Posted on Saturday 23 January 2016
It is easy to look at a successful millionaire and feel intimidated by their career or business skills. However, a lot of success can be attributed to constant daily habits. Perhaps your daily habits are keeping you from reaching financial security and success?
Statistics show that 80% of millionaires are first generation millionaires, meaning they didn't inherit a family fortune. So, with the right attitude, habits and work ethic, you too can be one of Canada's newest millionaires.
No matter what Canadian city you are from, now that is surely an impressive financial goal. Something that will most likely, enhance your entire family's life.
One basic rule that will help you reach your millionaire goals is to make savings a clear priority in your life. Aim for 10% of each paycheque, though of course not every Canadian can do this as systematically as the next can.
However, self made millionaires, normally save something every single day, whether that is a nickel or a dollar.
You'd be amazed at how fast it can add up. Not to mention the financial security this kind of strategy can offer to you.
Regardless of career, salary or ability to put money into savings, it is crucial to have a balanced and frugal attitude to money.
Here are some daily habits that you can adopt to reach your goals.
While you may have an image of Canada’s wealthy splashing their cash on yachts and champagne, this image is so far from the truth. On the other hand, it kind of of does make sense.
Millionaires are good with money, so why would they waste it on expensive retail purchases? Shopping online is great way to find the best deal on high-end items, keeping the extra in the bank.
These days, you can even go the extra mile and download things that will help you save further. Like chrome plugins and other apps that can help you find the best deal almost right away.
Savings is more about your own psychological behaviours that you picked up as a kid. When you get to a point internally and realize you don't need money because you are the source of value, then these things come to you naturally and you learn to manage them as well.
Financially successful people often haven’t reached their goals without struggle, and a strong work-ethic and ability to “go without” is often in the story of many self-made millionaires. Working hard is a necessity, as is making sacrifices. It’s all about short-term struggle for long-term success.
Another thing we'd like to offer you is if you are truly happy from within or creating from within, great things will just show up. Show up like you couldn't even imagine.
For example, one of our friends, stayed in a top digital industry for years but never made any real money. That's because he was always in 'chase' mode. However, when he decided to give up and just get a job and then work on his real passion which is music, incredible things started to happen. Without any effort literally,, and he started loving the process too.
He actually became a very successful investor. Plus it all started with two things. Saving about 20 grand and then just letting go off chasing money.
He basically gave up and what he was suppose to find just came to him.
So don't hinder your own success too. If this resonates . . .
Live Below Their Means
You get rich by making money, but you stay rich by saving money. Having frugal habits (Even when you may have more to spend) is a guaranteed way to preserve your wealth.
Living to the maximum of your budget (whatever your income) leaves less money to be saved, and therefore creates less financial stability for the future. Resist the temptation of the flashy lifestyle- your future self with thank you for it.
Another thing we recommend is just truly get a clear picture of what you need. You think you want a mansion? Go rent one on Air BNB. You may find out that "Hey! 9 bedrooms in a house are great, but maybe I'm cool with 3?".
Or if you think you want a Ferrari, go rent one?
Perhaps you'd be like "Well, this was awesome but I'm not sure I want to drive this regularly. I'm just happy I got a chance to try it".
We're not saying that this may be you but it could be?
Something to think about right?
Use Their Money To Make More Money
Investing your money into things that are going to give you a guaranteed ROI helps you build onto your wealth, and this is the smartest way to guarantee your finances for the future. Once you have money it is easier to make money, so any profits can keep been re-invested. It could also be smart to employ a financial advisor.
Hopefully these tips will help Canadians make smarter decisions about their money and their future now! Just remember, it is the mindset of the individual that determines how far one can really go, so implementing these daily habits now is the perfect step to become a self-made millionaire.