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In a society where technology has taken over the job market, many are starting to see that the traditional way of making money is ebbing towards extinction. Millennials are working towards becoming their own boss, as small businesses in the U.K face a tough time finding workers after Coronavirus pandemic.
Large cap institutions like Amazon are offering a $3,000 sign off bonus and a $15 turkey voucher to entice new recruits. Yet, there are not too many influx of applications.
Why? One can only conclude that the secret to financial freedom which was only privy to the upper echelon of the society, is no longer a secret.
Making money work for you, rather than you working for money is the quickest way to become a millionaire. But, becoming a millionaire is not as easy as it sounds. There are three things you will need to change in your journey to the seven figure net worth.
#1- Your Mindset
Reconditioning your mind is the most imperative path to success. Many things taught to us growing up, are many a time not relevant to the goals of financial liberty. So for instance, your parents can hardly guide you to become a millionaire if they are not one themselves.
They have conditioned you to go to school and get a job working for a corporation. In a bid to become successful financially, you must change the mindset of “a job working for a corporation”.
Your mindset is your collection of thoughts and beliefs that shape your thought habits. And your thought habits affect how you think, what you feel, and what you do. Your mind-set impacts how you make sense of the world, and how you make sense of you.
Your mindset become your thoughts, your thoughts become your words, your words become your action, your action become your habit, your habit become your character and your character become your destiny.
So if you think like a millionaire, your destination will become a millionaire.
#2- Your Understanding Of Money & Resources
One of the misconceptions that stemmed from mindset is difference between income and wealth. Income is what your earn, wealth is what you keep. It is common to earn $1m a year and still be broke with items of no value to show for it.
Money and resources are designed to be circulated not necessarily to be consumed. As research show, money move towards those who understand it the most. If you make money and spend conspicuously, chances are you will be broke.
The more we learn, the more we understand how little we know about money. One thing I was amazed to find out is that, to truly become financially sound, you must let money work for you. Not you working for money.
#3- Your Lifestyle
While it is important to treat yourself every once in a while, it is imperative to know that there’s a fine line between spending on essentials and spending on frivolities.
Frivolous spending is the number one wealth killer. And the reason why a lot of people live paycheck to paycheck in their twilight years, or even as working adults.
It is not uncommon for many to increase their liabilities according to their pay, especially within the poor and middle class. In order to preserve wealth, you must keep liabilities down even if your earnings grow significantly.
The more you choose to spend today, the less financial freedom you may have tomorrow. When it comes to making choices, you need to consider if that tradeoff is worth whatever you’re upgrading to.