Successful people are people with habits and good self control. Millionaires are the people who have a set of self mechanism that make them become millionaires. The very first thing if you want to become the millionaires is you need to become a good money manager.
What is a good money manager? Good money manager learn how to allocate what they earned and always remember about how their money can grow double or even triple. So, I have the following advise and please follow my steps below:
1. Understand how much you earn every month.
Always consider the tax impact of your pay. You have to deduct the tax that you have to pay end of the year.
2. Allocate you money into the following:
a. Put 10% into Account call Financial Freedom Account (FFA)
b. Put 10% into Account call Long Term Saving Account (LTSA)
c. Put 55% into Account call Necessity Account (NEC)
d. Put 5% into Account call Self Education Account (EDU)
e. Put 10% into Account call Play Account (PLAY)
f. Put 10% into Account call Give Account. (GIVE)
Financial Freedom Account : This is the account that will generate more money for you. You only use this money for investment or Business that generate passive income.
Long Term Saving Account : This is the account that use for your long term expenditure such as your child educations, vacations, down payments, Insurance etc.
Necessity Account : This is the account for your daily expenses. Please only use up to 55% of your earning.
Self Eduction Account : You need to enhance your inner self and also your intellectual know-how. As such, you allocate 10% for you to attend seminar / Classes etc.
Play Account : You need to give yourself a break every month after you have put up a hard work on your daily job. So, go out and celebrate with this money. The best is spend this money with something you never try before such as massage, Spa etc.
Give Account : Use money you earn and share with other who are less fortunate. This will also help to make yourself feel good and give you another push for your job.
So, start with this simple "Pocket Methods" and you will find that you will reaching your millionaires goal very soon.
