5 Financial Secrets From Self-Made Millionaires

Lauren Powell
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IMAXTREE

We all know we need to take control of our finances to ensure a prosperous future, and there’s no time like the present to take action. This is why we’ve enlisted help of some of the most money-savvy people in the world to give us the kickstart our bank accounts need. Business Insider Australia has rounded up invaluable pieces of advice from people who became millionaires at a young age, and also those who have studied hundreds of self-made millionaires. “In a free-market economy, anyone can make as much money as they want,” emphasises self-made millionaire Steve Siebold, who has also studied over 1,200 of the world’s wealthiest people. Read on for their tips and start your journey to financial success.

1. Develop multiple streams of income

“Three streams of income seems to be the magic number for the self-made millionaires in my Rich Habits study, but the more income streams you can create in life, the more secure will your financial house will be.”

Thomas C. Corley, author of Rich Habits

 2. Ditch the steady pay cheque

“It's not that there aren't world-class performers who punch a time clock for a pay cheque, but for most this is the slowest path to prosperity, promoted as the safest. The great ones know self-employment is the fastest road to wealth.”

Steve Siebold, author of How Rich People Think

3. Save to invest, don't save to save

“The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income). To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.”

Grant Cardone, International Sales Expert

4. Be decisive

“Avoid decision fatigue. Attention is a finite daily resource and can be a bottleneck on productivity. Conserve your mental power by making easily reversible decisions as quickly as possible and aggressively planning recurring actions so you can execute simple tasks on autopilot. I know what I am wearing to work and eating for breakfast each day next week. Do you?”

Tucker Hughes, managing director, Hughes Marino

5. Start hanging out with people you admire

“In most cases, your net worth mirrors the level of your closest friends. Exposure to people who are more successful than you are has the potential to expand your thinking and catapult your income. The reality is, millionaires think differently from the middle class about money, and there's much to be gained by being in their presence.”

Steve Siebold, author of How Rich People Think

For more tips on how to increase your chances of reaching millionaire status, head to Business Insider Australia and then download these genius financial apps.

What are you doing to increase your fortune? Share with us your tips and ideas below!

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