Did you know that there are now 10.1 million households in the US with $ 1 million or more in investable assets, excluding the value of their primary residence? This is from a 2015 article by CNBC. What do these folks do and how do they act? Let's talk about money in a way that might shift your view of rappers, like 50 Cent, posing with stacks of movie prop cash to create the illusion of immunity wealth as it navigates our banking system. Heck, let's just talk about money.
I read an article recently, written by Dan Kennedy who is internationally recognized as the "Millionaire Maker," helping people in just about every category of business turn their ideas into fortunes. His article was published in my business coach's newsletter. My coach, Richard James gets his coaching from Dan Kennedy, so by default, I receive the benefits from Dan Kennedy too. Since the primary focus of my law practice is to help my clients attain freedom from their debts, I focus much of my articles on money.
According to Dan's article, entitled, "the 5 'tools of the mind' you need to become a millionaire thinker," lays the universal foundation that most people think about money in a negative way like, "worrying, budget-wrestling, can ' t afford, and jealousy of others. " I'll add that we feel guilty when we can not pay our debts and feel an awful MORAL obligation to repay our debts. I believe that it is our thoughts about money that keep us perpetually stuck in a cycle of debt and poverty consciousness. I "m on a personal mission to wipe out the personal debts for my clients and partner with them to shift their perspectives about money, wealth and retirement through my bankruptcy practice.
What is Dan's secret? He says that your dominant thoughts are things and cited to Napoleon Hill's book, Think and Grow Rich. What this means is that if you're constantly seeing lack, you'll get more lack. If you're focused on thoughts that you can leverage, to initiate positive and right actions in your life, then you can kickstart your journey to a better financial life. It all starts with a decision; A choice.
Dan's five tools include planning, environment, reading, engaging in the right activities, and having the right associations. Have not you heard that you are the sum total of the five people you spend the most time with? I can tell you that I personally find that I grow in environments where I am not the smartest person in the room. I'm a student of life and soak up these environments like a sponge. Guess what? My business grew by 17% last year and is on target for a 40% growth in 2016. The bottom line is that we start with our thoughts and then take decent actions toward our goals.
This works by opening you up to opportunities you may have never considered, like bankruptcy to quickly eliminate your debts, which then frees up your monthly budget to focus on more important matters, like saving for a home, college, or retirement. Maybe that new business idea becomes your ticket into the 'Millionaire's Club.'
Acting like a millionaire requires first, a shift in your thoughts. Next, you must take action to implement your thoughts. I can tell you that millionaires do not always have like Curtis Jackson (aka 50 Cent) who poses with fake stacks of cash while in bankruptcy. Many millionaires drive a Prius and pack their own lunches for work. Millionaires save their money for retirement to the tune of 20% of their gross income. Millionaires act like they're broke. It's when people act like they have money, which creates the illusion of wealth. Look around and you'll be surprised to notice the millionaire next door who is wearing sweat pants to the grocery store.
Take a moment and think about how long you have been working. For some, it will be longer than others. Then, add up all the money you have earned so far during your lifetime. What do you have to show for all that money spent? Do you have a retirement plan? Do you own your home? Have you invested in your Self ?, through education and ongoing learning? Or, do you continuously find that you're a victim of circumstance? Make a decision today to no longer tolerate circumstances to take your money by taking control. Eliminating debt first is the single fastest way towards building wealth and acting like a millionaire.