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How to Become a Millionaire (For Normal People)

How to Become a Millionaire (For Normal People)

Self Improvement, Personal Growth & Entrepreneurship - Improve Your Life and Grow Your Business vor 5 Jahren

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10:06

In this podcast, I share with you the millionaire mindsets that
will change your life!

Go to https://www.erafael.com/ if you want my help, coaching or
mentorship :)

#MillionaireMindset #MillionaireHabits #MindShift#LifeHacks
#LifeTips #SelfImprovement #PersonalDevelopment #Motivation
#SelfHelp

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What are some ways that a "normal" person could become a
millionaire?

You must begin to think in 2nd and 3rd order consequences.

“Normal people” make decisions based on what feels good right
now, or what they can do to avoid feeling uncomfortable right
now.

Millionaires, on the other hand, do what is uncomfortable and
doesn’t feel good right now to get what they really want in the
long run.

This means sacrificing short term pleasure today in exchange for
delayed gratification in the future.

Some ways you can do that starting today: Invest 25% of
your monthly income in an index fund (self-imposed tax) Live
below your means by cutting expenses (downgrades) Educate
yourself and spend hours daily honing your craft
(sacrifices)

Q: Do these sound like fun to you?

A: Not if you’re thinking short-term.

If you ate a 500 calorie tub of ice-cream every evening for
30 days straight… First order consequence: It tastes
delicious. Second order consequence: You experience a rush
and struggle to sleep, a light headache sets in after a while
before you feel the inevitable sugar crash.

Third order consequence: You’ve developed an addiction to sugar,
you’re gaining a significant amount of weight and your energy
levels are dropping. Contrast this with a habit like doing
cardio every morning for 30 days…

Can you figure out what the 1st, 2nd and 3rd order consequences
would be here?

Now you’re training your brain to think ‘big picture’ instead of
being focused on instant gratification. It doesn’t mean
that you never buy yourself a new pair of shoes, but rather that
you prioritize building your wealth ahead of dumb expenses.

The great Albert Einstein once said “Compound interest is the
eighth wonder of the world. He who understands it, earns it … he
who doesn't … pays it.” If you invest $1,000 per
month for 25 years in the stock market and earn an annual return
of 10 percent, for example, you’d have more than $1 million
dollars. Add just another 5 years (to a total of 30) and you’ve
reached nearly $2 million dollars.

When we’re so caught up looking for quick fixes, we forget how
tangible that reality can be for absolutely anyone who’s willing
to delay gratification and stick to a few key principles.