Learn these 9 DIRTY LITTLE SECRETS (from a self made millionaire) you can use on your path as you become a millionaire and experience financial freedom.
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1) Millionaires Value Self-Education vs. Traditional Education.
It’s a myth that to become a millionaire or achieve financial success you need a college degree or an advanced degree. The truth is to become a millionaire you need to love learning and apply knowledge. Millionaires read books and realize a $20 book delivers incredible ROI. Millionaires listen to audio books and expand their mind while driving or working out. The skill of knowing where to find information or who can share it with you is important.
2) Millionaires have less cash sitting in the bank than you might think.
You might think millionaires have boat loads of cash at banks, you’re wrong. Millionaires keep enough in the bank to sustain + grow their business and for emergencies. The name of the game is acquiring cash so that it can be either invested or leveraged. Storing money in a savings account is not how to become rich.
3) Millionaires are comfortable carrying debt and would be comfortable carrying more.
Good debt can be used to acquire assets which may produce income or increase in value. Bad debt is used for the complete opposite, i.e. carrying balances on consumer spending. The best debt you can get to become a millionaire are mortgages for investment properties.
4) Millionaires never use debit cards for everyday purchases
It's mind-blowing how people use debit cards vs. credit cards which offer points or cash back. Using credit cards regularly and being responsible with them means you can take on debt. They’ll help improve your credit score and make you a “good credit risk” at banks. Points accumulated from everyday expenses (personal or business) can be leveraged.
5) Millionaires usually never spend their own money booking flights, hotels, or vacation packages.
Yes, it’s true. If you apply Secret #3 you too can book yourself a first class ticket using points like most millionaires. The same rules apply for hotels and resort if there’s an opportunity to redeem points. AMEX, Chase, Citi, are my favorite reward programs so be sure to check them out.
6) Millionaires are bargain hunters, buy used things, and always find great deals.
Now this many come as a surprise, most millionaires and self-made millionaires like myself hate spending more than necessary. If you’re seeing a millionaire acting otherwise, they’ll likely be in trouble at some point. Here’s the truth: you make money when you buy something right vs. when you sell it. Millionaires want more of their money working for them. Allocating more funds toward investments is key.
7) Millionaires understand the value of protection and happily carry insurance.
Remember when I said 10 years ago I was making sandwiches for $10 per hour. I didn’t have health insurance then because I literally couldn’t afford it. I purchased health insurance 2 years after founding my company and it's not something I'm proud of but I did what I had to do on my path toward becoming a self-made millionaire.
Now, let's fast forward to November of 2018 when my wife went into labor and our twins were born. One month in NICU was $207,373.80, crazy! I was happy to pay the health insurance premiums and up until I hit the deductible on our policies. I currently carry a ton of insurance from health, disability, term life, whole life, property and casualty, errors and omission, business liability, and a big umbrella to wrap it all up. Valuing protection is a part of being a millionaire so get comfortable with the concept of "protecting your castle".
8) Millionaires have more opportunity to pay less taxes.
One of dirtiest little secrets of them all... this is how the game is rigged against everyone else! Millionaires typically have more tax advantages than everyone else.
9) Millionaires are tightwads when it comes to personal spending.
Most millionaires and self-made millionaires (including myself) spend as little as possible personally on frivolous or meaningless purchase which don’t support their business, investment strategy, or purpose.
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