Greetings! This month’s Vizion article was inspired by my observations of one of the biggest trends on social media today: Wealth and becoming a Millionaire. While many people are doing everything in their power to become an “INFLUENCER” or try the new “PLAY,” many are missing out on the true traits that self-made millionaires have in common. One of the main things that many miss out on is it’s not how much you make (if you made $20k per year, in 50 years you would have made a million) but how much you KEEP and are WORTH. So what are the traits and tips? Here they go:
1. Be frugal, not cheap
Being frugal means spending your money WISELY. Frugal spenders make a habit of buying the HIGHEST QUALITY PRODUCTS or SERVICES at the LOWEST price possible. They focus on QUALITY first and COST later.
2. Keep your spending in check
Use this breakdown for your take-home pay monthly: Housing-25% or less (the wealthy tend to buy not rent) Cars-5% or less. This includes the monthly payment, insurance, gas, tolls, registration fees and maintenance Clothing-5% or less Vacations-5% or less Entertainment-10% or less That’s 50% of your income. If you save a minimum of 10%, invest 20% of that leaves your debt payments at a max of 20%.
3. Surround yourself with fellow Saver-investors
Habits spread like wildfire throughout your social network. If your inner circle includes too many spenders, you’ll eventually become infected with their spending habits.
4. Understand NEED vs. WANT
If you overvalue your wants, you’ll surrender to in- stant gratification, eschewing saving in order to buy things you crave right now. Want spenders routinely incur debt in order to finance their standard of living. They are UNDISCIPLINED with their money and create their own poverty.
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Thank you for reading Kinji Ridley’s article on scoopnewsusa.com. For more on “8 Most Common Secrets of Self-Made Millionaires”, please subscribe to SCOOP USA Media. Print subscriptions are $75 and online subscriptions (Print, Digital, and VIZION) are $90. (52 weeks / 1 year).
