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3 Money Habits That Build Millionaires

3 Money Habits That Build Millionaires

Do You Have These Basic Habits Every Millionaire Follows?

December 22, 2024

Save Wall Street GIF by Feliks Tomasz Konczakowski

Gif by ZedgeOfficial on Giphy

Hey there, future multi-millionaire! 👋

Ready to level up your financial game? Don’t worry—this isn’t a lecture, it’s like chatting with a money-savvy friend over coffee (or maybe margaritas). Let’s jump into it.

Step 1: SAVE 💰

Getting rich isn’t about having a fat paycheck; it’s about making that paycheck work for you.

Millionare Tips:

Credit Card Rule: Always pay off your entire credit card bill in full every month. Set up automatic payments. Never keep credit card balance.
Kill Those Fees: Don’t ever pay monthly fees for your checking or savings accounts. Call your bank to remove them. If they refuse, switch to a better bank—online banks are great and work just like regular ones. Let me know if you need a few suggestions.
Automate Savings: After contributing to your 401K or IRA, put aside at least 15% of your income every month. Set it up to transfer automatically to your investment account as soon as you get paid.

“Making money is easy. Keeping it is the hard part.” — John McAfee

Step 2: INVEST Like You Mean It 📈

“If you don't find a way to make money while you sleep, you will work until you die”. — Warren Buffett

Here’s the plan:

Emergency Fund First: Keep a bit of cash handy—think $10k and put it somewhere it earns interest, like a high-yield savings account. Example : SoFi or American Express High Yield Saving Account.
Go Big with Real Estate: Buy a home as soon as you can for a better quality of life and to learn about responsibilities. You'll see the benefits of home appreciation in the future. Once you start feeling comfortable, buy an investment property next.
Invest in S&P 500: If you're new to investing, open a brokerage account and set up automatic monthly purchases of an S&P 500 index fund.

"Don't look for the needle in the haystack. Just buy the haystack!" — John Bogle

Pro Tip: Your first investments (stocks, home, investment property etc.) will probably come with mistakes. Don’t sweat it—it’s part of the game. Early you start early you’ll learn.

Step 3: Bet on Yourself 🌟

This one’s my favorite: YOU are your best asset.

True Story: Warren Buffett was once terrified of public speaking. So, he signed up for a Dale Carnegie course, conquered his fear, and now calls it his best investment ever.

Your Turn:

Learn something new every week—read, take courses, try hobbies.
Take care of yourself: hydrate, eat well, and exercise. (Trust me, future-you will thank you.)
Try practical skills. When I bought my house, I learned landscaping, woodworking, how to automate blinds, how to install an automatic sprinkler system, and gardening. Now, I’ve got an automated backyard and home-grown veggies for months..

"Spend each day trying to be a little wiser than you were when you woke up." — Charlie Munger

Alright, enough with the money, let’s get going with this week news in technology.

Quick Hits: What’s New? 📰

This Week’s Tool 🎵

Suno AI: Want to make a pop song about your girlfriend or wife? No need to sing or write lyrics yourself! Suno AI will create music, lyrics, and even cover art. Time to unleash your inner rockstar.

This Week’s Challenge 🔥

What’s Your Monthly Burn Rate?
Check your last 12 months of spending, average it out, and see where your money’s actually going. (Spoiler: it might surprise you!) Hit reply and let me know!

Let’s crush those money goals together!
Cheers to saving, investing, and living your best life. 🥂