Getting Into The Millionaire Club Is Easier Than You Think!

Getting Into The Millionaire Club Is Easier Than You Think!

Hello Sophisticated Spenders!

People think millionaires are mythical people.  They think there are only a few ways to become a millionaire:

  1. Inherit the money
  2. Win the Lottery
  3. Have a hit record
  4. Play professional sports

What if I told you that YOU (yes YOU my sophisticated spending friend), can become a millionaire too!

Most millionaires weren’t born millionaires.  They earned that money and they were strategic about how they spent said money.

Here’s a cool game you can play where you see if you can make it to the end of the month: Survival of the Financially Fit! Play Spent.sophisticated spending

Making a few tweaks to the things that you already do can make a HUGE impact on your bottom line.

Here’s my plan on entering the Millionaire Club:

1: “Spend some money on income producing assets.”-items that will produce income: stocks, businesses, business materials, real estate, education, trainings, etc.  Instead of buying daily starbucks, buy their stocks.  If you spent 5 bucks a day on their stocks, you’d have a nice piece of the Starbucks pie.  I’ve been buying more stocks (ones that pay dividends of course).  I’ve also started a sewing business.  I also have a goal of not buying any new clothes this year (win win for the sewing business-and my pocketbook).

2: “Contribute the max that’s matched in my employee retirement plan.”-This one is pretty easy because this means I pay less taxes every year and I also increased that amount by 1%. So now I’m putting away 8% of my income into my retirement funds (and I’m getting a  5% match on what I contribute from my employer).

3: “Live within my means.”-I’m only doing and buying things that I can pay for in cash!  I drive a paid off car and I’ve actually downgraded to a 500 square foot place.

4: “$0 Credit card debt.”-I pride myself on not having any credit card debt. It’s not easy!!!!!  I set a monthly allowance and am NOT allowed to overspend.  Sometimes I live like a queen for the first 3 weeks of the month and you’ll see drastic changes during that last week if I didn’t pace myself.

5: “Donate used items.”-Moving from a 1500 square foot place to a 500 square place really makes you value things.  I’ve been slowly filling the new place with junk, but I’m due for a massive cleaning.  Donating items reduces your tax bill!

6: “Pay extra on mortgages so that they will be paid off by age 40.”-I’m only doing this one because I don’t plan on selling my properties. It is recommended that you NOT do this if you plan on staying in a home for less than 5 years.

7: “Attend blogger conferences to improve my blog.”-This one is funny because a friend asked if I’ve implemented all of the stuff that I’ve been learning at all of these conferences. And she got a blank stare!  I’ve met awesome mentors and friends who provide me valuable mentoring, coaching, suggestions, ideas and feedback.

The best way to become a millionaire is to know one right?  Find one and pick their brain!  Ask them to be your mentor or hire them as a coach.  If they are in your field of endeavor you need to get to know them.  Like now!

Are any of you Millionaires???? (shameless plug)

What did I miss?

I’d love to know What you are doing to join the Millionaire Club???

***Another point on the importance of buying income producing assets…The first iPhone was released in June of 2007.  That phone cost $599.  In June of 2007 Apples stock was trading at $18.82.  $18.82!!!  Today their stock is trading at $137.39.  So if you’d spent that $599 on Apple stock instead of a phone (by the way, where’s that phone now), your 31 shares of Apple would be worth $5,951 today.  That small decision would have made a HUGE impact on your bottom line.

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