How To Think Like A Millionaire - The Finance Habits Of The 1%

Here's how you can build the healthy money habits of the 1% and work towards your dreams!

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NUMBER #10: Everything is negotiable. Never be afraid to demand a lower price for good, services, and loans. Haggling can quickly save you up to 50% on things for just a little bit of work. This a great first step on how to behave like a millionaire.

NUMBER #9: Avoid high-interest debt - not all debt is bad debt. Low-interest debt that can make you money, like a mortgage, can be a good thing to keep. You can deduct some of your expenses of your home from your taxes if you operate a business from your home - these deductions can save you thousands on your taxes. High interest debt is any debt above a 5% - 6% interest rate. Credit cards almost always have a interest rate above this threshold, so avoid it at all costs. If you already have credit card debt, consider opening a balance transfer credit card with a 0% introductory interest rate for up to 2 years. I'll link a few good ones below.

CITI SIMPLICITY BALANCE TRANSFER CARD LINK:
WELLS FARGO PLATINUM BALANCE TRANSFER CARD LINK:

NUMBER #8: Spend less than you earn. This sounds simple but can be quite challenging. Saving 20% of your income is a great goal to set for yourself, but I encourage you to go beyond this if you can.

NUMBER #7: Pay yourself first. You work hard and deserve to get paid - never work for free. It helps to automate your savings with apps like Albert. Albert is a free to use app that automatically saves money for you; it uses AI to track your income and spending and saves exactly what you can afford!

ALBERT APP LINK:

NUMBER #6: Set goals. Without goals, you won’t have any focus; focus is dangerous - focus is dangerous to the things that want to get in the way of you accomplishing your dreams. To help stay on task, make yourself specific, measurable, attainable, realistic goals that have a time frame in which they need to be completed. Set goals for this month, year, decade. Determine what it is that you want to get done, and take steps everyday to move towards them.

NUMBER #5: Start investing as early as possible. Compounding interest over many years can turn $1 into thousands. Starting investing today and making a habit of doing it regularly can set you up incredibly well in the future. Pay your future self. Apps like WeBull and Robinhood are excellent, free ways to get started.

WEBULL LINK:
ROBINHOOD LINK:

NUMBER #4: Track your net worth. This is an easy way to do a 'financial check-up'. Just add up the value of all of your assets (land, properties, vehicles, stocks, etc.) and subtract it from all of your liabilities (debt). The difference between the two is your net worth.
Example: $100,000 in assets - $25,000 of liabilities = $75,000 net worth

NUMBER #3: Always be open so seeing opportunities to make more money. One easy way to boost the most efficient investment vehicle on the planet (YOU) to earn even higher returns, is you invest in yourself. Reading books, attending seminars, and other continuing eduction can greatly increase your earning capacity and more. After you've built yourself up and are significantly more valuable now, and your employer won't recognize or reward you for the added value? Go to someone who will value you and pay you what you're worth - never settle for 'good enough'.

NUMBER #2: Never buy anything you can’t afford to buy twice. This is a simple but powerful way to ensure you don't over extend your budget.
Example: If figure out you can afford a $500 per month car payment, but not any more than that; you can only afford a $250 per month payment.
NUMBER #1: Save, Invest, and use your time with your end goal in mind. Time is the most valuable resource on earth, and once you spend it, its gone forever; use it wisely. Don't be afraid to make changes in your life if yourself in a damaging situation - you deserve the best.

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