Your income and wealth are merely a reflection of your personal life and that’s why if you want to be a millionaire you need to have the skills of a millionaire here we will discuss 7 millionaire skills that you should must have.
Stop watching the news
The first millionaire skill that you need to learn and this one might really really shock you is stop watching the news. Now there are a few reasons for this the first one is you already have so much on your plate right as you’ve already got a big task in front of you which is you know becoming a millionaire. You don’t need all these additional extra inputs and stuff like that and quite frankly look there’s nothing that’s going on in the news that you’re going to be able to affect change in this world as harsh as this sounds the only way that you can affect changes if you have money or you have an audience.
You don’t have either of those things like you’re just trying to you know before you can take care of other people and deal with world issues and this and that. Anything on the news it’s first of all not gonna affect your life. Like you know even when everyone argues about what president is and this and that like those do have some changes but like in your personal life for the goal of just trying to get to where you want to get to I can tell you has no difference so that’s the main reasons you’ve got so much on your plate and you’re not really going to be able to affect change out there in the world based on the news. News is not particularly going to affect you at your stage and lastly and you’ll learn this as time goes on you can’t trust the news.
Learn a high-income skill
From the list of millionaire skills second is to learn high-income skills Now, this is truly the basis of everything that you want in life, and even better than that not learning one high-income skill but learning multiple high-income skills and stacking them together. I mean you can almost imagine lego blocks the more of these high-income skills that you can stack the more money that you’ll make.
So when you’re looking at something and you’re deciding hey should I put my time and effort into this should I learn this skill ask yourself is this a high-income skill is this a skill that will continue to pay me over the years? You know a couple of examples of high-income skills is learning online marketing coding uh content creation sales millionaires have high-income skill that is valuable to the marketplace. Multi-millionaires have multiple high-income skills that are valuable to the marketplace now I know that this is easier said than done and you might be stuck as to like hey where do I actually get started?
The next millionaire skill is learning to say no
In the millionaire skills list, 3rd skill is Something that I was amazing at growing you get distractions and you get opportunities and you just you start to pile on a little bit more things in your life but it’s so important to stay disciplined and say no to 99.9 of things. Why because when the right things come up you want to make sure that you actually have the bandwidth and the space in order to go all-in with those opportunities.
Learning to say no is one of the best skills you could learn in your life and especially when you’re first starting out. It is so important to learn to say no to your friends I want to go out and the party learns to say no to favors you know you don’t always have to do favors for people and also very importantly learn to say no to certain opportunities. If you’ve already committed to one and you know that it’s the right thing to get you to where you want to get saying no is a way to have respect for yourself as well as what you’re trying to accomplish and who you’re trying to become in life now.
Travel but travel less
Now traveling to put yourself in a new environment can actually be incredibly productive for you in fact people spent a large portion of their year in cape town to just kind of get away from the noise and it’s a great place for them to sort of work and focus. The key is they go there for two to three months when they actually go.
Now you might be wondering why did you include this as the fourth millionaire skill from the list of 7 millionaire skills and that’s because I’ve seen something that really really trips people up and it’s not when they first start it’s when they make their first hundred thousand or two hundred thousand or three hundred thousand. They make those sorts of numbers you know they make six or multiple six figures and then they’re like you know what this is cool but they are traveling and doing this you know and they start traveling around the world. They’re flying every two weeks or three weeks and they’re sort of nomading and they have to constantly adjust to the new environments they have to find a gym they have to find you know restaurants. They have to find a local supermarket.
know here’s the thing if you want to make 100k a year or maybe even 200k a year that’s awesome then you know for sure uh do your digital nomad thing.
For someone who’s just starting out and said it’s really important to have that stability of environment you know and just having your environment optimized so traveling is fine everyone needs to travel just be a lot more conscious. Also when you travel try to travel to places where you’re going to be spending the same amount of money as wherever you live or potentially even save money by traveling.
If you actually want to get anything productive done and that is Bali it’s very difficult with time zones it’s in a very weird place in the world that’s number one number two just sort of the nature of it it’s like everyone’s in shorts and flip-flops. People spent a lot of time out there and they spent extended months out there. It’s just a very hard place to really really scale up your business and make that first million so as I said I wanted to include this as millionaire skill number four because I see a lot of people not when they’re first starting out but once they make an initial decent amount of money.
Start investing today
From the list 0f millionaire skills, the 5th skill is to invest. everyone should have to Listen to become a millionaire the most important thing is to learn a high-income skill and build a business. Now to stay a millionaire and then also multiply that wealth and continue to live the lifestyle of a millionaire over the future years the most important thing is to invest. Let me tell you something a lot of people aspire to make a million dollars but the issue is, first of all, you have to pay taxes that’s the one but let’s say you even make it you know uh after taxes in that right so you have a million dollars.
So either you live like a millionaire right and you’ll spend you know hundreds of thousands a year let’s say you know if you really want to live a good lifestyle uh fly business class and first class everywhere and stay in really nice places and dress in really nice stuff and have a nice car a nice watch sort of like millionaire lifestyle. You’re gonna spend 300 or 400 or 500 000. It’s very easy to even spend a million or two million a year. Let’s say you spend 400 000 a year well you can only sustain that for two and a half years or what you do is you live off your passive income.
Let’s say you make anywhere from a seven to ten percent return that’s very very reasonable with some of the options out there right now. So yeah let’s say from a million dollars you now yield seven to ten percent so you can only live off seventy to a hundred thousand dollars. A year which you can live very well for sure but like that sort of image in people’s mind of like millionaire lifestyle that’s not you know you’re not gonna be able to live like that off. You know making your first million dollars after tax so that’s why it’s important to keep growing your income and keep making money and then invest it. That’s a way at some point your investment portfolio actually lets you live that millionaire lifestyle.
Investing isn’t sexy and it’s not the best tool in your arsenal for the offense you know building your business is and continuing to grow your business but it’s not only about the offense. It’s about defense too when you invest your money you also don’t spend as much because you actually have a place to put it now. I know a lot of people say that well you know you could just save and you can just put in cash but it’s just at some point you’re like that it doesn’t bring you anything. Even if it doesn’t bring you any yield it’s not exciting it’s just sitting there are numbers in your account going up whereas when you invest in you know you see your portfolio rise and you know especially if you start earning passive income from it and exactly how much you’re making every week or every month from the passive income it becomes so so so addictive.
Invest now whether that’s crypto whether that’s stocks whether that’s even having stable coins just you know earning you passive yield every month or even alternative investments like NFTS watches or any sort of collectibles whatever it is start investing sooner rather than later. By the way, I don’t care if you make a thousand dollars a month that’s it doesn’t matter to me still invest 200 of it because really it’s about getting in the habit because once you get to a point where you’re making a hundred thousand dollars a month which trust me it’s probably a lot sooner than you think if you get to that point in life then you have the habit of investing at least 20 of your income.
I mean at 100 000 a month it should be even more than that and you’ll be surprised there are a lot of people out there who make millions a year but spend millions a year so start investing.
Get a really good tailor
It might be the funnies skill from the list of millionaire skills is getting a good tailor. Now once again this may be one of those skills where you’re kind of scratching your head and going why have you included this? It’s for a simple reason once people start making money I see people waste so much money on expensive clothes and designer brands that when instead all you had to do was go to a good quality stuff shop or quality brands take an item from there to take it to your tailor and depending on the item it’ll cost you anywhere from 20 to 40 dollars per item is that you don’t need to go to the most expensive tailors and you will look like a million bucks rather than wasting all this money on brands.
So clothes are such a waste of money but at the end of the day, fashion is a big part of our life. You would take all this cheap or at least relatively inexpensive clothing and you would take it to my tailor and you would look way better than the people who spent 10 times as much as I did but they didn’t bother to get their stuff altered or tailored. So I could have called the skill like they just don’t spend money on designer brands but they said to get a tailor and you’re gonna look way better than the people who are spending ten times as much as you in any case as I said clothes are an inevitable cost in life but you might as well be a little wiser when you shop.
Use credit cards and get rewards
Start using credit cards when you just turned 20 and not only just credit cards but even just like loyalty programs for things that know a day’s everyone is using often and stuff like that like people have started way sooner or you know even just registering profiles at different places. This will help you to get loans and different offers depending on your credit card history as everything is in the bank record of how much you spend so they trust you and give you loans based on that. People also get upgraded at so many hotels because of their cards as well and there are tons of great other benefits and rewards as well that come with it.
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