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They also have enough perseverance to avoid " lifestyle creep " — the tendency to spend more whenever one earns more. By spending below their means , millionaires are able to commit to saving that well-earned income, which is the heart of building any wealth. A portion of this 20 per cent goes to millionaires' favoured investing strategy : Low-cost index funds, which are recommended by experts like legendary investor Warren Buffett for their minimal risk and cheap costs. It's then that millionaires can begin to move beyond simplicity and look for additional investment opportunities like real estate.

Just ask Dana Bull , a realtor and real-estate investor based in Massachusetts. After becoming a landlord in her early 20s when she bought a condo and rented it out for extra income, she now owns more than a dozen rentals — and thinks that real estate is one of the best ways to build wealth. The financial advantages of investing in real estate are plentiful, according to Bull: Positive cash flow, appreciation in terms of housing values, leverage, and tax advantages.

This story first appeared in Business Insider.

Read it here or follow BusinessInsider Australia on Facebook. Skip to navigation Skip to content Skip to footer Help using this website - Accessibility statement. Property Print article. Hillary Hoffower.

11 Ways to Achieve Your Financial Goals

While doing this they keep their spending under control, creating an ever-widening financial gap between what they make and what they spend. They invest in index funds to add even more growth to their finances. As this cycle continues and feeds itself, they look for additional sources of investment and real estate seems a natural fit for this extra cash.

This leads to the strong career income John spoke of. Auction boss Gary Singer gives up Sotheby's real estate name. Abacus buys North Sydney tower as precinct takes off. How London's getting Frenchy and chic thanks to Australia. This new eatery serves 5-star dishes on 2 billion-year-old plates. There are thousands of straight-A, top 25 university graduates every single year. Getting a job on Wall Street was like winning the lottery for a kid coming out of a non-target public school.


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I went through seven rounds and 55 interviews over a course of six months before getting the offer. Your job income is the 1 main source of wealth for most people. Stop making excuses why you need to buy a nice car and nice clothes. The base you build in your 20s will provide tremendous returns for later on in life.

If you stay consistent over the years, you will get there. Working hard takes NO skill. I promise you that if you wake up by 5am every morning, work one to two hours before the rest of your peers and work another one hour after your peers have left, you will get ahead!


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I generated millions of dollars in revenue, built a solid network of internal supporters, and was a workhorse by coming in by am everyday for my first two years and leaving at pm-8pm on average. Sometimes I even left work at 10pm. Did I sacrifice some of my social life?

Of course I did. But, I also partied hard many weekends goodness knows! If you are reading this post, chances are you have clean water to drink, shelter, internet and a legal system that protects your rights. There are millions of people in the world who are starving every single day. There are those who live in fear of dictators confiscating everything they own. What is your excuse? Spend 30 minutes every day by yourself in meditation coming up with a better business model for your company or for own business.

Spend four hours every weekend in the office studying up on new things that will help improve your standings with your clients. You can even start a blog and work an extra 30 hours a week online before you have a family and generate some healthy revenue if you wish. Was I lucky? Hell yes!

9 Secrets of Becoming a Self-Made Millionaire (on a Low Income)

But, I did my research and was I willing to put my balls on the line to try and make some money. As a poker player I know this feeling all too well. Lock it up. Protect yourself from yourself! Continuously diversify your income streams and build passive income. Sure, you can get your face ripped off if you bite off more than you can chew. But trust me when I tell you that thanks to inflation, your debt payments will seem insignificant five years afterward.

Five years later, you will be happy every month when you get to charge a rent that is much higher than the interest portion of your mortgage.

10 money rules that helped me become a millionaire at 28

Property is my favorite asset class for young people to build wealth. I sometimes feel guilty raising the rent, but remind myself, I was the one who took the risk, put down the downpayment, and nobody forces anybody to rent my place. I want to invest in the next San Francisco Bay Area over the next 20 years, and lower cost of area cities like Memphis, Austin, and Salt Lake City look attractive to me.

Stay humble despite amassing a fortune.

Principles to Adopt

Make people believe you are younger and poorer than you really are. I drive a 13 year old car and wear t-shirts, jeans, and a baseball cap most of the time. The only people who want attention are those who are insecure, not not really rich. You can make big bucks through a day job or by starting your own online business. Better yet, you can do both. While I was working in finance, I launched Financial Samurai as a personal journey and worked on it before I went to work and after I came home.

After almost 10 years of writing, Financial Samurai provides a nice supplemental income stream to my passive income investments. People think that all it takes is good work to get recognized, paid, and promoted. This is absolutely false!

The four steps

You must sell yourself internally as much as you sell yourself externally. Once you have someone with significant power on your side, your entire career gets that much easier. Your greatest money making asset is you. Education is worth more than any material thing you can buy. My studies in college and grad school taught me how to market, negotiate, communicate, analyze investments, and influence. Thankfully, you can now learn most everything for free thanks to the internet.