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how to become a millionaire
- live like you are poor – drive an older car which is in a good condition ( certified used cars ) , live in an affordable home
- regularly save and invest 50 % or more of your income into stocks – for the long term – you can use index funds if you are not familiar with the stock market
- avoid buying a new car using borrowed money .. if you can live closer to work .. bike or walk to work .. it will keep you fit and give you a good work life balance .. also will save time and money on fuel , car insurance , car maintenance , depreciation ..
- a car is a depreciating asset , the value of a car decreases over time ..
- buy generic / local store brands rather than the branded products – you are just paying for advertising there
- homes in the 1970’s in the usa were around 1200 sq feet in size , today , there are almost twice that size
- banks are interested in lending you money for new cars , new homes , credit cards – they become your owners , while you go into a debt hole
- the more you get sucked in by advertising , the poorer you will be
- the best way not to sucked into advertising is to read more , watch less tv / social media / streaming services
- if you can walk to work or take the public transport .. please do so ..
- try to read a book on the public transport or listen to a podcast / audio book while walking
- upgrade your skills constantly .. keep learning new things .. read books , attend seminars , learn selling skills
- think big .. nobody got rich by thinking small
- get away from your monthly salary paycheck .. get used to paid for results .. no results .. no payments .. offer a guarantee like that
- have multiple streams of income – a job , a blog , royalties from books , music , rent from real estate
- have a source of passive income – an income where you don’t have to spend your resources / time is called passive income
- to have a passive income , do the hard work first , then marketing and then slowly build a passive income from it …
- don’t fear the future , look forward to it – see what skills can be useful in the future..and learn them
- have your money work hard for you .. invest in stocks , bonds , commodities , businesses , own a business outright or a percentage of it
- the fast money can be made with trading in stocks , commodities , currencies , etc …
- if you can learn to trade as a quant trader , it will be good for you .. you can work in a hedge fund
- quant traders use a combination of math , high speed and algorithmic trading to make money
- the best hedge fund managers – the managers of funds in bridgewater associates , citadel make more than 1 billion dollars per year – the manager of bridgewater associates is ray dalio , citadel’s is ken griffin
- in the past , the team of jim rogers and george soros ( fund name was quantum fund ) did very well and george soros made 1 billion dollars betting against the uk pound and famously broke the bank of england
- the best thing about learning trading .. it works at all times ( now and the future ) .. in all countries .. anywhere in the world .. all you need is a cell phone / computer with a decent internet connection
- won’t lie to you – you will not be profitable from day one in trading – but losing some money is part of your learning curve
- find ways to increase your income – start or buy a business
- you can rent out your car when not being used on sites like zipcar.com , turo.com
- you can use your spare time to sell your skills on sites like upwork.com , fiverr.com , take up spare work to work after your day job or on weekends..
- if you prefer to become a cab driver on the weekends – you can do it on sites like uber / ola / lyft .. most of them don’t require a commercial license now – your normal car license will do
- if you like pets and can work with cats and dogs , you can find people willing to hire you on sites like rover.com
- if you have a spare bedroom with bathroom in your house , you can rent it out .. to reduce your housing expenses
you can invest the money from side gigs and put it in the stock market for the long term ( assuming you are in your 20’s and have plenty of time to let your money grow )