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Friday, August 23, 2013

10 Things Millionares Avoid Like Plague

Everyone admires millionaires and wants to get where they are, be like them or even do better. It is okay to do this but many a times people do not work towards acquiring wealth, but just procrastinates. Yes, there is that time you had a very brilliant idea that you thought it is actually a crazy one, but never did anything towards it. Only to see someone else implementing the same idea and succeeding in it.
The millionaire’s next door does a lot to get ahead. They make sacrifices, work smart and put in a lot of effort to get to where they are. I have interacted with several millionaires and actually worked for one, a self made millionaire who started from nothing. He reports to work every day at 6.00 am, yes when most of us are asleep or just waking up. I recall being told when he started the company he was the messenger, writer, receptionist, and manager e.t.c basically doing everything.
However many of us just admire their money not know what they have gone through to get there. Some have made mistakes and  failed but they do not remove their eyes from the goal.
Here are some of the things that millionaires do not do:
1. Think He Knows It All – People who think they know it all stop learning and thus become unaware of new opportunities. Once you lose awareness, you lose.
2. Use Time as a Measurement for Success – The millionaire next door measures success based on output quality, the results. The amount of time spent on something means nothing if the results do not meet the expectations.
Millionaire3. Socialize with People Who Waste Money – The people you socialize with influence your habits. It is impossible to save money if you constantly hang around people who blow it all.
4. Desire Instant Gratification – You have to think long-term to attain long-term success. The millionaire next door desires long-term deferred compensation over instant gratification.
5. Waste Time on Senseless Activities – They say time is money. In actuality, time is far more important than money. Time is your life. If you waste it, you will fail.
6. Focus His Attention on Negative Obstacles – If you focus all your attention on negative obstacles, you will lose sight of the finish line. You can’t get there if you can’t see it.
7. Pay Retail for Name Brand Clothing – You can easily save hundreds of shillings a year on clothing purchases by waiting for sales or shopping at discount retailers. Better yet, avoid name brand clothing all together.
8. Replace What is Not Broken – The millionaire next door fixes things. Fixing something is usually significantly cheaper than buying a brand new replacement, especially if you fix it yourself.
9. Impulse Buy – Impulse buying wastes money and leads to a cluttered house full of “stuff” you don’t need or use. If you see something you like at the mall, walk away. Think on it for a day or two. If it still holds value in your mind, maybe it’s worth buying. Never buy something the first time you see it.
10. Rent – The millionaire next door has a long-term mindset. In the long-term, owning something is always more cost effective than renting it. The key is to purchase quality products for long-standing use.

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