I became an Instant Millionaire in 1995 when I received my first salary in Tanzania. I think it was about 3 million Tanzanian Shillings for a month. It did not make me a Millionaire in South African Rand, not by a long shot, let alone in American Dollars!
The point is that that becoming a Millionaire has different meanings for different people. But let’s stick to the ‘world’ currency that is understood by most: the American Dollar.
Due to inflation, even of the mighty dollar, it is barely sufficient today retire on $1m if you don’t have any other Passive Income Streams. You will have to protect your $1m against future inflation, so you can harvest maximum about 3% Income per annum, giving you $2500 per month. Enough to survive on, buy hardly enough to live a decent lifestyle.
But the thinking around ‘becoming a Millionaire’ and ‘providing for retirement’ is changing very fast these days.
Your focus should not be on ‘saving to build a nest egg’, but should be on creating MSI (Multiple Sources of Income). Even better, MR GP IS (Multiple Recurring Growing Passive Income Streams). If you have enough of these, you don’t need savings, and, you can ‘retire’ whenever you want to. You also don’t need to become a ‘Millionaire’!
If you are interested in this topic, I have a free 7 lesson email course entitled:
Feel free to click on the link if you want to learn more.
So the title ‘3 tips to become a Millionaire’ should rather read:
3 tips to create MSI from Breadwinners
1. Change your MIND
Like all of us, you have been programmed to work hard for your Income and Save for Retirement. To change this age old belief requires a repetitive process to change your Mind to: ‘create MR GP IS’. Don’t you think Multiple Sources of Income (especially Passive Income) are better than One Source of Income where you have to trade Time for Money? Especially if you do the work once to create the Income Stream, and then get Income over and over and over, with little time needed maintaining the Income Stream!
2. You need a MAP
… a Financial Freedom Monetization Action Plan (FF Map).
There are 6 elements to your FF Map. There is too much to discuss in this short article, but please enroll for the free email course, and you can learn all about it in your own time. Trust me: this is life changing stuff!
Personal Finance for individuals is a simple process to maintain, but 99% of people don’t understand how it works. Become one of the 1% who do!
I don’t love Money, but I love Income! Especially MR GP IS. The only way to rapidly create Income Streams, is to use SCALE (also called Leverage). All successful businesses and all Wealthy Individuals use SCALE to grow Income Streams. You CANNOT do it any other way, especially not by selling time for money. You simply don’t have enough time. Not if you also want to live.
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PS: If you have enrolled for the free email course before: I’ve had problems with the previous autoresponder, but has recently changed to ConvertKit. Works much better now, so please enroll again and receive 7 daily inspiring emails for free that might just change your life.
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