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10 Signs You’re On the Right Track to Being a Millionaire

10 Signs You’re On the Right Track to Being a Millionaire

Getting rich and becoming a millionaire may seem like a fantasy, but it’s not so far-fetched. There are a lot of key habits that millionaires have that attribute to their success. We did a little research on how millionaires live their everyday lives and compiled a list for you.

Here are 10 signs you’re going to be a millionaire, even if you don’t feel like you are.

1. You always shoot for the moon.

You know how the saying goes, “Shoot for the moon. Even if you miss, you’ll land amongst the stars.” If you’re the type of person to strive for an A when you only need a B to pass the class, you have the mindset of a millionaire. On a mission to become rich, shoot for $10 million, not $1 million. Continue to think big.

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2. You maintain an open mind.

You are not afraid of new ideas and know that closed minds do not inspire faith, courage, belief and active imagination. Successful millionaires change their psychological approach to money, success, and happiness.

3. You use your time to harness effective results.

You understand that time is more valuable than money itself. You are more likely to hire people for things that you are not good at so you can use your time on things that you excel in. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.

4. You enjoy setting and reaching goals.

If you’re a chronic goal-setter, you think like a millionaire. Peter Voogd, founder of the Game Changers Academy, who made his first million before turning 26 once said, “You don’t make a million by accident. If it’s not a goal you sure as hell won’t hit it.”

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5. You remain optimistic in the face of adversity.

There are plenty of millionaires who have lived the “from rags to riches” narrative, including author J.K. Rowling. She was a single mother on state benefits and attributes her achievements to her ability to focus all her attention on the things that mattered to her the most. Rich people believe: “I create my life.” Poor people believe: “Life happens to me.” 

6. You are aware of what’s going on in the world.

If you are the type of person to start your morning off catching up on current events rather than the happenings on social media, you possess a habit of a millionaire. Entrepreneurs like Bill Gates and Warren Buff start their day off with news publications such as The Wall Street Journal and The New York Times.

7. Being poor makes no sense.

You eliminate any and all excuses that being poor is justifiable. Bill Gates once said, “If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”

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8. You work with or a seek a successful mentor.

You understand that it is important not to limit yourself to ideas of unsuccessful people. You study what millionaires do and consider a mentor to be a vital resource to your success. Sixty-eight percent of the 400 Americans on the Forbes 2013 Billionaires List are considered “self-made” billionaires, meaning they did not inherit their fortune. Chances are, a lot of them had mentors to help them think outside of any possible limited thought processes.

9. Avoid debt that doesn’t pay you.

Make it a rule that you never use debt that won’t make you money. If you borrow money for a car, it should be guaranteed to increase your income. While the rich use debt to leverage investments in order to grow cash flows, the poor use debt to buy things that make rich people richer.

10. You save to invest.

You understand that the only reason to save money is to invest it. Put your saved money into secured and untouchable accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to increase your income. You believe in investing your surpluses into ventures that you cannot access.

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Featured photo credit: Nathan Congleton via flickr.com

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Last Updated on March 4, 2019

How to Use Credit Cards While Staying Out of Debt

How to Use Credit Cards While Staying Out of Debt

Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

Do Not Treat Credit Cards as Your Funding Sources

Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

Make Sure to Always Pay Off Balances in Full Each Month

The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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Using Credit Cards with Rewards

Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

Featured photo credit: Artem Bali via unsplash.com

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