I want to become a multi-millionaire by the time i'm 36. I don't want to just be a millionaire ...i want to be a MULTI-millionaire so from now on I need to have the mindset of one. A few days ago I had to admit to myself that I'm a reckless spender and needed to change my habits so that I can retire early and have a home in some obnoxious country like the house hunters on HGTV's International House Hunters. I purchased a few books on money management from Borders' closing liquidation sale. My first book was millionaire Mind (i forget exact title, will update later). The point of the book was to be a millionaire, you have to think like one. The book outlines a number of principles by which I need to abide by to become a millionaire. One priniciple is to not be emotional when it comes to money. Today I encountered a situation where I had to bust out the principles that i recently learned and apply it to my situation....
Today was a battle of mind over emotion.
I settled a big case at work. Naturally, I thought ---- ooh, money to spend! I surfed the net to look for instant gratification on my normal favorite shopping website. I placed 6 items in my cart justifying the expenses as minor expenses and if I spend over $50, then it'd be free shipping - i'd be saving money!!! WRONG!
I had to tell myself, I can live without these clothes because cute clothes will exist when I'm in a better financial situation to spend. I AM DESTINED TO BE A MULTI-MILLIONAIRE...but only if i don't spend money on instant gratification today..... so comes the tough decision....either I make the decision of a forever poor person and spend emotionally to get instant gratification or I think like a multi-millionaire and instead of spending money on clothes, I will take the money that I would have spent on clothes and put it in my financial freedom account to invest in my future. -- that's a brilliant idea. I will do the ladder. I'm a step closer to becoming a Multi-Millionaire. =)
P.S. i'm a new user to this blogging forum and don't know how to respond to comments, so i'm just going to post my response directly back into my blog. If someone knows how I'm suppose to respond to the comemntsso that my response trails after comments, then please feel free to share the "how to" with me" as for now, i'm going to be technologically challenged and post my response this way:
Response to Already Multi-Millionaire:
Thanks for taking the time to read my post and for the comment. I will have to disagree on your first point. The book was worth the $8 or so dollars i purchased it for (40% off closing sale at Borders). It was very educational and i learned a lot of things i would not have had I not purchased the book. if purchasing a book to acquire knowledge is a mistake, then everyone who goes to school and pays tuition to further themselves in life is making a mistake. Knowledge is pricey but ingorance is more expensive. I'd rather pay for knowledge.
Also, who is to say that contributing to seomeone else's pursuit of becoming a Multi-millionaire will hinder my pursuit...as long as this other person is giving me tools to get close to where i want to be, i don't mind investing the $8 or so in his/her pursuit so i can save and make more than $8 for myself. it was a good investment if you ask me.
in response to your second point, LOTTERY TICKETS more often than not equals instant regret and purchaser ends up being a few bucks poorer after purchase.
i'm depositing the money i didn't spend on clothes into a financial freedom account to later invest in a passive income venture. (side note: passive income is another way of obtaining financial freedom - another tidbit i learned in the book i purchased)
Side Note: As for your Account ID and for "Already [being] Multi-Millionaire" GOOD FOR YOU!!! Very happy that you are in a good financial place!
Biggest mistake for you so far, was buying that book, cause you've just contributed to someone else's pursuit of becoming a Multi-millionaire.
ReplyDeletePlus, you did not address how you were going to invest that $50 into your financial freedom plan...my recommendation would be lottery tickets, you can satisfy your "instant gratification" and become a multi-millionaire overnight.
This comment has been removed by the author.
ReplyDeleteAnother book I found helpful is a best seller, "the Millionaire Next Door"..and "Networking with the Affluent": Opened my eyes to how wealth can be achieved. Also, you need to weigh the risk vs reward with each approach whether it be stocks, real estate, personal startups,etc.. and the time and effort you can set aside while holding down your day job. From my personal experience, one should specialize in one area and repeat the process. So first determine which area you want to start out.
ReplyDelete