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6 Habits to become the first 💰millionaire💰 in your family!

6 habits to become and stay a millionaire.

September 15, 2024

In partnership with

Hi Girlie, 

“I’m a millionaire 💲💲💲 now, yayay!!” aaand then the alarm goes off!! ⏰ 

Do you see these dreams, too?                     

Being a millionaire goes far beyond just finances; it’s a lot of mindset shifts and personal develop combined with inspired action. 

Here’s the top 6 habits that will bring you steps closer: 

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6 Habits to Make You a Millionaire (and Stay One) 🎀 

✔️ Make your money work for YOU

Don’t let your money sit idle. Period. It has to be invested to grow. Invest in stocks, real estate, REITs, buy a business, etc. Why?

Stocks: These represent ownership in a company. When the company does well, the value of its stock can increase, leading to gains.

Real estate: This is all about owning properties. You can rent them out for cash flow or wait for them to increase in value by owning your own place. It's like owning a piece of the city!       

REITs (Real Estate Investment Trusts): These are investment companies set up to offer a way to invest in real estate without directly owning properties. Fully managed cha-ching.

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✔️ Be obsessed with your goal

Know what you're chasing. What do you really want? Get specific and put it into cold, complex numbers. Be clear on your why — the reason that'll keep you motivated when things get tough.

Short-term goals: These are smaller steps that help  progress towards your larger goal. For example, if your long-term goal is to save $100,000 for a down payment on a house, a short-term goal could be to save $5,000 in the next three months.

Long-term goals: These are your ultimate aspirations. They should be challenging but achievable such as becoming a millionaire, starting your own business, or retiring early. 

✔️ Don’t give in to lifestyle creep

Firstly, what does it even mean? Lifestyle creep is the concept of spending more as you earn more. This leaves you constantly in a feast-or-famine zone. 

The easiest way to lose all the money you make is to compare other people’s lives with yours and try to upgrade to compete. Our best advice: DON’T keep up with the Kardashians! XD 

Make a list of your wants and needs. If you’re unsure about a purchase, wait 30 days before you buy something. If you still want to buy it, go ahead; if it’s a fluff purchase, you’ll understand your deeper motivations. 😉 

✔️ Build multiple income streams

Okay, let's get real. Living paycheck to paycheck is like being stuck on a hamster wheel. So, what do you do? Build multiple income streams for yourself. 

Ways to build Active income streams: Freelancing,  working on your side hustle, tutoring, etc.  

Ways to build Passive income streams: Having dividend-paying stocks, HYSAs, ETFs, etc. 

✔️Choose appreciating assets over depreciating assets

Appreciating assets: Over time, these assets tend to increase in value, providing you with potential capital gains. Examples: Real estate, stocks, precious metals, and collectables.

Depreciating Assets: These assets lose value over time due to wear and tear, obsolescence, or other factors. Examples: Cars, electronics, and furniture.

Prioritize the first appreciating kind! These require patience and a long-term strategy but are part of the winning formula

✔️  Hang out with the right people

THIS IS THE MOST IMPORTANT PART OF THIS ENTIRE NEWSLETTER BABE. You are the sum of the people you hang out with. So, focus on these 👇 

Look for friends who have a positive outlook on life and encourage you to do the same. Avoid the TOXIC! 

Connect with people who share your values, goals, and interests. Having friends who understand and support your aspirations can make all the difference.

And, surround yourself with growth-oriented individuals who are constantly learning and growing. What you are around is what you become. 💅 

Big sis advice comin’ in hot 🥵

Remember girlie, the real game to becoming a millionaire, and staying one too, is the game you’re playing in your own mind. You have to believe it until you become it.

To reinforce belief, you have to take incremental actions and create habits that align with the new persona. These habits, overtime, will help you maintain devotion towards your goals and new lifestyle. 

Parting words: Life’s a marathon, not a sprint! A long one at that. Pace yourself, enjoy the journey, stay curious and HAVE FUN. You don't suddenly wake up a millionaire. Might as well enjoy the ride.

Virtual hugs 🤗 

Xo,

The Girls @Girls Who Excel 

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