6 golden rules of personal financial control to get a million dollar income by billionaire Phillip J. Muller
According to best-selling author Geldrichtig and billionaire Phillip J. Müller recently shared his personal finance principles to become rich today.
In his book Geldrichtig, Muller explains that anyone can become a millionaire if you learn to think like a rich person. Being a real millionaire means adopting a conscious consumer mentality: thinking about whether you really want and need, whether there are cheaper alternatives, controlling insatiable shopping habits, …
Here are 6 principles that this billionaire applied and became rich
1. Saving is an important good for personal financial management
Muller recommends getting into the habit of saving as early as possible and applying it every day in your life.
“Saving is thinking about whether you’d want to spend that money today on a 5th pair of sneakers when you suddenly feel like you really need them when in reality you’ll only be using them. once”Mr. Muller shared.
Saving is essentially a mix of short-term gratification and long-term gratification.
At first, it may feel uncomfortable to force yourself to save all the time, but as long as you are persistent enough to pursue this habit, you will gradually realize its real value. For example, Muller is completely against eating out, he confided: “Many people don’t realize how much money they can save if they choose to bring food and drinks from home to the office.”
2. Say no to debt
The second principle that Phillip J. Muller mentions is about managing your personal finances and rethinking what you intend to buy. Don’t buy anything you can’t afford. It’s a simple rule that will also help you avoid whims. “You want a smartphone, but you don’t have the money? Then don’t buy it,” Muller explains.
A lot of debt comes about when people “crash” their shopping addiction and splurge on the fleeting pleasures of making purchases.
“Leave a note in your wallet that says – do I really need it?” to avoid the phase of “squandering money too much, friends.
3. If you’re stuck in debt, don’t avoid paying it off
Before looking for a quick fix to pay off debt, it’s important that you review the situation and come up with a clear repayment plan. Otherwise, you could make the mistake of creating new debts to pay off. old debt.
Muller emphasizes that you should write down all the debt you have. Then think about how much you can pay each month and calculate based on this number how long it will take you to pay off your debt. Muller recommends using half of your money to pay off debt and the other half to save.
Many people advise paying off debt before starting to save, but Müller disagrees with this view. He commented: “Your wealth, no matter how much, increases by saving‘, so the advice here is that you shouldn’t spend all your money paying off debt and then thinking about saving.
4. Actively contact creditors
Muller recommends being proactive and contacting your creditors before they contact you.
Muller explains: “This sets you apart from most debtors and thereby earns the creditor’s trust.”
If you can’t pay, it’s better to openly discuss this instead of waiting for them to call you to ask for an explanation of the non-payment.
He explains that your honesty can be exchanged for a number of favors, such as an extension of your payment period or a reduction in interest. No illusions about your own wealth:
5. Stop fantasizing about your own wealth
The next financial rule that Muller wants to teach is to stop fantasizing about your own wealth. You yourself need to make a clear distinction between images of expensive cars and billion-dollar watches that have nothing to do with the millionaire mindset and mentality.
The path to financial freedom lies not in the size of your spending, but in conscious consumption.
“Do you really need to spend two or three months’ salary to go on vacation somewhere far away, when you can rest somewhere close to home, the quality is the same but the price is more affordable?” Muller said.
Exercise self-control and increase awareness of temptations
Each person has a different personality, interests and lifestyle, so an individual’s temptation will also be different.
If you can’t control yourself in shopping, just don’t walk through all the stores, malls,If online shopping is your problem, you can use apps to temporarily block your access to the online store.
Finding alternatives to the hasty solutions that temptation brings can sometimes be difficult, but if you persevere, the fruits will surely come!
at Blogtuan.info – Source: cafebiz.vn – Read the original article here
