5 Ways To Start Thinking Like A Millionaire

 

Thinking Like A Millionaire

 

While I’m nowhere near millionaire status, I am always inspired by the stories of ordinary people who manage to work their way into a wealthy lifestyle. Some of them are small business owners, others are company CEO’s... but the one thing they all have in common is

"The millionaire mindset when it comes to managing their money."

Real millionaires–the ones who have earned it through hard work and determination–don’t spend their money on unnecessary things. They drive average cars, wear average clothes, and look for deals sometimes more than the rest of us. They are rich, instead of just looking rich, and keep more of their money in the bank rather than squandering it on flashy material things that have no real value. They’re smart, intentional, and a huge example to those of us who live on a much smaller income!

But instead of being jealous or envious of their wealth, we need to adopt their mindset as our own, and learn what we can from their success. Because the reality is, if you can manage the money you have right now well, you’ll be in a much better position when you are blessed with more.

" Changing the way you think is the first place to start."  

Here are five ways to start thinking like a millionaire:

1. Have a Goal in Mind

Having a goal means you have motivation and meaning for your money. You’re not just saving because it’s the right thing to do — you’re saving for retirement, a newer car, a down payment on a house, or that trip you’ve always want to take. Millionaires have goals too, and this is what keeps them from spending frivolously on things that won’t help them get there.

I’m sure you’ve heard those horror stories of professional athletes who sign million-dollar contracts, then are somehow broke after they retire. It’s because they didn’t learn to manage their money well during their peak playing years, nor did they have a specific goal in mind for when they finished.

Think about where you want to be in 20 years. Do you want to be out of debt? Fund a retirement account? Pay for your children’s college education?

" You need to have goals so every action that you take today, is one that brings you closer to them. "

2. Think Before You Spend

Thinking before you spend is critical to a millionaire mindset. 

Of course, there are plenty of celebrity millionaires who blow their fortunes on private jets, island mansions, and excessive weddings.

but the true millionaires, are the ones that manage their money well, are always thinking about the implication each purchase has on their overall finances.

When considering any purchase {big or small!}, ask yourself these 3 questions:

• Do I really need this?
• Can I borrow this item from someone else?
• Can I find it for less elsewhere?

I have gotten myself into more trouble because I swiped a credit card without thinking, when I really should have done my homework and scouted out other alternatives first. Patience is key!

3. Don’t Be Wasteful

Always, always, always be thinking about how you can use old items in new ways. We throw away more food, more paper, and more perfectly usable items than necessary, and while I’m not advocating at all for clutter, you should consider if the item has any re-purposing value at all before you toss it.

Here are some ideas:

• Pair different pieces of clothing together to make new outfits
• Shop from your pantry and bring new life to leftovers
• Pass along older magazines to friends who might enjoy them
• Turn shipping or shoe boxes into organizing containers for storage
• Recycle junk envelopes and note cards into scrap paper
• Give away items you don’t use anymore to a local thrift store {just make sure everything is in good condition!}

Smart millionaires are resourceful and “make do” with what they have, because they know that saving money on these seemingly smaller items, will allow them to spend their hard-earned dollars on more important things.

4. Never Stop Learning

Millionaires are always learning about something new — whether it’s how to manage their wealth or increase it. I honestly believe that when you stop learning, you stop living.

" Life should be an education in itself. "

5. Believe in Your Success

Lastly, and probably the most important point to remember, is that millionaires believe they will be successful. It can take a long time to make {and save!} the money needed to establish an emergency fund, pay off all debt, fully fund a retirement account, and invest in other valuable assets, but it’s possible — for all of us.

Be confident in your financial situation, no matter how big or small. Find those opportunities to save, and focus on spending smart. Believe you will make it, then work hard on getting there!

* These 5 steps might not launch you or I into a million bucks right away, but they will help us start acting like one. Because half the battle of being frugal is thinking like you are frugal. And frugal living is a lifestyle and a mindset more than anything else.*