Wanna know 7 Secrets About Millionaire? Great, everyone wishes to become a millionaire but are you aware those millionaires own nearly half of the world’s global total wealth. Many authors have come to share their idea to accumulate wealth and today we want to discuss 7 Secrets About Millionaire from the book “The Richest Man in Babylon” by George Samuel Clason that has changed the lives of people. This is the best personal financial advice and wealth management book that can kick start your financial planning for a better tomorrow.
You are going to be a millionaire soon, believe in you.
Why should you read this article?
In this book, the author gives 5 rules to make you rich and that actually works if someone has a strong desire to become wealthy. It has all situations where people are indebted and they cannot make money to the one who has already earned it but is not able to save money. It outlines the main issue with people they are not able to accumulate wealth and then helps to understand how can someone overcome those issue to be wealthy.
The best part about the book is its writing style. The book contains all lessons in the story form. It grabs the reader’s attention and delivers the exact message to make money.
Passive income comes into the picture in this book as well. All of us know, the secret to becoming wealthy in a short span of time is building different streams of income. It emphasizes building various income sources to make money.
Let’s go ahead and discuss the 7 Secrets About Millionaire to accumulate wealth.
No #01: Start your purse to fattening:
Under this rule, the author talks about the ways to increase wealth on a monthly basis through savings. The rule is simple: Pay yourself before you pay anyone else from your salary or income. Every part has been discussed in the book thoroughly. This rule is the foundation to make more money over time and invest it to diversify to become a millionaire.
No #02 Control your expenditures:
Controlling the expenditures and increasing income is the secret to make money on a regular basis. For example: If someone has a salary is Rs. 15000 and he does not save due to higher expenditure. If the salary goes up to Rs. 25000, he still cannot save from the extra Rs. 10000. It is because when salary goes up, the expenditure gets higher by the same proportion. So the book mentions how one can save out of his income.
No #03 Make your gold multiply:
Making the gold multiply refers to the ability to invest the money that has been saved or earned from the above 2 rules. Once the income has been increased, look for opportunities to invest in different options to make more money. This works to make someone rich fast. The compound effect on money can be seen over time. Diversification in investment is necessary to accumulate wealth and become a millionaire.
No #04 Guard your treasures from loss:
Once the money is earned, saved, and invested, the need of the hour becomes to guard that money so that it can be multiplied more and more. People need to invest money in such a way there is no loss incurred in money invested or it is minimized. There is a saying that suits well in this condition that “Don’t put all your eggs in one basket“. It emphasizes diversity in the investment so that the profit from one investment can adjust the loss from another investment.
No #05 Make of your dwelling a profitable investment:
Normally people live on rent and a great part of income is used for rent so the author talks about the savings if someone does not have to pay for rent. The saving from rent can help you save more so getting rid of rent on a monthly basis is key to save more and become wealthy.
No #06 Insure a future income:
The author also emphasizes the people to make their future income source in order to make extra. Making sure about future income can help you a lot. Future income sources can include the purchase of land and building that can you pay rent every month to enjoy your livelihood. This is one of the secrets of wealthy people.
No #07 Increase your ability to earn:
Every penny earned extra contribute to make people millionaire. Another way to make extra money is to look for the talent you have within you. It may be anything including web designing, accounting, or some freelancing work. H.W. Charles said, “The key is to work extremely hard for a short period of time (1-5 years), create abundant wealth, and then make money work hard for you through wise investments that yield a passive income for life.”
Check the book: The Richest Man in Babylon
Do read and comment on what do you think about this book if you have read it or planning to read it. Start building your mindset to become wealthy. Stay safe and happy!