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the millionaire mindset

Posted on 02. Feb, 2010 by dara in penny pinchin'

Many times we fail to become wealthy or develop a healthy relationship with money because our mindsets aren’t right. In 2010, I’ve challenged myself to start developing a healthier relationship with money and build better money habits that will last a lifetime. Every year we make vows to ourselves to do things differently, and every year we start the next year by saying the same thing. It’s like a never ending cycle. Read on to find out how to set a millionaire mindset for yourself in 2010.

A recent article published on RichmondBizSense discusses the 7 steps to a millionaire mindset. And I will admit that most of them aren’t anything that we haven’t heard before. However, the author discusses how to make a healthy habit by adapting one principle to apply at a time. Instead of overwhelming yourself with too many goals, aim to accomplish one and continue accomplishing it all year thus, building a habit. Then choose a different rule to apply and make a habit the following year. Continue on until you’ve successfully implemented all the rules into your lifestyle. The author suggests going through the 7 rules in order, and stopping at the first one that you don’t currently practice. Start with that rule and continue down the list. Click here for the full article, which is a quick and easy read. I recommend bookmarking the page or printing it out to keep you on track.

Below are the 7 rules for the millionaire mindset. Visit the article for more in-depth information.

1. Resolve to be and stay debt free.
2. Compute your net worth once a year.
3. Automate your savings enough to get the entire match that your company’s 401(k) plan offers.
4. Fully fund your Roth IRA, which in 2010 will be $5,000 for the year or $6,000 if you are age 50 or older.
5. Save an additional 5 percent of your salary in a taxable account.
6. Save an additional 10 percent for charitable giving.
7. Save an additional 10 percent in your taxable account for periodic expenses.

Before you click away without giving this more though, please print the article and read through it. Implementing at least one of these rules can make a major difference in your financial future.

Image courtesy of primermagazine.com

Tags: how to be rich, how to become a millionaire, millionaire mindset, richmond biz sense, saving money