Did you know that there are now 10.1 million households in the US with $1 million or more in investable assets, not including the value of their primary residence? This is from a 2015 CNBC article. What do these people do and how do they act? Let’s talk about money in a way that could change your view of rappers, like 50 Cent, posing with mounds of movie prop money to create the illusion of immense wealth while navigating our bankruptcy system. Hell, let’s just talk money.
I read an article recently, written by Dan Kennedy, who is internationally recognized as the “Millionaire Maker”, who helps people in almost every category of business turn their ideas into fortunes. His article was published in my business coach’s newsletter. My trainer, Richard James, gets his training from Dan Kennedy, so by default I also get Dan Kennedy’s benefits. Since the main focus of my legal practice is to help my clients become debt free, I focus much of my articles on money.
According to Dan’s article, titled “The 5 ‘Mind Tools’ You Need to Become a Millionaire Thinker,” he lays the universal foundation that most people think of money in a negative way such as, “worry, budget struggle, can”t afford, and others’ jealousy. I will add that we feel guilty when we can’t pay our debts and feel a huge MORAL obligation to pay our debts. I think it is our thoughts about money that they keep us perpetually trapped in a cycle of debt and poverty consciousness.I am on a personal mission to settle my clients’ personal debts and partner with them to change their perspectives on money, wealth and retirement through my bankruptcy practice.
What is Dan’s secret? He says that his dominant thoughts are things and is quoted in Napoleon Hill’s book, Think and Grow Rich. What this means is that if you constantly see lack, you will get more lack. If you are focused on thoughts that he can take advantage of, to initiate positive and correct actions in his life, then he can start his journey towards a better financial life. It all starts with a decision; an election.
Dan’s five tools include planning, setting, reading, engaging in the right activities, and the right associations. Haven’t you heard that you are the sum total of the five people you spend the most time with? I can tell you that I personally find that I grow up in environments where I am not the smartest person in the room. I am a student of life and absorb these environments like a sponge. Guess what? My business grew 17% last year and is targeting 40% growth in 2016. The bottom line is that we start with our thoughts and then take decisive action to achieve our goals.
This works by opening you up to opportunities you may never have considered, like bankruptcy to quickly eliminate your debt, which then frees up your monthly budget to focus on more important things like saving for a house, college or retirement. Maybe that new business idea will become your ticket to the ‘Millionaires Club’.
Acting like a millionaire requires first, a change in your thoughts. Next, you need to take steps to implement your thoughts. I can tell you that millionaires don’t always behave like Curtis Jackson (aka 50 Cent) posing with fake stacks of cash while broke. Many millionaires drive a Prius and pack their own lunches for work. Millionaires save their money for retirement to the tune of 20% of their gross income. Millionaires act like they’re broke. It is when bankrupt people act as if they have money, which creates the illusion of wealth. Look around you and you will be surprised to see the millionaire next door wearing sweatpants in the supermarket.
Take a moment and think about how long you’ve been working. For some, it will be longer than others. Then add up all the money you have earned so far during your lifetime. What do you have to show for all that money spent? Do you have a retirement plan? Do you own your home? Have you invested in yourself? Through education and continuous learning? Or do you continually find yourself a victim of circumstance? Make the decision today to no longer tolerate the circumstances to take your money by taking control. Eliminating debt first is the fastest way to build wealth and act like a millionaire.