These are my best millionaire habits that have changed my life, and what you can do to begin implementing them immediately – for free. Enjoy! Add me on Instagram: GPStephan
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1. TRACK YOUR SPENDING.
I have to say, if there’s just ONE point throughout this ENTIRE video that you chose to follow…let it be this one, because I guarantee…this will have the biggest impact on the rest of your life if you just stick with it. Sign up for a budget tracking software like Mint.com or PersonalCapital.com, which are both completely free to use…and then, pay CLOSE attention to how much money you’re making, and how much you’re spending. I want you to SEE how much you spend on things you don’t even realize, or how quickly those small expenditures add up over the week and month.
2. ONLY BUY THE ESSENTIALS
I challenge you to start getting in the habit of CAREFULLY considering everything you want, and ONLY buying something when you can afford it outright, after thinking it through, and once you’ve prioritized your other investing and savings goals. We’ve all heard the saying: don’t put the cart before the horse…and this applies here, just like you shouldn’t put the brand new car ahead of your emergency fund.
3. MAKE YOUR MONEY INVISIBLE
As soon as YOU get paid, or as soon as money goes into your account – IMMEDIATELY move it into investments, put it in a savings account you don’t touch, that way it’s out of sight, and out of mind. You get the immediate “Reward” of saving – and that makes you feel like you’re working towards something tangible, because you can “See” that savings right in front of you. Two, you’re FORCED to live off less because your invested money is completely out of reach. And three, you get USED to living on less – and you get USED to saving more – that you won’t WANT to break this habit once you see it working.
4. DON’T INVEST IN ANYTHING YOU DON’T UNDERSTAND
The people who are GOOD with money don’t just PANIC FOMO into investments because “pretty soon it’ll be too late to get in” – the truth is that, there will ALWAYS be new opportunities in the future that will be just as profitable as some of the best ones today, and there will never just be one SINGLE thing that you could strike rich at.
5. DO NOT TIME THE MARKET.
I’ve seen this type of pattern over and over and over again, and what I’ve noticed is that – the type of person who waits for a drop, is the same time of person who refuses to buy in when there ACTUALLY is a drop. It’s like, they’re always waiting for it to go lower – and even if it goes lower, they hold out for it to go EVEN lower…and once it starts going up, then it’s always going to be too expensive.
6. UNDERSTAND HOW TAXES WORK
This is the step that I would recommend fully immersing yourself in once you have the groundwork finished with everything else…so, once you’re tracking your spending, once you cut back on wants, once you make your money invisible, once you invest in things you understand, and once you’re not timing the market…THEN, really learn the tax code and make the most of the money you have left over.
And, finally…that little cherry to top all of this off…is just CONSISTENCY. Not only do you actually have to work on everything I just talked about…but, you also have you keep doing it, day after day, in order for it to work. Shortcuts rarely ever last, and more often than not – if you look for the quick and easy fix, you’re soon back to where you originally started, except now – you’re further behind where you could’ve been, had you just followed the right path from the very beginning.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
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