3 Things to Give Up If You Want to Reach Millionaire Status
If you were to consult an "expert" on being rich, a self-made millionaire would be a viable candidate. Enter Steve Siebold, author, entrepreneur, and one of the world's foremost experts in performance training and mental toughness. The man literally wrote the book on How Rich People Think.
Though a self-made millionaire himself, Siebold has dedicated his career to helping corporations improve their sales strategy and build wealth; Johnson & Johnson, Toyota, and the United States Postal Service are among his many clients. Despite his extensive experience among the wealthy, he believes that anyone has what it takes to become a millionaire.
"Like most things in life, becoming good at attracting money is no different than becoming good at anything else, be it being a sub-par golfer, losing weight or mastering a second language," he writes in his book, as quoted by CNBC. Below, read up on the three lifestyle habits Siebold believes you need to give up in order to build wealth:
Buying Things You Can't Afford
"The middle class is famous for living beyond their means," he writes. "Instead of focusing on spending and saving, focus on how to earn more, invest a percentage, and spend the remainder any way you wish." The key here is to focus on earning, saving, and investing before you get to the "spending" part.
A Steady Paycheck
Many wealthy people have quit the 9-to-5 life in favour of starting their own companies. "It's not that there aren't world-class performers who punch a time clock for a paycheck, but for most this is the slowest path to prosperity, promoted as the safest," he writes. "The great ones know self-employment is the fastest road to wealth."
Focusing on Saving
Of course, saving always has a place in a wealthy person's financial arsenal. But the key to building your bank account is to focus on earning. The wealthy "are the masters of focusing their mental energy where it belongs: on the big money."
Head over to CNBC for more clips from Siebold's book, and share your financial tips in the comments below!