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