Get Financially Fit!
So You Want to Become a Millionaire
by Eric Heckman
In August 1999, the ABC network asked America, “Who Wants to Be a Millionaire?” and received a loud “we do” in response. Almost every American will tell you that they want to become a millionaire, but they can’t tell you how to become one.
Millionaires have mastered the art of investing their money wisely and spending it in a frugal manner. Most millionaires don’t drive large imported cars or wear the latest fashions by top designers. They know to invest their money where it will grow and earn interest.
Millionaires, in most cases, live simple lifestyles, spend wisely and invest well. Most Americans give their money away on such a regular basis, that they’re stuck living life paycheck to paycheck.
Many Americans may not even want to become a millionaire; they may just want to find financial independence. Living a simple life will help Americans do just that. Americans just need to stop the spending.
Here are a few tips that will help you embrace the “millionaire lifestyle.”
1. Ask yourself, “Do I really need this?” How often do we find ourselves purchasing an item and feeling sick about it at the same time, because we know we really don’t have the money for it? Also, cut up your credit cards. If you can’t afford to pay for it right now, you probably can’t afford to pay for it later with interest.
2. Make saving money an automatic thing. Make sure you automatically take money from each paycheck and put it into some type of savings.
3. Don’t keep up with the Joneses. According to Stanley and Danko, most millionaires believe that financial independence is far more important than showing a high social status. Think about it, when a friend or neighbor gets a new expensive car, the first thing you wonder is how much their monthly payment is.
4. Be sure to spend your time, energy and money in efficient ways that will help you make money. Maybe instead of planning a quick trip to Vegas, plan a trip to visit a financial planner or spend time researching what kind of investment options best fit you and your family.
5. Parents, let your kids work. Most millionaires don’t supplement their adult children’s income. Teaching your children financial responsibility will not only help them become financially independent, it will help you to become financially independent as well.
6. Finally, it may not sound nice, but be a tight wad. Remember, you are your favorite charity. Keep a close eye on your money and where it’s going.
Most Americans want to feel financial independence. They want to be free from credit card debt. Many of them believe that this is a dream, but in reality it’s not. Americans just have to be willing to live a simple life and not a frivolous one.
About Eric Heckman
Eric Heckman is president of Heckman Financial & Ins. You can contact him at (408) 297-9800.
about 5 years ago
I am really impressed on the way Mr. Eric Heckman presented on the tips to become a millionaire and his style of writing, it is straightforward and very effective. However, I felt that in my own little way I could contribute something on the ways to become rich and millionaire let me present it:
* RICH PEOPLE ARE MORE CONCERNED IN IMPROVING THE FIGURES IN THEIR BALANCE SHEETS RATHER THAN THE INCOME STATEMENTS. Let me explain, having increases in the Income Statement may be impressive and opportune but there are many disadvantages to it, for one your income taxes will increase too. If you increase your income the concept of econometrix will also follow you – it means that as your income increases so is your needs and expenses. There will always be means to justify your overheads because the lust to purchase will also increase. On the other hand, if you increase your accounts in the Balance Sheet – Iam referring to the Asset- current and fixed, Investment and Owner’s Equity accounts the more it will be a lasting fortune for you. Remember being a millionaire does not necessarily mean you have one, two or twenty millions of cash in hand, millionaires do have cash but only have enough to maintain their three months of operational expenses the rest are invested in stocks, bonds, security notes, land, buildings and furnitures, fixtures and equipments totaling 20 or even 30 millions of dollars. Idle cash must be invested as this is one of the uncontested principle in managing money.
* IT IS THE RECOGNITION THAT MONEY CAN BE YOUR PRODUCTIVE SERVANT BUT IT CAN ALSO BE TYRANT MASTER. This has a semblance of the Bible says that you cannot two masters at one time, its either you serve Yahweh or non at all. Money can only be your loyal servant if you put it to work. Invest your money and treat it as a seed and one day it will become an acorn bearing fruits or income for you incomparable and beyond your dreams and imagination. Even Albert Einstein once said ” The eight wonder of the world is the science of compound interest.” Use actuarial science which is the science of interest computations to your advantage and you will be amazed at how much interest incomes you will be earnings not to mention the stock dividends if you invest it in stocks and bonds. Ity will become your tyrant master if you borrow money because now it is your creditor who will be reaping the interest payments and the monthly amortizations which you must pay monthly or as the case maybe. You will now become the slave of money if you will be paying interest payments because you are now working for money and money becoems now your master. Rememeber John D. Rockefeller once said: ” make money your slaves not your masters.”
* LEARN HOW TO CREATE A MASTER MIND GROUP WHO WILL BE WORKING FOR YOU AND ATTUNED TO YOUR GOALS NO MATTER WHAT THE CIRCUMSTANCES WILL BE.
about 5 years ago
I am really impressed on the way Mr. Eric Heckman presented on the tips to become a millionaire and his style of writing, it is straightforward and very effective. However, I felt that in my own little way I could contribute something on the ways to become rich and millionaire let me present it:
* RICH PEOPLE ARE MORE CONCERNED IN IMPROVING THE FIGURES IN THEIR BALANCE SHEETS RATHER THAN THE INCOME STATEMENTS. Let me explain, having increases in the Income Statement may be impressive and opportune but there are many disadvantages to it, for one your income taxes will increase too. If you increase your income the concept of econometrix will also follow you – it means that as your income increases so is your needs and expenses. There will always be means to justify your overheads because the lust to purchase will also increase. On the other hand, if you increase your accounts in the Balance Sheet – I am referring to the Asset- current and fixed, Investment and Owner’s Equity accounts the more it will be a lasting fortune for you. Remember being a millionaire does not necessarily mean you have one, two or twenty millions of cash in hand, millionaires do have cash but only have enough to maintain their three months of operational expenses the rest are invested in stocks, bonds, security notes, land, buildings and furnitures, fixtures and equipments totaling 20 or even 30 millions of dollars. Idle cash must be invested as this is one of the uncontested principle in managing money.
* IT IS THE RECOGNITION THAT MONEY CAN BE YOUR PRODUCTIVE SERVANT BUT IT CAN ALSO BE TYRANT MASTER. This has a semblance of what the Bible says that you cannot serve two masters at one time, its either you serve Yahweh or non at all. Money can only be your loyal servant if you put it to work. Invest your money and treat it as a seed and one day it will become an acorn bearing fruits or income for you, incomparable and beyond your dreams and imagination. Even Albert Einstein once said ” The eight wonder of the world is the science of compound interest.” Use actuarial science which is the science of interest computations to your advantage and you will be amazed at how much interest incomes you will be earnings not to mention the stock dividends if you invest it in stocks and bonds. It will become your tyrant master if you borrow money because now it is your creditor who will be reaping the interest payments and the monthly amortizations which you must pay monthly or as the case maybe. You will now become the slave of money if you will be paying interest payments because you are now working for money and money becomes your master. Remember what John D. Rockefeller once said: ” Make money your slaves not your masters.”
* LEARN HOW TO CREATE A MASTER MIND GROUP WHO WILL BE WORKING FOR YOU AND ATTUNED TO YOUR GOALS NO MATTER WHAT THE CIRCUMSTANCES WILL BE. This means that you have to create a group who will stick with you through thick and thin. You must also learn how to delegate most of your tasks to these group and enthrust to them most of the functions so that they will be working for the attainment of your goals and objectives. There is even a saying that it is better to delegate your job to your employees with 2% performance rather than you personally performing the accomplishments at 98%.
* THE TRUE MEANING OF MONEY AND WEALTH IS WHEN IT CAN PROVIDE THE BASIC NECESSITIES OF MEN – JOBS, SERVICES AND USEFUL PRODUCTS FOR THE SOCIETY. Most of the wrong conceptions of wealth is that a person has millions or even billions of dollars to spend according to his whims. We have to realize that money and wealth will only be justified if we could put the right values to it. Provision of services, jobs, products which can benefit the society. The use or squander of money to satisfy our greedy desires will only make us more miserable and empty.
* IT IS THE REALIZATION THAT IT IS OUR DUTY TO BECOME RICH AND MILLIONAIRES SO US NOT TO SEEK HELP AND BE A BURDEN TO SOCIETY. To be persistent to become rich and millionaire is our duty and it will be our responsibility as the advocacy of mendicancy turns to be a burden of the state and society. There is even a proclamation in the Philippines which prohibits the giving of alms to mendicants as they become victims of modus operandi. It is our duty to be rich as this is one way of making us independent from the mercies and alms of the rich and abundant.
Relatively, I believe these are some of the variety of ways for us to become rich and abundant in life with no offense to the Author, Mr. Eric Heckman.
about 5 years ago
I am really impressed on the way Mr. Eric Heckman presented on the tips to become a millionaire and his style of writing, it is straightforward and very effective. However, I felt that in my own little way I could contribute something on the ways to become rich and millionaire let me present it:
* RICH PEOPLE ARE MORE CONCERNED IN IMPROVING THE FIGURES IN THEIR BALANCE SHEETS RATHER THAN THE INCOME STATEMENTS. Let me explain, having increases in the Income Statement may be impressive and opportune but there are many disadvantages to it, for one your income taxes will increase too. If you increase your income the concept of econometrix will also follow you – it means that as your income increases so is your needs and expenses. There will always be means to justify your overheads because the lust to purchase will also increase. On the other hand, if you increase your accounts in the Balance Sheet – I am referring to the Asset- current and fixed, Investment and Owner’s Equity accounts the more it will be a lasting fortune for you. Remember being a millionaire does not necessarily mean you have one, two or twenty millions of cash in hand, millionaires do have cash but only have enough to maintain their three months of operational expenses the rest are invested in stocks, bonds, security notes, land, buildings and furnitures, fixtures and equipments totaling 20 or even 30 millions of dollars. Idle cash must be invested as this is one of the uncontested principle in managing money.
* IT IS THE RECOGNITION THAT MONEY CAN BE YOUR PRODUCTIVE SERVANT BUT IT CAN ALSO BE TYRANT MASTER. This has a semblance of what the Bible says that you cannot serve two masters at one time, its either you serve Yahweh or non at all. Money can only be your loyal servant if you put it to work. Invest your money and treat it as a seed and one day it will become an acorn bearing fruits or income for you, incomparable and beyond your dreams and imagination. Even Albert Einstein once said ” The eight wonder of the world is the science of compound interest.” Use actuarial science which is the science of interest computations to your advantage and you will be amazed at how much interest incomes you will be earnings not to mention the stock dividends if you invest it in stocks and bonds. It will become your tyrant master if you borrow money because now it is your creditor who will be reaping the interest payments and the monthly amortizations which you must pay monthly or as the case maybe. You will now become the slave of money if you will be paying interest payments because you are now working for money and money becomes your master. Remember what John D. Rockefeller once said: ” Make money your slaves not your masters.”
* LEARN HOW TO CREATE A MASTER MIND GROUP WHO WILL BE WORKING FOR YOU AND ATTUNED TO YOUR GOALS NO MATTER WHAT THE CIRCUMSTANCES WILL BE. This means that you have to create a group who will stick with you through thick and thin. You must also learn how to delegate most of your tasks to these group and enthrust to them most of the functions so that they will be working for the attainment of your goals and objectives. There is even a saying that it is better to delegate your job to your employees with 2% performance rather than you personally performing the accomplishments at 98%.
* THE TRUE MEANING OF MONEY AND WEALTH IS WHEN IT CAN PROVIDE THE BASIC NECESSITIES OF MEN – JOBS, SERVICES AND USEFUL PRODUCTS FOR THE SOCIETY. Most of the wrong conceptions of wealth is that a person has millions or even billions of dollars to spend according to his whims. We have to realize that money and wealth will only be justified if we could put the right values to it. Provision of services, jobs, products which can benefit the society. The use or squander of money to satisfy our greedy desires will only make us more miserable and empty.
* IT IS THE REALIZATION THAT IT IS OUR DUTY TO BECOME RICH AND MILLIONAIRES SO US NOT TO SEEK HELP AND BE A BURDEN TO SOCIETY. To be persistent to become rich and millionaire is our duty and it will be our responsibility as the advocacy of mendicancy turns to be a burden of the state and society. There is even a proclamation in the Philippines which prohibits the giving of alms to mendicants as they become victims of modus operandi. It is our duty to be rich as this is one way of making us independent from the mercies and alms of the rich and abundant.
Relatively, I believe these are some of the variety of ways for us to become rich and abundant in life with no offense to the Author, Mr. Eric Heckman