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16 Money Rules That All Millionaires Stick To

The road to becoming a millionaire or billionaire – especially one that is self-made – requires a ton of discipline when it comes to saving and spending. This is on top of investing wisely.

Although the wealthy can be seen time and again spending money on lavish vacations, large houses, and luxury cars, some exchange that lavish lifestyle for something that allows them to maintain their wealth long-term.

So if you are looking to not only become a millionaire but to live as one, it’s important to know the rules and methods that millionaires live by. Fortunately, many millionaires are open to sharing that information and we’ve to share with you several key rules that can help.

 

Leverage Coupons/Deals When Possible

You still want to be smart with coupons or deals as they often encourage overspending. What’s worse is you may end up getting items you don’t even use or have to throw out later. But aside from those few scenarios, using coupons to get deals on items or purchases you’re already intending on can save you a lot of money down the road.

 

 

Make An Nest Egg And Keep It Around

It is so important that you save money and make a nest egg out of it and not touch it. Starting sooner is better as the threshold for putting money into either savings or an investment account will be lower than starting to save when you’re older.

Thankfully with banks, it’s easy to set up automatic payments. Just be sure that there is an income coming into that account that can cover that cost.

 

 

Invest As A Long-Term Strategy

When you get into investing there are all kinds of strategies out there that you can take advantage of. One that has seen tremendous success – and what Warren Buffett uses – is investing as a long-term strategy.

The idea is to invest that money and hold onto the investment forever. You don’t cash in when the stock is high, but you also don’t cash out whenever the price drops. It’s a solid strategy as we’ve seen businesses over the years always have spikes and dips while steadily rising from those occurrences.

 

 

Save $100,000 And Invest The Rest

Grant Cardon offered this piece of advice in 2018. He is a self-made millionaire, author, and sales coaching expert. The overall premise is to set yourself a big savings goal and then start investing the rest once you’ve reached that.

Why $100,000? Well, when he offered that advice he explained that saving $100,000 shows that you not only are able to make money but, also keep it. The issue with a lot of people is they struggle with those things. Know anyone who is living paycheck to paycheck? Our point exactly.

Once you know you can earn and save properly, you can then create wealth.