According to Millionaire best-selling author Philip J. Miller, the only thing that prevents you from becoming a millionaire is your own perception of what it means to be rich. Muller explains in his book Geldrichtig that anyone can become a millionaire if he learns to think like a millionaire. It is believed by people that the rich waste all their money and their success is solely by chance or fame and become rich as a result of movies and brief stories. According to Muller, the reality is very different. To be a true millionaire, you need to adopt a conscious attitude of consumption. There, consider whether you really want what you are buying and if there is a cheaper alternative.
Saving money, avoiding debt, and adjusting urges are just a few of the actions needed to develop this idea.
Müller shared his wealth-building advice with GQ Germany.
1. Savings are essential.
It’s a matter of thinking if you want to spend money on your fifth pair of sneakers today because you suddenly felt you really needed them, even though you actually only used them once. Short-term satisfaction and long-term satisfaction are a toss-up. It will definitely be difficult to understand that you can always save. For example, Müller is completely against eating out. He said many people don’t understand how much money they can save by bringing food and drink from home to work. According to Mueller, a cup of coffee in a bar can cost a few dollars, but making your own at home costs only a few pennies. This is an idea that you have to cultivate over time.
2. Avoiding All Kinds of Debt
Take what you’ve learned about savings and apply it as opposed to debt. Don’t spend money you can’t afford. It’s a basic guideline to prevent you from succumbing to capriciousness. I want a smartphone, but is there a way to buy it? If you don’t want to buy it, don’t do it, Müller explained. People are obsessed with the fleeting joy of buying and have a lot of debt. Take a note in your wallet and ask yourself. Do you really need this? Eventually, you’ll start asking yourself that question, and you won’t need a note, Müller said.
3. If you are in debt, do not bury your head in the sand.
It is important to evaluate the problem before looking for a quick solution to get out of debt. Otherwise, you risk making a new commitment to pay off your previous commitment. According to Muller, you should write off all your debt. Then calculate the amount you can pay each month and multiply it by the number of months it takes to repay the loan.