There’s a lot of false information on the web about how to make extra money and reach the coveted “millionaire” status. While much of this information is accurate to a point, there are some misconceptions about what it takes to become wealthy or to have financial resources in abundance. Here’s why purchasing coffee isn’t keeping you from becoming a millionaire.
Discipline is the Most Important Trait
Your coffee habit probably does cost you a larger amount of money per month than you think, but it certainly isn’t the blockade that’s preventing you from obtaining millionaire status. Many of the world’s millionaires share one unifying trait: discipline.
Why is discipline so important? Discipline is what gets you up in the morning; even when you don’t want to leave the comfort of your bed. Discipline says, “Don’t spend that extra $50 on clothes this month!” when you really want those new shoes. In order to become financially secure, and perhaps even wealthy, discipline is a trait that you must master.
Self-discipline creates good habits, and once you’ve established a good routine, you’d be amazed how much easier those seemingly monumental tasks become (like getting up early in the dead of winter to get an early start to the day).
Managing Finances
Discipline comes in many forms, and a branch of the disciplinary practice that you’ll need to include in your personal regimen is financial discipline. Financial discipline helps you save when you want to spend. It also requires that you pay your bills on time, in full, every month.
Managing finances isn’t everyone’s strong point, and it’s understandable that sometimes things can fall through the cracks. If you’re struggling to get your finances together, you may benefit from the services of a financial advisor. These professionals will help you identify your key expenses and create a working budget to help you reach savings goals. You can compare financial advisors in San Antonio on Carefulcents.com.
Creating Passive Income
Passive income will help you toward financial independence by generating profits even when you’re not working. Making money while you sleep is probably the best way to boost your financial standing and work towards millionaire status.
Passive income can be obtained in a variety of ways, from creating an e-commerce site to making the right investments that can multiply your initial balance. With passive income, you can easily double or triple your current income once you get a solid customer base established. What could you do with three times your current income?
Growth and Expansion
Once you establish your brand, growth should occur naturally; but you’ll still have to put some effort into marketing and drawing in new customers. Don’t make the mistake of thinking that growth should only occur within your business, however.
Personal growth is a key component of securing the financial future you’ve always dreamed of. Along with discipline, you’ll need to master other skills that can help push you towards your goals. Not great with management? Take a management course or read up on modern management techniques. Struggling with marketing? The same rules apply.
The more you perfect your craft, the more rewards you’ll be able to reap in the end; making all your efforts worth it when you make your first million. Never underestimate the power of determination, skill, and discipline. These three traits, when mastered, can help you get to your goals and beyond.
Keeping the Vision
While you’re drinking your morning coffee, it’s important to remember why you’re at the coffee shop or sitting in your kitchen at six in the morning. Your vision should always be present in your mind. What are my goals? How am I going to reach them? What do I need to do to get there? Keeping these things at the forefront of your mind will grant you an extra burst of motivation when things start to go downhill.
Make no mistake, you will encounter obstacles along the way. You might even encounter certain obstacles that make you feel like all hope is lost, and your vision is nothing more than a fairy tale. It’s in those times that determination and discipline mean the most.
If you fail to reach a financial goal one hundred times, and you finally give up, you’ll never reach that goal because you’ve stopped trying. If you give yourself that extra push to try one hundred and one times, that very well may be the one extra attempt that it takes to reach the goal.
Failure does not have to be a negative experience. It is only through our mistakes and setbacks that we learn what it truly means to succeed, and what power holding the vision can have. Remember, you are always just one decision away from an entirely different life. If your goal is to secure financial freedom and reach millionaire status, don’t put down the coffee; put down the TV remote and go make it happen.
The Take-Away
The bottom line is to enjoy your coffee, or whatever else makes you happy. Your monthly coffee bill isn’t keeping you from being a millionaire. In fact, it’s more likely a lack of personal discipline, skill, or motivation; all of which can be learned. Always improve on your best by reading, attending classes and seminars, and most of all, remember to hold the vision. When things get tough, the vision is what keeps you tough.
