Becoming a millionaire is easier than it’s ever been.
Many people have been writing me with the notion that it’s an impossible task. They say, “It’s pure luck. You have to be born into a rich family. You’ll have to win the Lotto. Your parents have to help you out a lot.”
A single mother with five children wrote the following, “Daniel, I read your article and I believe in what you’re saying. However, I’m 50 years old and work long hours at two dead-end jobs. It’s Christmas time and I barely have enough money to buy gifts for my children. What should I do?”
Another man wrote, “Well, if you work for the government or a non-profit, you cannot expect to become a millionaire. After all, you’re on a fixed salary and there’s little time for anything else. By the time you get home, you’ve got to play with the kids and entertain yourself.”
The truth is that all of us can become as wealthy as we decide to be. None of us is excluded from wealth. If you have the desire to receive money, whatever the amount, you have all of the rights to do so. There’s no limit to how much you can earn for yourself.
Money is like the sun. It does not discriminate. It doesn’t say, “I will not give light and warmth to this flower, tree, or person because I don’t like them.”
Like the sun, money is abundantly available to all of us who truly believe that it is for us. No one is excluded.
Here are 7 tips to becoming a millionaire:
1Change Your Thinking
You have to see the bigger picture. When most people see just trees, you need to look at the entire forest. This way, you’ll be able to chart your own course and get to where you want to be. By having a vision and the goals to attain that vision, your possibilities are endless.
You’ll have to go through plenty of self-discovery before you earn your first million. Knowing the truth about yourself isn’t always the easiest task. Sometimes, you’ll find that you’re your biggest enemy and best friend – even in the same day! Nonetheless, changing your thinking is a requirement for wealth.
This will address the queries that I’ve recently received. For many individuals, there’s too much month at the end of the money. However, you’ll have to make your best effort to save as much as you can, even if it’s a ridiculously low number.
There are many techniques for saving money. You need to find your own system and start building your wealth.
Even if you’re on a fixed income, you need to find the discipline necessary to save. Whether you start out with saving R500 or R5 000 per month, do the best you can and invest this money in the best way possible.
3Learn from Millionaires
Most people are surrounded by what I like to call “Default Friends.” These friends are acquaintances that we see at the grocery store, gym, school, work, and other places.
We naturally befriend these people as trust grows. However, in most cases, these people aren’t millionaires and cannot help you become one either.
If you truly desire and aspire to be a millionaire, these people may tell you that it’s impossible.
They’ll tell you that you’re living in a fantasy world and why you’ll never be able to make it happen. Instead, learn from millionaires. Let go of these relationships and seek new ones that can help you get to the next level.
4Indulge in Wealth
To become wealthy, you must first learn about wealth. This means that you’ll have to put yourself in situations that you’ve never been before.
For instance, you can test drive a new car, get a realtor to show you an expensive home, or get a brownie from the finest bakery in town.
Most of this will not break your bank. In fact, some of it is free. You’ll have to go where 97 percent of people aren’t willing to go if you want to make your financial dreams happen.
Are there luxury golf courses, spas, or museums in your area that will allow you to indulge in wealth? If so, take advantage.
5Believe It’s Possible
If you believe that it’s possible to become a millionaire, you can make it happen. However, if you’ve excluded yourself from this possibility and think that it’s for other people, you’ll never have money. Also, be sure to bless rich people when you can. Haters of money aren’t likely to receiving any of it either.
The best way to do this is to learn relentlessly about yourself and money. You can do this by reading books that have been written by millionaires themselves. By gaining a well-rounded education and staying inspired, you’ll be able to get the wealth you’ve been looking for.
6Enlarge Your Service
Your material wealth is the sum of your total contribution to society. If you know my famous question, “How do I deliver more value to more people in less time?” then you’ll know that you can always increase your quality and quantity of service. People are waiting to be served.
Enlarging your service is also about “going the extra mile.” When it comes to helping others, you must give it everything you have. Don’t think about if the people you serve will appreciate it or not. You just plant the seeds and nature will take care of the rest.
7Seize All Opportunities
In every neighbourhood, no matter where you are, there are always opportunities to do good. Your community desperately needs your help. If you would only open your mind and heart to these opportunities, you’ll find that they will be ready to reward you in due time.
Furthermore, you cannot say “no” to opportunities and expect to become a millionaire. You must seize every opportunity that has your name on it. Sometimes the monetary reward will not come immediately, but if you keep planting seeds, eventually you’ll grow your fruitful crop.
Money is the harvest of your production. Everything that you have is in direct proportion to your actions.
If you’ve done everything that you can do and have a purpose leading your life, you can expect to become wealthy. You must desire wealth and eventually the money will come when you are ready for it.
The more seeds (service) you plant, the more plants (money) you’ll have.
This article was originally posted here on Entrepreneur.com.
(Infographic) The Financial Advice Millennials And Gen Zers Want To Know
Having a grasp on your financials is tricky, but it’s crucial if you want to be successful. And that starts with getting the right advice.
Whether it’s saving for retirement or paying off credit card debt, money management can be a challenge. Of course, different people have different concerns – and that often comes with age. While a 60-something baby boomer might be organising their savings for retirement, your 20-something millennial might be focused on paying off student loans.
In a recent study, financial intelligence company Comet surveyed more than 1 000 people to uncover the top financial concerns of various age groups, as well as the financial advice millennials and Gen Zers want to know and what they hear instead.
Overall, saving for retirement was the top concern across all age groups, with saving for an emergency and affording monthly bills following in second and third. However, it’s no wonder these are some of the most pressing worries – according to the research, 23 percent of people admit they don’t have a savings account, and 43 percent reported not being on track towards their retirement goals. Perhaps that’s because they didn’t hear the right advice growing up. At least that might be the case for Gen Zers and millennials.
According to the research, these young people want to learn things such as how the stock market works, how to manage an investment portfolio, how to invest in real estate and how to build credit. Instead, they’re simply told how to create a budget, save for retirement and pay credit card bills in full every month.
Having a grasp on your financials is tricky, but it’s crucial if you want to be successful and comfortable. To learn more, check out Comet’s infographic below.
This article was originally posted here on Entrepreneur.com.
14 Ways To Make Quick Cash On The Side
If you need money quickly, here are some solid ideas.
Need to make some fast money on the side, whether it’s to pay off a credit card or to make your rent?
Keep in mind, making quick side cash isn’t about making a lot of money or getting rich. It’s about getting a shot of capital to help tide you over and put something extra in your pocket. However, some of these side-income ideas can build up your wealth over time. There’s many ways to accomplish this: By participating in the gig economy, the sharing economy, online sales networks, passive income techniques and more.
If you’re looking to make extra money in a relatively short period of time, check out these 14 slides.
Take Advantage Of Financial Democracy Made Possible By The New Stock Exchanges
Why should financial democracy matter to entrepreneurs?
Because it creates a society able to afford products and services. Without it, even the innovative products and services that are entrepreneurs’ bread and butter will fail.
What is financial democracy, exactly?
It’s both the right and the ability of the (wo)man in the street and business people to make the decisions that affect their financial circumstances.
Financial democracy does not automatically follow political democracy. For almost 25 years after South Africa’s political transformation, the exclusiveness of our financial markets continued to deprive the vast majority of South Africans of the means to invest, save, and build wealth. South Africa has, therefore, never developed a retail stock exchange environment. So, it has deprived the majority of small and medium sized business of access to capital.
For entrepreneurs to truly flourish, they need a mechanism that easily and seamlessly connects the investor pool with every size of business. And, they need affordable ways to enter both the retail and institutional market.
In short, they need stock exchanges. Ones on which listing takes weeks rather than years, doesn’t break the bank for listing fees, and provides the shortest route to the largest possible potential investor base.
That’s not been possible in the stock exchange monopoly that existed for six decades. Now, it is.
We now have four new stock exchanges. The resulting competitive environment will significantly reduce the cost of listing – and the cost for investors of buying and selling shares.
Instead of restricting share trading to people or organisations who already have tens of thousands of rands to invest or millions to spend on listing, by licensing four new stock exchanges, the Financial Services Conduct Authority (FSCA, formerly the FSB) has recognised that most financial decisions do not call for high levels of education.
Most people know how to spend their own grocery money. Most know that it’s better to keep their R1 000 monthly income in a coffee jar than spend R50 of it on bank account fees. People who can barely read and write are immensely skillful at manipulating air time deals to their advantage.
There is significant financial savvy in all social strata.
In the same way, although the mechanics of bookkeeping and accounting may be unfamiliar territory to many entrepreneurs, most have a clear understanding of the difference between profit and loss.
The FSCA has therefore enabled democratisation of the financial markets by enabling the broadest possible spectrum of entrepreneurs and investors to use stock exchanges to participate in and contribute to the economy – on their own rather than prescriptive terms.
How do you take strategic advantage of this democratisation?
- Base your business strategy on people’s instinct for making decisions in their own best interests. Trust financial decentralisation, such as one sees in crowd funding and in digital environments such as block chain, where people would far rather trust one another than institutions and governments. This is democracy innately at work in the financial environment and it’s accelerating organically as digital technologies give people more means and the confidence to help themselves – to information and opportunities. Ride the wave.
- Tap into people’s desire to innovate. Consumer organisations have proved that letting people interactively help them develop products is a powerful growth engine. Apply the principle by letting people grow your business by buying shares in it, giving you capital and themselves a platform on which to build wealth.
- Remember, the ultimate loyalty reward is equity.
Your financial democracy business plan
Look to list on an entrepreneurial stock exchange; one that was founded by entrepreneurs on entrepreneurial principles.
That means: A stock exchange that is already built on financial democracy and decentralisation. One that has, at its core, a single operational concept that keeps things simple for you, automatically gives you an immediate competitive advantage, and, ensures that no matter what your business needs in terms of attracting capital, the exchange can provide all the options in the same, consistent way.
What does such an exchange look like?
It has fintech capabilities. So:
It slashes your listing costs. It achieves this, among other things, by enabling you to populate an electronic prospectus, demonstrating your financial viability, and self publish.
It gives you control by having the granularity and agility to impose relevant governance right down to the individual investor. You get to decide the types and quantities of investors you want to attract. This also enables you to achieve black economic empowerment in perpetuity.
It leads the world by clearing and settling trades in T+0. No-one in the value chain has to hold large sums of money for days following a transaction. Small transactions become profitable. Investors don’t have to risk their life savings on a single large trade. A retail market is opened. An investment and savings culture is entrenched. The economy expands. Your business grows steadily.
It enables anywhere, any time trading via a mobile app that allows investors to see share value in real time. See economy expansion point above.
It integrates processes and procedures, simplifying them and ensuring rapid onboarding of issuers and, therefore, speed to market with new concepts and alignment with the digital economy.
It operates a principles-based regime. So:
It treats you, as an executive, with respect. It’s not prescriptive. It does not insist on excessive oversight, allowing the Companies Act to guide you to sustainability.
It does not attempt to squeeze your company into a pre-defined business or listings format. It recognises and works with your uniqueness.
It obviates the need for expensive specialist listings advisors.
It focuses on financial inclusion and access. So:
Shares can be bought and sold for no more than R1 000. See economy building point above.
The new world of stock exchanges is integrated, synergistic, holistic, organic, self-fulfilling
Decentralisation of financial control, democratisation of opportunity leads to a whole new economy. One in which, for instance, a taxi operator can finance a minibus through a company in which his purchase gives him shares. A single purchase gives him two benefits: a vehicle on which to found his business and a longer-term investment in shares that he can trade. The funding company gains liquidity through access to a wider base of investors while being able to control who buys and sells and the conditions on which trading takes place. Increasing black equity in business becomes an organic, natural, self-perpetuating process.
Everyone wins in a decentralised, democratised financial market. And it’s the stock exchanges that drive the process.
As an entrepreneur, can you afford to ignore the acceleration that listing could give your business growth?
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