"Secrets/Tips" to Becoming a Millionaire (from the Oprah Winfrey Show)

Article Title: Seven "Secrets/Tips" to Becoming a Millionaire (from the Oprah Winfrey Show)
Submitted by: Craig Lock
Category/Subject: Money, Money Management, Financial Security
Key words: Million, Millionaire, Wealth, achieving wealthr
Web sites: http://www.amazon.com/-/e/B005GGMAW4 and https://www.xinxii.com/adocs.php?aid=16831

Craig's blog (with extracts from his various writings: articles, books and new manuscripts) is at http://craiglock.wordpress.com

Other Articles by the submitter are available at: http://www.selfgrowth.com/articles/user/15565 and http://www.ideamarketers.com/library/profile.cfm?writerid=981rn(Personal growth, self help, writing, internet marketing, spiritual, 'spiritual writings' (how 'airey-fairey'), words of inspiration and articles on managing your hard-ea
ed money

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"We share what we know, so that you and your money may grow." #

SEVEN SECRETS TO BECOMING A MILLIONAIRE

Introduction:
These thoughts are extracted from the book ‘THE MILLIONAIRE NEXT DOOR’, as seen on Oprah Winfrey's fine show from some years back, which I watch regularly (enough free advertising for her - she doesn't need it!). The research for the book was done on people with a net worth of over a million dollars (3.5 million households in America, apparently). I've written this piece in point form for brevity.

#rnPortrait of a millionaire:

* 86% of millionaires are first generation - the money is not inherited.

* Accumulating wealth takes a long time. Most wealthy people don't reach millionaire status until age 50. A glimmer of hope for me then!

* Two thirds of millionaires are self employed. A bit more hope for me then!

* Many were "C-students", not A's.

* Quite a number were told to take the jou
ey of self employment. I believe doing this makes people much stronger.
There is "no parachute in the jou
ey of life".

* Most millionaires live on less than 7 of their wealth.
They take 15 - 20 of their pre-tax income to live; thus living way beneath their means.
Most of them drive a Ford And not a Cadillac or Mercedes Benz.
They usually don't have overseas trips, own luxury cars and new suits.
The authors found that most millionaires went to public schools - not private ones.
81% buy their cars and don't lease them.

If $35000-$43000 is the median net worth. Many aim to have 6 months salary as a reserve/emergency fund. However, many people can't afford to miss even a week of work. The majority of people are three pay-checks short of bankruptcy.

We live in a culture, where less time is committed to service. Add value, be exceptional in the delivery of your product or service at all times.
*

7 RULES FOR BECOMING WEALTHY:

1. Live well below your means and be frugal.

Have a budget - know how much you spend on food, clothing and housing.

Many people spend +- 20 hours per month planning and managing their incomes. (1/30th of age X income).

Millionaires:

1. Can live for 16 years off their capital - it's a shift in lifestyle.

2. Make achieving financial independence a priority in their lives.

3. Do not accept a substantial economic contribution from their parents.

4. As adults, they encourage their children to become self sufficient (and responsible with their finances in adulthood).

5. They have a clear vision of where their lives (including the financial area) are headed

6. Are good at targeting OPPORTUNITIES in any business:
whether it's scrap metal, garbage disposal, junk, waste management, or cleaning buildings. There is even a billionaire making candles.

Finally...and most importantly,

7. They choose the right occupation - the sooner, the better.
Hope I've made the right choice then!

I hope that these tips may be helpful to you in achieving financial success... and perhaps even wealth..

Craig Lock (Eagle Productions: "Information and Inspiration Distributers, Incorrigible Encouragers and People-builders")

PS

Even if you never achieve material wealth in the "real world". you can still be a "millionaire in spirit"... and that's far more important!

"Together, one mind, one life at a time, let's see how many people we can impact, encourage, empower, uplift and perhaps even inspire to reach their fullest potentials."

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PPS
Don't worry about the world ending today... it's already
tomorrow in "little" scenic and tranquil New Zealand