How I became a Millionaire in my 20’s(MUST READ TOP 5 secrets.)
Hey there,
Congratulation! you just find the right article. This article will reveal the top 5 secrets that took me a step further ahead to become a millionaire in your 20's
So everyone wants to become a millionaire but we all know a really really small percentage of them become millionaires. So what is that secret that some succeed and some failed to become a millionaire?
Here are the 5 secrets -
1) Mindset Is Every Thing
⮕ If you want to become a millionaire first you have to change your mindset. Your mindset plays a really big role in deciding your future. All changes are done from the inside out. What kind of mindset do you need to become a millionaire or a successful person?
Do not self-doubt: Do not decide on your own what will happen if you start something. Self-doubting can kill your opportunity to do something extraordinary. JUST DO IT!!
Do not focus on money: It may sound weird to most of the peoples but trust me it is not. Millionaire focus on providing service rather than on money. First, find a skill you love to do and master it. And then you can provide the service to the people that need your service. Always remember MONEY IS A TOOL NOT A GOAL
2) Have More Than One Source Of Income
⮕A lot of people think that riches only have a single source of income which is making them millions. But the truth is that they have 9 to 10 sources of income. From that 9 to 10 sources they also have 2 to 3 passive income sources. Now, what is passive income? It is nothing but the source of income that generates you money while you sleep. Example of passive income sources:-
If you have knowledge of programming you can-
- Creating App or Website
- Create Blog
- Teach programming by making videos on YouTube or Udemy
Other Ideas-
- Dividend stocks
- Rent out useful household items
- Advertise on your car
- Rent out your home for short-term
3) Reinvestment
⮕When a business begins to generate profits, owners are faced with two primary decisions. They can either spend all the profit on buying liabilities( which is not a great choice according to me) or REINVEST that profit back in the business. This decision depends on several factors.
Advantages of Reinvestment-
- There are tax benefits. Reinvested money is a business expense, so you won’t have to pay income taxes on it.
- Your company can grow.
Ways You Should Invest Your First Profits-
- Marketing: Digital marketing is always a smart investment of profit when it’s done well.
- Invest in your team: Building a better workforce will streamline your business and create the kind of company culture that will attract hard workers.
- Consider coaching: If you’re unsure of how you should create your strategic plan, consider using some of your profits to hire a career coach.
4) Be Patient
⮕ If you want overnight success read carefully.
If Jeff Bezos also thinks like this, I don’t think that He will achieve what he had achieved now. He started his journey from his backyard of the house. Not only, Jeff Bezos, but there are also a lot of examples like Elon Musk’s first company as PayPal and he sold PayPal to eBay for 1.5 billion dollars and reinvested profit in space-exploration company SpaceX, Mark Zuckerburg started Facebook for their college only. Overnight success is a scam, Great things take time.
‘Good things take time, as they should. We shouldn’t expect good things to happen overnight’ — John Wooden
5) Read Every Day
⮕ Reading books has a lot of benefits. Only books have the potential to change your way of think. But it depends on which book you read. Some people don’t like reading books. So, they try to listen to the summary of that book on YouTube or something but that's not right, reading and listening are entirely different things. When you read a book you concentrate completely on that book. No outside thoughts come into your mind. But when you are listening to something a lot of thoughts come to your mind. Reading a book can take up to 9 to 10 days but listen to the summary of that same book will take around 1 to 2 hours. Take your time and implement all the changes suggested in that book.
Suggested Book For Beginners:
- Think And Grow Rich
- Zero To One
- Rich Dad Poor Dad
- The Millionaire Next Door
- How Rich People Think
THOUGHTS
“Do it now, Sometimes ‘LATER’ Becomes ‘Never’.”
“I will win, not immediately, but defineitely.”
“Become a CREATOR in the world of ERASERS”
Thanks for reading and giving your precious time ;)
