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Jackpot! You Can Fit these Secrets of Self-Made Millionaires into Your Financial Life!

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Jackpot! You Can Fit these Secrets of Self-Made Millionaires into Your Financial Life!

If you didn’t make millions off of last weekend’s big fight and you haven’t yet hit the lottery, what is a person to do to join the ranks of those individuals who are able to call themselves self-made millionaires? Yes, we said it… millionaires.

There are some everyday things that self-made millionaires have said are the secrets to their financial success. And, believe it or not, they do not involve playing the daily lotto or betting the farm!

Here are a few things that everyone can do to start adding some extra zeros on the right end of their bank accounts:

Think Like a Millionaire

OK, this can seem hard to do when you’re still paying off student loan debts decades after you’ve closed your last text book; but, the first secret to financial success lies in your line of thinking. You want to be a millionaire? Then, set that goal and say it out loud. Don’t laugh. Believing in your goal will be the first step toward making it a reality!

Make a Budget

It may seem like budgeting is no secret at all. But, many successful self-made millionaires have said that they made… and stuck… to budgets before they ever made it to the millionaire mark. In fact, although they may have quite the financial cushion, they continue to stick to a budget and often live below their means. That’s right; many self-made millionaires may not drive the fanciest cars or own the largest homes on the block.

Start Saving… Yesterday

After you devise your budget, it’s time to head to savings boot camp! Start dumping 10% of your earnings into a savings account. If you’re feeling particularly savvy, try to invest or save 20%. You can do this by planning to spend 50% of your income on necessities like your home mortgage or car and 30% on those nice-to-have items like new clothes, vacations and a few nights out. 

Increase Your Income

When you’re working in the corporate world, how are you supposed to take hold of your own income? Of course, you can petition your boss for a raise periodically, but self-made millionaires sometimes say it is easier to see the most success in owning your own business. No, they don’t always suggest abandoning the corporate world to go it alone. But, the wealthiest of Americans increase their income by adding revenue streams. There are free-lance opportunities for nearly every industry out there and owning your own business, small or large, carries tax benefits that can contribute to overall wealth. Investing extra cash is another excellent way to increase income without putting in too much extra time and work!

Run with a Crowd Above Your Pay Scale

On your road to becoming a self-made millionaire, the last thing you want to do is ditch life-long friends, but it is a good idea to find some wealthy friends that you can learn from. Many communities offer social groups where professionals from every industry can meet, exchange ideas and share success stories. Branch out from your usual weekend activities every once in a while and learn what is working for some of the successful professionals around you.

Love What You’re Doing

Whether it’s enjoying your line of work, eliminating your debt or meeting your ultimate financial goal of becoming a millionaire, fall in love with what you’re doing. Passion has an incredible power that is infectious! If you love what you’re doing, it will show and you’ll quickly impact others into buying whatever it is that you’re selling… a product, a service or simply a philosophy.

You don’t have to hit the jackpot or beat the Vegas odds to get rich. As you can see, the secrets of self-made millionaires are everyday things that we all can apply in our personal lives, whether our goals are buying a new home, paying off debts or adding enough zeros to our bank account to join that elite group called self-made millionaires.

This post is sponsored by PA Preferred Mortgage:

Pennsylvania Preferred Mortgage is a full service mortgage banker and is a member of the Prosperity Home Mortgage, LLC family. Specializing in residential and refinance loans, Pennsylvania Preferred Mortgage offers a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, and renovation financing. Learn more at www.papreferredmortgage.com.