Back in 1999, a game show debuted on TV asking, “Who Wants To Be A Millionaire?” Most would answer that question with another question, “Well, who doesn’t?”
It’s quite a process and takes some luck to be a contestant on the show in America. Then, if you make it on the show, very few have won a million dollars throughout the twenty seasons.
You Need A Millionaire Mindset
Different from competing on a game show, if you want to be a millionaire, you need a millionaire mindset. Brian Tracy, a well-known motivational public speaker and self-development author, wrote the following about the millionaire mindset:
“This millionaire mindset, the very act of focusing on your money, will dramatically improve the decisions you make with regard to it. Wealthy people who invest more time planning their finances invariably make better decisions, get better results, and achieve financial independence.”
In an earlier iFlip blog, a reference to the 2018 American Time Use Survey found that Americans spend their time on things other than personal finances. They watch almost three hours of TV per day compared to less than two minutes managing their household finances.
How Do You Spend Your Time?
Compare how much time you watch TV to the amount of time you spend on your personal finances. Then think about the millionaire mindset and what wealthy people do.
Said Tracy, “Wealthy people spend much more time thinking about their finances than people who remain poor. The average adult spends 2-3 hours each month studying and thinking about their money, usually at bill paying time. The average self-made millionaire, by contrast, spends 20-30 hours per month thinking studying and planning his finances.”
Most Would Like To Be Wealthy
A post on Forbes by Jack Kelly says, “Most people would like to be wealthy or at least financially secure. It’s not just the money, it’s what having the money represents—the ability to take care of your loved ones, not having to worry about the bills and enjoying some travel and nice things.”
He encourages a millionaire mindset by thinking and acting differently. To do this, you must have strong commitment, work hard, defer gratification and live beneath your means.
Anthony ONeal noted on Fox Business, that you must stop comparing yourself to others. “You’re more likely to go over your budget and spend money on things you don’t need when you’re trying to keep up with someone else (or someone else’s Instagram feed).”
“It’s always better to have money than just look like you have money,” remarks ONeal.
Besides the tips offered on the posts listed above, an online search adds other ideas for acquiring the millionaire mindset. At iFlip, personal retirement planning and investing are the best ways to incorporate your millionaire mindset.
Get Rich Slow
It’s best to invest long-term. Warren Buffett has reportedly said that more people don’t invest as he does “because nobody wants to get rich slow.”
See related article 2nd Richest Man
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Reduce Risk – Grow Wealth
iFlip’s A.I. SmartFolios are designed to reduce your risk in the market and grow your wealth over time. Because the machine learning algorithms are set up for a long-term growth strategy and not a short-term, you can grow your money slowly. Just like Warren Buffett recommended.
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At the end of the day, iFlip is the most effective and highly efficient mechanism for the average person to invest in the stock market. Using the algorithmic trading software in iFlip’s A.I. SmartFolios, begin your personal retirement planning and investing today.