediately. A wealthy man I worked for once told me, “Investments are like buses; there will always be another one coming along.”
Sometimes, the best investments are the ones you never make at all. Make a habit of thoroughly understanding the investment before you ever think of parting with your hard earned money. If there is anything that you do not understand, or which seems too complicated for you, do not put your money in that area at all.