Qualities of a Millionaire
Many people have dreams to become seriously rich and live like a millionaire but few people have the drive and enthusiasm to turn their dreams into really. Self made millionaires are not born everyday and many like Ed Mercer had serious difficulties to overcome, however the formula to gain success is very similar, they all get their money to work for then, In Eds Mercers case one way was to purchase properties renovate them and sell at a profit, now of course at the moment this method will not work very well.
I do have a friend however that does something similar and that is to purchase properties near to colleges and universities, convert them to student accommodation and rent them out, because there is no lack students trying to better themselves. At the last count he has nine or ten properties and this is increasing his net worth.
Net worth is the way in which millionaires are measured, not the amount of money they are earning, one of the secrets of becoming seriously rich is to get your money working for you. You do not want to have cash sitting in the bank or in a box or jars around the house you need to get it to work.
You need to have money to make money, if you do not have money, you have to find a way to create what is called seed money say $1,000 to $3,000. This seed money can then be invested to create your money tree. You cultivate you money tree by reinvesting the money the tree produces to create more trees. Eventually you will have a forest. One thing you have to remember is not to stop investing or sell you source without replacing it.
I have talked about trees because trees are important for all of us to support life but in places around the world like the Amazon, Indonesia, Malaysia, Philippines and other places in Asia. The local people are being encouraged to sell the land that they have lived on for generations to Companies who will strip the trees from the land. Yes the villages receive money but at the same time they lose their source and once the money is spent they are poor, However some of the loggers not only make the money from selling lumber but may use the land in other way raising cattle or replanting to earn more income.
So the conundrum for most people is how to get started on your path to becoming a millionaire and raise the seed money. Here are some suggestions:-
- Stop eating fast foods smoking and drinking and put the money in a money tree account which earns interest.
- Hold a garage sale and get rid of the clutter in your life
- Downsize your car, or use a bike or walk.
- Cut you grocery bill use unbranded products rather than popular more expensive brands
- Replace credit cards with debit cards that way you cannot spend what you have not got, you could go further and only spend money where you can use a debit card this is stop you spending money on non essentials.
- Every day drop all your loose change in a jar and bank it in your money tree account
Yes you will make sacrifices but by concentrating on the essentials you will be making progress towards your goal and perhaps understand what is the difference between thinking about being rich and actually becoming rich - Controlling you money.
Once you have your seed money for you money tree Ed Mercer will be able to show you what he is doing to create 100 new millionaires.