Millionaire Money Habits

Published: Sept. 14, 2023, 8 a.m.

This week I want to talk to you about something that\u2019s near and dear to everyone\u2019s heart.\nMONEY.\nI can\u2019t give you specific advice or a great stock tip, but I can talk to you about some FINANCIAL SECURITY PRINCIPLES I\u2019ve used over the years to build a significant amount of wealth.\nLet\u2019s start with some basics\u2026\nFirst, you must create a SAVER\u2019S MINDSET.\nLOCK THIS IN.\nIf you can\u2019t save money when you don\u2019t have much, you won\u2019t save money when you have a lot of it. Saving money is a HABIT. So, the The very first thing you must decide is if you are A SAVER OR A SPENDER?\nPart of this includes AUDITING how you spend your money. Do you know how much you spend on Starbucks, Amazon, DoorDash, streaming services, and other discretionary things each month?\nNext, what is your attitude toward DEBT?\nThe cost to borrow money on a depreciating asset is EXPENSIVE. It can make sense to LEVERAGE MONEY on an appreciating asset, but you\u2019ve also got to pay really close attention to how much and how often you do that as well.\nAlso ask yourself HOW LONG COULD YOU SURVIVE if all your income immediately stopped? Six months? Six years? At some point, you won\u2019t work anymore, and NOW is when you make plans for when that happens, because at some point that will be a reality for all of us.\nThe BOTTOM LINE on your bottom line is this.\nYOU DON\u2019T BECOME WEALTHY BY MISTAKE.\nYou become wealthy through the right habits COMPOUNDED over time.\nBecome disciplined and zealous about how you handle your DOLLARS AND CENTS.\nIt\u2019s the only thing that makes SENSE if you want to become wealthy over time.\n\nLearn more about your ad choices. Visit podcastchoices.com/adchoices