Simple Ways to Live like a Millionaire Without Being One.
Michael Kissinger
Common Sense-No BS-High Performance Executive-Business-Financial-Transformation-Success Expert for Building Business, Net Worth Abundance or Turning Your Life Vision into Reality. Helped Thousands Generate Millions
Do you have visions of fast cars, beautiful people, sipping wine in the tropics, or living in a McMansion?
Becoming a millionaire is no easy feat. It requires hard work, discipline, and the ability to strike when the iron is hot. But it also takes a change in your mindset. If you start thinking like a millionaire now, you’ll be in a much better position to harness that hard work and discipline when the big opportunities arise. Some might call that luck.
Develop a growth mindset. Living like a millionaire will only be possible if you become a lifelong learner and consider each failure a steppingstone to success. Keep reading books, exploring new industries, talking to all kinds of people and getting 1% better daily. Never lose momentum and hope.
You don't have to be a millionaire to live the millionaire lifestyle. You can live the millionaire lifestyle on a middle-class budget. Here's how you can live like a millionaire even if you’re not.
You have a lot more in common with people who are millionaires than you think. It’s true that sometimes the rich have pricier homes, cars and vacations. But when it comes down to the really important things – like health, family, general level of happiness and sense of well-being you may already be there.
Mastering these 4 Ways isn’t guaranteed to make you rich, but it is certainly going to get you on the right path.
The Millionaire Lifestyle
What is the millionaire lifestyle?
Is it yachts, millions of dollars in your investment account, exotic vacations and big mansions? Or, is it something different? I think most people think of the millionaire lifestyle as what I just described.
To us it means something completely different. If we had to put it in my own words, we would describe the millionaire lifestyle as being able to do what you want to do, when you want to do it, and with whom you want to do it with.
In one short phrase, the millionaire lifestyle to us means FINANCIAL and TIME FREEDOM.
It means you have enough money coming in and put aside, so you aren't constantly worrying about money. It means you have enough money to do the things you really want to do without worrying about the cost. And, you have the TIME to do the things you want to do.
There are TWO ways to live the millionaire lifestyle.
First off, you could become a millionaire. There are many ways to do that. By being a good steward of your money, working hard, and having a solid financial game-plan, many people could become millionaires over a 20-30-year period of time. Some people could do it even quicker.
However, we want to share you a faster way to live the millionaire style without actually being a millionaire. What we going to describe below is something you can do in a relatively short amount of time, maybe two to five years.
· Four Things You Need to Do to Live Like a Millionaire Without Being One
# 1: Create Residual Income
Your # 1 objective if you want to live like a millionaire without being one is to develop a SOLID residual income. Without residual income you will always be struck trading hours for dollars, regardless of your profession. You will always be at the mercy of trading time for money, regardless of how much you earn per hour.
Residual income is money that comes in month after month, for something you did one time. Network marketing is my personal favorite way to earn residual income. However, there are other ways to earn residual income such as selling insurance, investing in real estate, book royalties, music royalties, investments, etc.
Instead of changing careers or getting a second job, it would be in your best interest to create a side hustle that gives you tax advantages and helps you create residual income. Keep working on your residual income until it surpasses your monthly living expenses. Once that happens you become financially independent.
# 2: Eliminate Debt & Reduce Your Monthly Living Expenses
Debt is what keeps most people stuck in the grind doing jobs they hate and not living a life aligned with their purpose or passion. People make more money, spend more money and go deeper into debt.
As a result, they have to keep working harder to support the debt funded lifestyle they have created for themselves. This is a never-ending cycle that traps most people for their ENTIRE adult life.
Don't let that happen to you. Write down all of your debts and come up with a game-plan to get out of debt in the next 12 to 36-months. You can do it if you set your mind to it.
Also, stop going into debt. If needed, cut up those credit cards and only pay cash for stuff.
My mentor once told me this:
If you can get out of debt, and stay out of debt, and simply build up a $5,000 to $10,000 monthly residual income, you will live better than most millionaires.
My mentor, Clarke Broome, was a smart man. He was right.
Also, Dave Ramsey has a great book with a detailed plan on how to get out of debt. The name of the book is The Total Money Makeover. I highly recommend it. Read that book and follow his action steps.
Finally, evaluate each of your living expenses. Are there certain things you could eliminate or reduce the cost? For most people, you could save minimum several hundred dollars per month just by reassessing each of your personal and household expenses.
And remember this, the smaller your monthly living expenses, the less residual income you need to make each month to gain your freedom.
# 3: Live Somewhere Cheap
Not everyone will agree with this step, but we think it's the fastest way to live like a millionaire without being one.
If you live in the United States, or another country with a high cost of living, consider moving abroad. Millions of people have already done this successfully and cut their living expenses by 50 to 90 percent, and sometimes even more than that.
There are many EXPAT friendly countries such as the Philippines, Thailand, Costa Rica, Panama, etc. Whereas a nice house in the United States might come with a $2000+ monthly mortgage, depending on where you live, and sometimes more, you can rent an apartment abroad, in many places, for less than $300 per month.
It just depends HOW WELL you want to live and where you want to live. This one thing alone could eliminate MOST of your monthly living expenses.
Of course, if you have small kids at home, this could be a challenge. However, it is possible. If there is a will, there is a way.
# 4: Decide How Much is Enough
People rarely talk about this step because it isn't sexy. Our society is based on capitalism and we are ingrained to always want more. However, as we've aged and become more mature, we often ask ourselves the following question:
How much is enough?
To us, real riches are being able to do what we want to do, when we want to do it and with whom we want to do it with.
That might not appeal to you. Maybe you want millions of dollars in wealth. Only you can decide what is best for you.
While there is nothing wrong with wanting more, you might want to pause from time to time and ask yourself, would I rather have more time or more money? You can have both, but there should be some type of middle ground.
Final Thoughts
There you have it. These are four things you can do to live like a millionaire without being one. What are your thoughts? Do you agree with our steps or disagree?
Contact us to let us know what you think. We look forward to hearing from you.
Sydney Reitenbach
Michael Kissinger
Phone 415-678-9965
Email: [email protected]