They revealed the 5 secrets to getting rich no matter how much you earn

They revealed the 5 secrets to getting rich no matter how much you earn


FILE PHOTO: Photo illustrative showing $100 US dollars, Tokyo, August 2, 2011. REUTERS/Yuriko Nakao

The only thing stopping a person from getting rich is their own idea of ​​what it means to be rich, according to millionaire and bestselling author Philip J. Muller.

to: Infobae

In his book Geldrichtig – German for “The Right Money” – quoted by Business Insider, Müller explains that anyone can be a millionaire if they learn to think like a rich person.

Movies and “get rich quick” stories have led people to believe that rich people do nothing but spend money and that all their success is due to luck or fame. The reality, according to Mueller, is different.

Leave a note in your wallet that says: Do I really need this?
Becoming a real millionaire means, among other things, building a conscious consumer mindset: thinking about whether you really want what you are going to buy, if you need it, or if there is a cheaper alternative. Saving, avoiding debt, and controlling impulses are also essential, other than trying to increase income and investment.

1. Saving is essential

Muller recommended cultivating the habit of saving from the first moment and applying it at all times.

“It’s about asking if you want to spend that money today on your fifth pair of shoes because you suddenly feel like you really need them, when in fact you only use them once,” he said.

The battle between short-term gratification and long-term satisfaction is fundamental. The author takes it to an extreme, like being completely against eating out.

“A lot of people don’t realize how much money they can save if they choose to bring food and drinks from home to the office,” he said.

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Muller explained that having coffee at the bar can cost a few dollars, while making it at home only costs a few cents. This is the kind of mentality to adopt little by little, according to the teacher.

“It comes down to thinking about whether you want to spend that money today on your fifth pair of shoes because you suddenly feel like you really need them, when in reality you only use them once.”
There are many tricks you can use to save money in your day to day life. For example, it might be a good idea to check out things like Spotify or Netflix and other subscriptions that become a fixed expense without having much of an impact on your quality of life.

2. Avoid any kind of debt

For the author, it is necessary to carefully listen to everything that is said about saving and apply the opposite with debt. You should never buy something that cannot be paid for. It’s a rule as ridiculous as it is ordinarily violated, that once you apply it you will save many quirks that are almost zero interest costs.

“Do you want a smartphone, but don’t have the cash to buy it? Then don’t buy it,” explains Mueller.

Many debts occur when people become addicted to the fleeting pleasure that comes from buying.

For Mueller, debt cancellation is a priority. But not at the expense of stopping saving and investing

“Leave a note in your wallet saying: Do I really need it? Over time, you will start asking yourself this question, and then you won’t need the note anymore,” Mueller said.

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3. If you have debts, do not fear your head in the ground

Before looking for a quick solution to paying off debt, it is important to assess the situation. Otherwise, you can make the mistake of creating new debts to pay off old debts.

Mueller says you should write down all the debts you have. Next, think about how much can be paid each month and calculate, based on this figure, how many months it will take to pay off the debt. Mueller recommends using half of the money to pay off debts and save the other half.

“Your wealth, whatever it may be, grows through saving.”
Many advise paying off debt before you start saving, but Mueller disagrees. “It’s about thinking like a rich person,” he said. “Your wealth, whatever it is, grows through saving,” he added.

4. Actively contact creditors

Mueller advises that you be proactive and contact your creditors before they contact you.

“This is different from most debtors,” Mueller explains.

If it is not possible to pay, it is better to communicate it publicly rather than wait for them to call you to ask you for explanations of the defaults.”

Explain that if you honestly disclose your financial situation, the other party will usually make you a counter offer, such as an extension of the payment period or a waiver of interest.

This advice is more important if the debt is with an acquaintance.

“If you owe something to someone, it will have negative effects on your life. Money is not just a medium of exchange. It is energy that flows”
“If you owe something to someone, it will have negative effects on your life. Money is not just a medium of exchange. It is energy that flows”

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5. Avoid status codes

When you think of a millionaire, you probably imagine him driving a luxury car and a watch that seems more valuable than home. The author says that these status symbols have nothing to do with the mindset required to become a millionaire.

The path to financial freedom is conscious consumption, not big spending.

“Do you really need to spend two or three months’ salary to go on vacation somewhere far away, where you can rest better somewhere close to home?” Mueller asked.

The path to financial freedom is conscious consumption, not big spending.”
6. Self-restraint in the face of temptation

Seduction takes different forms for each person. If you can’t control yourself while selling, don’t go all out with all the deals. If online shopping is your vice, you can use apps to temporarily block access to online stores.

Look for alternatives to the impulsive solutions that temptation offers you. If your phone is not working, be sure to see if you can fix it before buying a new phone. Or maybe you can see if someone you know can sell or lend an old but in good condition device.

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