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7 Financial Tips from Millionaires

Blog Images - Impact-Feb-13-2023-07-13-36-5426-PM

7 Financial Tips from Millionaires

Financial advice seems to be offered everywhere, but how do we know it’s legit? Why not take advice from those who have proven they know a thing or two about money, lots of money?

1. Start Saving Early.

Save, save save. Having a solid reserve of cash that you can tap into in an emergency goes a long way. Set up automatic savings. Every time you make a deposit, have a feature set to transfer a certain amount to your savings. You can start small, but we bet you won’t notice the change. Before you know it, your savings account will grow.

2. Discover your passion.

Do not have a mindset that thinks the only way to achieve happiness is to become rich. Enjoy your life and find out what you are passionate about.  The more income streams you can create, the more financially secure you will be.

3. Never stop learning.

When you continue to learn you can use this to look for other income streams. Passive income opportunities typically come with little time and effort. Can you rent out a room in your home? Could you take on a rental property or start an Airbnb? 

4. Play a bigger game.

Do things that you are afraid to do. Look at what you have been putting off due to fear of failure. Be ok with failing. Everyone has to start somewhere, and often times we learn the most when we make mistakes. Building wealth takes time and discipline. Stay focused on your financial goals and avoid making impulsive decisions that could harm your financial situation. 

5. Good investments take time.

The amount you'll need to invest in becoming a millionaire depends on where you are in your life. Start by investing a proportion of your income every month. Consider investing in a mix of stocks, bonds, and real estate to spread your risk.

financial tips

6. Surround yourself with the right people.

You’ve heard the phrase, “it takes a village” well, what if we told you that to achieve personal and professional growth, your best bet is to surround yourself with people you can trust? Attend workshops and seminars to learn more about investing and money management. Stay informed about personal finance by reading books, blogs, and articles.

7. Avoid Unnecessary Spending and Debt.

It's tempting to increase your spending as your income grows, but resist the urge. Every dollar you spend on something you don't need is one less dollar you can invest. Try to always live below your means, and don’t take on high-interest debt. A simple step would be sto stop buying things you don't need. 

Before you tap your card, ask yourself the following:

"Is this something I really need?"
"Do I have something similar already?"
"Do I want this more than I want to become a millionaire?"

Sometimes to get on the right track, you need to get help from a professional. A financial advisor can help you choose investments, set up a budget, and make plans to reach your goals.  

To gain wealth, you'll need discipline, a plan, and, in some cases, good advice from a registered professional who can help push you in the right direction to reaching your goal of becoming a millionaire.


One more way to save money and build your savings would be to join Impact Health Sharing, where members report savings of hundreds each month! The numbers say it all. See pricing my clicking the button below!