| If you are an employee, you may have the mindset | | | | 3%, 5% , 10% or even 50 %. As you save more, |
| that you can never become a millionaire unless you | | | | your savings and investment also start to grow. |
| are a boss, having a team of workers to work for | | | | Nevertheless, if you are afraid that the money that |
| you and making big bucks like moneymaking machine. | | | | you have saved may be used for emergency fund |
| However, this is not true, in fact, according to a | | | | or other purposes later, then you can split the money |
| self-made millionaire, it is possible for you, even if you | | | | for saving under 2 accounts, one is for a emergency |
| make a minimum wage to be a millionaire. | | | | fund (3-6 months of your living expenses) and the |
| According to him, if you save 10% of your income | | | | other one is for investment only. At first, the amount |
| every month throughout your working lifetime, and | | | | that you invest may seem very little, but it pays off |
| make investment that bring at least 10% of returns | | | | over the years. |
| annually, of course if you can get a higher return, it | | | | I totally understand that it is not easy to save |
| would be great! | | | | money especially when you live in a material society |
| Whatever investment vehicles you choose, make | | | | nowadays. However, if you can practice frugality |
| sure it gives you 10% of returns or higher. You will | | | | overtime, it will help you building your wealth. |
| become a millionaire by the time you retire. Provided | | | | You may think that millionaires do not really care |
| you start young and continue saving and investing | | | | about little money, but this is not true. Even Bill |
| along the years. | | | | Gates, the world richest man cared about how much |
| For example, with a monthly investment of $100 with | | | | he pays for parking fee. There was a time where |
| 10% returns for 45 years, you will become a | | | | Gates and his friend went to Hilton Hotel for a |
| millionaire. To achieve your millionaire goal in 38 years, | | | | meeting, as they were late and could not find a place |
| you may double up your monthly investment to $200 | | | | for parking. Thus, his friend suggested parking the car |
| with the same yield. If you have an investment | | | | at the VIP parking lot, which cost $12, Gates |
| vehicle that gives you 15% returns with a monthly | | | | disagreed despite the friend offered to pay the fee. |
| investment of $200, you may become a millionaire in | | | | And eventually they parked the car elsewhere with a |
| 28 years. | | | | cheaper rate. |
| If you would like to be a millionaire in shorter years, | | | | To Gates, a man that has contributed large amount |
| diversify your investment portfolio into different | | | | of money on charity, $12 is very little, yet he |
| yield, from 10% to 20% or even higher. | | | | ensures himself practiced frugality every moment and |
| ALTERNATIVELY, you may increase your | | | | maximizes the benefits of every single penny he |
| investment capital OR you can combine both of | | | | spend. |
| these methods (higher returns and higher capital), | | | | Another case, have you ever asked for discount |
| that would speed up your dream to become a | | | | when you visit Starbucks coffee house, maybe not! |
| millionaire. | | | | Right? A millionaire told me that he always asks for |
| If you cannot save 10% or higher of your income, | | | | discount whenever he visits Starbucks, and he got it! |
| you may consider to reduce the rate to a level you | | | | Many of us may think that asking for discount is |
| are comfortable with. The rule of thumb is TO PAY | | | | ridiculous and it may bruise your ego if you get |
| YOURSELF FIRST. Yes! This is what I learn from | | | | rejected or even make the request, especially in such |
| millionaires and wealth creation programs. Even if you | | | | a "high-quality coffee house", but if a millionaire can |
| have tons of bills to pay, set aside at least 1%, if not | | | | do that, why not you? !! |
| higher of your take-home income for saving / | | | | Always remember a dollar saved is a dollar earned, |
| investment fund first. Otherwise, if you spend all your | | | | whenever you buy something, it is wise to ask |
| money in bill paying, you are telling yourself that the | | | | yourself: Do I really need this or I just want it! In |
| bill companies are more important than you are! | | | | addition, if the one dollar can bring you a higher |
| As you become comfortable with living on 99 %, | | | | return, go for it! |
| increase your saving up to 2% of your income, then | | | | |