The truth is, we are all going to need to be millionaires. I bet you don’t realize it, but to retire and live a comfortable life in 30+ years, you are going to need millions saved. That’s a scary thought for many millennials.
There aren’t any crazy secrets in learning how to think like a millionaire. However, there are a few tips that can help jumpstart your millionaire mind.
1. Millionaires budget everything. They understand how important the budget is to their finances. Millionaires don’t cut corners with budgets as well. They get a system in place and follow it religiously. Even Warren Buffet budgets…and I’m certain he has more money than God.
2. Millionaires always negotiate. Saying this a different way, millionaires don’t like to pay full price for anything. They understand how to negotiate, and that everything in life is negotiable from their cell phone bill to their real estate contract. As a millennial, paying too high of credit card interest can get in the way of you becoming a millionaire.
3. Millionaires diversify. What this means is that they don’t put all their money in one place. As you move through life and gain more money, don’t just think about your 401(k) or IRA as the only place to put your money. Diversify also means that you don’t just buy Apple stock. You have your money spread out in lots of buckets.
Tune in to hear more tips on this week’s podcast.
Be sure to follow us @millennial_money on Instagram and @shannahgame on Twitter. We will be launching our new YouTube channel, Your Millennial Money NEXT week, so stay tuned.
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