QUOTE OF THE DAY

                                                                             

"A journey of a thousand miles begins with the realization that 1,000 miles is one long trip."

HOW TO BE A MILLIONAIRE IN YOUR 20s

10 HABITS TO START IF YOU WANT TO

BE A MILLIONAIRE IN YOUR 20S

Often, building wealth comes down to adhering to a few smart habits, and the sooner you establish them, the better your chances of reaching seven figures.

Here are 10 habits that have worked for the wealthiest, most successful people and could work for you too.

1.     Automate Your Finances

Self made millionaires that crossed the $1 million threshold at ages between 25 and 35 and retired at 37 applied the simple strategy of automating their finances. Putting your financial plan on autopilot will not only help you build wealth — it’ll save you time and mental energy, when you automated your money, the benefit is you don’t have to make decisions about where your  money should go, how much to should invest, what you can spend, do you have enough savings, and so on,.

2.     Read

Research has proved that reading dramatically correlates with higher education and income, as well as overall happiness as proved by a 25 years of studying success for. Those who read seven or more books per year are more than 122 percent more likely to be millionaires as opposed to those who never read or only read one to three books.

The richest man in the world, Bill Gates, reads 50 books a year, and Warren Buffett spends as much as 80 percent of his day reading.

3. Focus On Earning

No one gets rich without multiple flows of income, Starts with the income you currently have. Increase that income and start adding multiple flows.

Developing multiple streams of income could mean starting a side hustle, generating passive income or picking up a high-paying side job.

4. Hang Out With High-Achievers

The reality of the old saying remains unaltered. Tell me who yo move with and I will tel you what you are and of course what is your worth. The community you immerse yourself in every day matters. So much so that it could affect your net worth, this is corroborated by  Steve Siebold, self-made millionaire and author of “How Rich People Think”: He said “In most cases, your net worth mirrors the level of your closest friends. … We become like the people we associate with, and that’s why winners are attracted to winners.”

5. Think big

To be a millionaire, one must be creative. This is proved in the work that x-rayed on 10 distinctions between millionaires and the middle class. Successful people  spend time thinking about new ideas.

While the masses talk about cars and movies, millionaires own the car companies and produce the movies. They understand that ideas are the most valuable asset in the world.

6. Invest

This is the highway to get super rich. Invest your money . The only reason to save money is to one day invest money.

In fact, how much you save and invest can be more important than the size of your paycheck. personal finance experts posits on average, millionaires invest 20 percent of their household income each year. Their wealth is not measured by the amount they make each year, but by how they’ve saved and invested over time.

7. Plan 

What is your financial plan? Do you have one at all? Have you thought of it? Do you know what is financial plan? “Those who maintain both a calendar and to-do list are 289 percent more likely to be millionaires, as compared with those who have no real set schedule, it is also a fact that that successful people “document insights.”

Self-made billionaires Bill Gates and Richard Branson are devoted note-takers. “It doesn’t matter how you record your notes — as long as you do,” says Branson. “When inspiration calls, you’ve got to capture it.”

8. Wake up early

The wealthiest, most successful people tend to start the day before the average person.

In a five-year study of 177 self-made millionaires, it was  found that nearly 50 percent of them woke up at least three hours before their work day actually began.

It’s a strategy to deal with inevitable daily disruptions, such as a meeting that went too long, and still have time to accomplish everything you set out to do that day. The  book, “Change Your Habits, Change Your Life ”: says “Getting up at five in the morning to tackle the top three things you want to accomplish in your day allows you to regain control of your life. It gives you a sense of confidence that you, indeed, direct your life.”

9. Create Specific Money Goals

The number one reason most people don’t get what they want is that they don’t know what they want,

If you want to build wealth, you have to have a clear goal, specific plan and hard deadlines. And when you’re setting goals, don’t be afraid to think big. The rich set their expectations exceptionally high and are up for any challenge.  No one would ever strike it rich and live their dreams without huge expectations.

10. Get Comfortable With Discomfort

If you want to earn more or get ahead in life, you have to be willing to step outside of your comfort zone.

This includes negotiating what you want to earn. It is one of the simplest ways to boost your earning potential, since those who ask for more usually get it. Yet most people don’t even try.

Though negotiation can be a tricky business, but not getting paid what you are worth could mean the difference between an average life and a rich one. After all, the number one thing that will dictate your future earning potential and get you to the million position the fastest is how much money you are earning today.

MONEY WHILE YOU SLEEP

Ways To Make Money While You Sleep

                                                     

If you do remember,  in the past we were warned to be careful about being in debt because interest never stopped charging us; interest never slept, never took a day off, and never took a holiday. Do also know that the reverse is true, as well.

Does  your money make money while you sleep? Does it sound too good to be true? As long as we still live in the age of the interest, it is not that difficult to earn extra money on the side.

Having known this possibility, here are ways that you can actually earn money while you sleep

Start A Blog

Perhaps the most popular way to earn a passive income is by launching your own blog. It only takes a couple of minutes to set up and is cheap to start – just purchase your domain name and pay for hosting.

After that, start creating amazing content that people will be interested in reading or sharing. For example, if you’re an accountant that has helped small business owners with their taxes, then that could be your blog. I personally use my blog to help people  know everything there is to know about achieving financial stability. This draws thousands of signups a month.

Make sure the topics you write about are popular. If you still love your pet rock, I doubt there would be enough people visiting your site to monetize it. But you never know.

As you gain  following, you can start making money from of your blog by Earning commissions as an affiliate.

Here you push other people’s products or services on your site. Ensure these products or services are relevant to your blog. An  example is that financial intelligence blog could become an affiliate for wealth building software. Once you find an affiliate partner, you will be given a unique code so that whenever a visitor clicks that link on your site, will earn you commission.

Sell-Advertising

As your site  has the  traffic to become an affiliate, then it may also be good enough for advertisers to purchase ads on your site. You may start off small, like making under $20 per ad. But you may eventually be able to charge triple digits. Again, your site must be quality.

Find Sponsors

This is slightly different from just selling ads on your site. Sponsorships may be a one-off piece of sponsored content or permanent logo embedded in your footer.

Sell Your Own Information Product

Is there a certain area you are knowledgeable in and is passionate about, then you can start creating products, such as eBooks or videos, and selling them on your blog. It may take a lot of work to create and market your products, but once all the leg work is over, you can just set back and collect the proceeds.

Earn Royalties

you could earn royalties from your work  if you’re a talented musician, actor, or author. This other words means that people will pay you for using your work or creative assets.

If you are not talented enough, but interested in earning royalties, then, check out Royalty Exchange. It’s a marketplace where you can buy and sell royalties.

Create A Membership Community

If you have proved yourself to be an authority figure, then you can create a membership community where you pay a monthly fee to receive additional high-quality content and information that may not be available to non-members.

Check out the likes examples of Timothy Sykes who makes more than $100,000 per month in passive income through his membership community, which discusses how people can make money in trading penny stocks.

Flip websites

Your website which you have put in the time and effort in building and you have gained a lot of traffic, you may be able to sell it to an interested party by listing on marketplaces like Flippa.  People have bought and sold a lot of sites here and made a lot of money.

Sell Physical Products

There are several ways to earn a passive income by selling physical products just like with a blogging site.  One of the best-known ways is by selling your old junk on eBay. But even if you don’t have anything left to sell, you can start drop shopping. This is where you sell products for a company on eBay or Amazon and they take care of the rest – including shipping.

You can also launch your own eCommerce store by using Shopify. They literally give you everything you need to sell products online from a complete online shop to including buy buttons on your social media channels.

Make Investments

When you invest in other outfits, you become a stakeholder. That entitles you to a share of their profits. Investing in companies has been a popular way to earn a passive income for years, and thanks to the internet, it’s easier than ever to research and invest in outfits on your own.

Peer-To-Peer Lending

Some companies have created a new industry where anyone can become a lender. They will then match you with a consumer who either prefers or has trouble securing a loan from a bank. You can earn higher interest rates on the loans you issued since you are dealing directly with the borrower. Some of such company is paylater.

Rent out property

Thanks to Airbnb.  You can rent out your home while on vacation or your vacation home when not in use. You can also rent out your garage, parking space, or unused office space. What a nice supplementary income without really doing anything except placing an ad.