Life Changing Mindset

what is a millionaire mind setup?

Public Comments

1. I suggest you read The Millionaire Next Door by Stanley.

The Millionaire Next Door claims that there are seven key factors that lead to wealth accumulation. Included are:

Living well below your financial means. In other words being frugal. Buying the reliable used car versus the shinny new BMW or Porsche.
Spending your time wisely and in ways that lead to building wealth, such as studying investment.
Being more concerned about financial independence rather than showing off how much wealth you possess.

The book is a great read. He interviews millionaires (net worth of more than 1 million) and how they achieved it. Now that I am talking about it, I think I will read it again!

A couple links below more about the book.

2. No matter what your mind set is, to be a millionaire you need to have an entrepeneurial spirit along with:
Have a great idea.
Get a break.
Have lots of money or wealthy friends to invest.
Be there at the right time.

But if like most of us you were not born with the entrepeneurial spirit, then start by:
1) Paying yourself first (save or invest)
2) If you have not started to save or invest, start today.
3) Live below your means so you can invest or save and avoid paying for debt.
4) Buy do not rent.
5) Nurture your credit score.
6) Study so you can get a decent salary.
7) Work, work, work.
8) Save, save, save = invest, invest, invest (in no load/low expense ratio mutual funds) Try Dodge & Cox International Fund.