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10 Tips For Becoming Wealthy By IlluLife

Discussion in 'Mindset and Motivation' started by Darnel Rafaela, Oct 30, 2014.

  1. Darnel Rafaela

    Darnel Rafaela Entrepreneur

    One of my Blog Posts on my Website!
    I think this can motivate allot of people on here. If you liked the post please let me know!

    Getting rich and becoming a millionaire is a taboo topic. It shouldn't be taboo and it is possible.

    1. Follow the Money.
    In today’s economic environment, you cannot save your way to millionaire status. The first step is to focus on increasing your income in increments and repeating that. If you made $100 this month try and make $200 next month. Calculate how much you need to make everyday to make $200 a month! (200/30= $6.67 per day)! Now focus on that goal everyday! Follow the money throughout your day and figure out the opportunities in your life that can make you that $6.67 per day! If you fail today, add it up to your goal for the next day (aim for 13,34 the next day!).
    Follow the Money!

    2. Don’t Show Off – Show Up.
    Don’t buy your luxury watch or car until your businesses and investments are producing multiple secure flows of income.

    Be known for your work ethic, not the trinkets you buy.
    Don't Show off! Show Up!

    3. Save to Invest, Don’t Save To Save.
    The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything – not even an emergency.
    This will force you to continue to follow step one (increase income).
    Save to Invest, Don’t Save To Save!

    4. Avoid Debt That Doesn't Pay You.
    Make it a rule that you never use debt that won’t make you money. Borrowed money for a car only because if you know It could increase your income.

    Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.

    This is the difference between assets and liabilities! Assets generate more income for you, while liabilities don't generate more income for you and sometimes can even cost you more money in the long run.
    Avoid Debt That Doesn't Pay You!

    5. Treat Money Like a Jealous Lover.
    Millions wish for financial freedom, and only those who make it a priority have millions. To get rich and stay rich, you will have to make it a priority.

    Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.
    Treat Money Like a Jealous Lover!

    6. Money Doesn't Sleep.
    Money doesn't know about clocks, schedules or holidays and you shouldn't, either. Money loves people that have great work ethic.

    Never try to be the smartest or luckiest person; just make sure you outwork everyone.
    Money Doesn't Sleep.

    7. Poor Makes No Sense.
    Eliminate any and all ideas that being poor is somehow okay.

    Bill Gates said to a group of college graduates, “It’s not your fault if you were born poor; it is your fault if you stay poor.”
    Poor Makes No Sense!

    8. Get a Millionaire Mentor.
    Most of us are brought up middle class or poor and then hold ourselves to the limits and ideas of that group.

    Get your own personal millionaire mentor and study him or her. Most rich people are extremely generous with their knowledge and their resources.
    Get a Millionaire Mentor!

    9. Get Your Money to Do the Heavy Lifting.
    Investing is the Holy Grail in becoming a millionaire and you should make more money off your investments than your work.

    If you don’t have surplus money you won’t make investments.
    Investing is the only reason to do the other steps, and your money must work for you and do your heavy lifting.
    Get Your Money to Do the Heavy Lifting!

    10. Shoot for $10 million, not $1 million.
    The single biggest financial mistake people make is not thinking big enough. We encourage you to go for more than a million.

    There is no shortage of money on this planet, only a shortage of people thinking big enough.

    Apply these 10 steps and they will make you rich. Steer clear of people who suggest your financial dreams are born of greed.

    Avoid get-rich-quick schemes, be ethical, never give up and once you make it, be willing to help others get there, too.

    Brian, azgold and K like this.

  2. K

    K Administrator Business Owner Entrepreneur

    Nice post man, the mentor and save to invest things are certainly points Ive worked on.
    Darnel Rafaela likes this.
  3. Darnel Rafaela

    Darnel Rafaela Entrepreneur

    Hey Thanks K :)
    K likes this.
  4. Investor

    Investor Entrepreneur

    Nice post @Darnel Rafaela.

    I do think your 10 steps are too money-focused.

    I made my first million when I was still in my teens. I was never focused only on the money. I actually did something I enjoyed, and the money was a great side benefit. I definitely played hard, bought a lot of toys, etc., but stacking c-notes has always only been a measure of how much better I am at what I do than my competitors. This includes investing.

    But I can tell you from my years of networking that the most successful people I've ever met haven't been focused on the dollars and cents as much as they've been focused on the product/service, and the strive for perfection and quality. Same about investing. A money-only focused investor is inherently an emotional investor, and mistakes will be made. As an Investor you have to know your numbers going in, and be willing to leave money on the table. In the end, only the disciplined investors consistently win. Everyone else is either gambling, or emotional; in the long run neither wins.

    Mark Zuckerberg was never money-motivated. He had a vision, loved what he was creating, and look at the results. he had many options to cash out, but he didn't. It wasn't about the offer, and him believing he would be worth more. It always came down to how much better he could make his invention. He was product and service driven, seeking perfection.

    Steve Jobs, he wanted to perfect his products. He knew what people wanted before they did, and believed it was his job to show them, and cause massive evolution in product functionality and design. Most of his wealth didn't come from Apple, yet he still followed his passions in life.

    Are there many examples of money-motivated individuals who make it big? Yes. But there is always more to the story. There is always a deeper motivator than simply money.

    Would I say, "do what you love and the money will follow"? Hell, no. I would say, "do what you love better than everyone else and the money will follow".

    He who only focuses on the dollar will never achieve the success he desires. There is always something more to every story than just dollars and cents.
    Darnel Rafaela and K like this.
  5. Darnel Rafaela

    Darnel Rafaela Entrepreneur

    Wow nice reply man! Thanks allot, i appreciate it allot. And indeed i just shared the post from the website but some points i dont really agree with indeed. I appreciate your detailed reply allot!
  6. Steve Dawson

    Steve Dawson Entrepreneur

    Its a great post, full of good solid advice. But the one thing I would have trouble with is finding a millionaire mentor. I don't tend to mix with too many millionaires and finding one who would be willing to mentor me is something I would have no idea how to go about. How would you suggest selling the idea to a potential mentor, I mean surely I would have to offer something in return in order to receive such valuable advice ? What would you consider to be a good way to pitch the idea ?
  7. Jade

    Jade Entrepreneur

    I spend my money foolishly on things like going out to eat, events, etc.

    Those don't truly benefit me. Although, I do have a family who loves it... so maybe it's worth it :)
  8. dyanmarie25

    dyanmarie25 Entrepreneur

    I am trying to practice that "Save to Invest. Don't Save to Save" thing. I have always been stringent when it comes to money. And as much as possible, I always make sure I have saved at least 10% of what I have earned in a month. But I don't really invest the money in something; I just let it sleep in my vault/bank. I guess I have to make something good out of it now.
  9. pwarbi

    pwarbi Entrepreneur

    I'm also not really money orientated and any extra money I do make I tend to spend on enjoying myself. I do save for the future but I prefer to love for the moment.

    At the end of the day, life is short, and I'm not going to say that money isn't important because it is, it's just not TGE most important thing in life, and I think a lot of people ruin today so they can have an happier tomorrow. What if tomorrow never comes though? You'll have wasted your life away waiting for a day that never came.

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