Advantages and disadvantages of being millionaire

Advantages:
The main advantage to have much money is that you can have all the resources necessary to survive since you
can buy everything what you need or to enjoy all the places and things that you want. Moreover to the rich
being, you can live in better conditions, without worrying to pass hunger or not to have a place where to
live, and most important, you make sure your future. Also when having money, you have more
opportunities at the society and the possibility of having all the education necessary in the best schools
and universities arriving to be a professional. Finally, to be rich is to have the possibility of choose, to live
the life to your taste, to have everything what you want without worrying about the money.

Disadvantages:
The most important disadvantage to have much money is that you can to get to be a superficial person, without
feelings that alone are important the materials things. Moreover, you let to enjoy of the simple things of the
life, until of your own dear beings. Also when having money you pass to be a solitary and egoistic person,
in where your only happiness is the money and the material things. Finally, to the rich being you leave of
feel preoccupation of the simple and poor people who need aid since alone is important your own
happiness.

Steps to Become a Millionaire

Here are the steps I'd suggest. They're neither fast nor easy. But, they're more likely to work than the quick and
easy path.
1. Stop obsessing about money.
While it sounds counterintuitive, maintaining a laser-like focus on how much you make distracts you from
doing the things that truly contribute to building and growing wealth. So shift your perspective.
"See money not as the primary goal but as a by-product of doing the right things."
2. Start tracking how many people you help, even in a very small way.
The most successful people I know both financially and in other ways are shockingly helpful. Theyre
incredibly good at understanding other people and helping them achieve their goals. They know their success is
ultimately based on the success of the people around them.
So they work hard to make other people successful: their employees, their customers, their vendors and
suppliers because they know, if they can do that, then their own success will surely follow.
And they will have built a business or a career they can be truly proud of.
3. Stop thinking about making a million dollars and start thinking about serving a million people.
When you only have a few customers and your goal is to make a lot of money, youre incented to find ways to
wring every last dollar out of those customers.
But when you find a way to serve a million people, many other benefits follow. The effect of word of mouth is
greatly magnified. The feedback you receive is exponentially greater and so are your opportunities to improve
your products and services. You get to hire more employees and benefit from their experience, their skills, and
their overall awesomeness.
And, in time, your business becomes something you never dreamed of because your customers and your
employees have taken you to places you couldnt even imagine.
Serve a million people and serve them incredibly well and the money will follow.
4. See making money as a way to make more things.
Generally speaking there are two types of people.
One makes things because they want to make money; the more things they make, the more money they make.
What they make doesnt really matter that much to them theyll make anything as long as it pays.
The other wants to make money because it allows them to make more things. They want to improve their
product. They want to extend their line. The want to create another book, another song, another movie. They
love what they make and they see making money as a way to do even more of what they love. They dream of
building a company that makes the best things possible and making money is the way to fuel that dream and
build that company they love.
While it is certainly possible to find that one product that everyone wants and grow rich by selling that product,
most successful businesses evolve and grow and as they make money, reinvest that money in a relentless pursuit
of excellence.
"We don't make movies to make money, we make money to make more movies." ~Walt Disney
5. Do one thing better.
Pick one thing you're already better at than most people.Just. One. Thing. Become maniacally focused at doing
that one thing. Work. Train. Learn. Practice. Evaluate. Refine. Be ruthlessly self-critical, not in a masochistic
way but to ensure you continue to work to improve every aspect of that one thing.
Financially successful people do at least one thing better than just about everyone around them. (Of course it
helps if you pick something to be great at that the world also values and will pay for.)
Excellence is its own reward, but excellence also commands higher pay and greater respect, greater feelings
of self-worth, greater fulfillment, a greater sense of achievement all of which make you rich in non-monetary
terms.
Win-win.
6. Make a list of the worlds ten best people at that one thing.
How did you pick those ten? How did you determine who was the best? How did you measure their
success?
Use those criteria to track your own progress towards becoming the best.
If you're an author it could be Amazon rankings. If youre a musician it could be iTunes downloads. If youre a
programmer, it could be the number of people that use your software. If youre a leader it could be the number
of people you train and develop who move on to bigger and better things. If youre an online retailer it could be
purchases per visitor, or on-time shipping, or conversion rate
Dont just admire successful people. Take a close look at what makes them successful. Then use those criteria
to help create your own measures of success. And then
7. Consistently track your progress.
We tend to become what we measure, so track your progress at least once a week against your key measures.
Maybe youll measure how many people youve helped. Maybe youll measure how many customers youve
served. Maybe youll evaluate the key steps on your journey to becoming the worlds best at one thing.
Maybe its a combination of those things, and more.
8. Build routines that ensure progress.
Never forget that achieving a goal is based on creating routines. Say you want to write a 200-page book; thats
your goal. Your system to achieve that goal could be to write 4 pages a day; thats your routine. Wishing and
hoping wont get you to a finished manuscript, but sticking faithfully to your routine ensures you reach your
goal.
Or say you want to land 100 new customers through inbound marketing. Thats your goal; your routine is to
create new content, new videos, new podcasts, new white papers, etc. on whatever schedule you set. Stick to
that routine and meet your deadlines and if your content is great you will land those new customers.
9. Develop a written financial plan
Saying you want to be wealthy isnt good enough. You need to come up with a workable plan and put it on
paper.
The written plan forces you to do something, says Stewart Welch of The Welch Group in Birmingham,
Alabama.
Calculate what you need to earn and how to invest. The plan isnt just the goal, its the whole thing the
dream, the goals, the options.
The options, he adds, are scenario planning all the ways you can accomplish that goal, such as opening a
Roth IRA or contributing to a 401(k).
10. Save, save, save
The end result of your financial plan should be systematic investment. Get in the habit of saving money. Build
an emergency fund in a money market account so you dont have to raid the rest of your savings and
investments when an unexpected major expense arises.
Make a point of saving at least half of every pay raise.
11. Live below your means
Dont be a walking billboard for overpriced designer clothes, shoes, sunglasses or jewelry.
And, dont allow your house or car payments to be budget-busters. Use Bankrates mortgage calculator to
determine how much house you can really afford.
12. Lay off the credit
Some people say that if you can eat it or wear it, dont put it on your credit card. Thats good advice, but take it
further. Try not to put anything on your cards that you cant pay off in two or three months.
You need only one or two credit cards. If you have a fistful, pay them off. Remember, debt holds you back.
It reduces cash flow for other things, including investing, Welch says. If no one gave you money to borrow,
youd be better off.
13. Make your money work for you
It takes money to make money, but that doesnt mean you need a lot to invest.
Open an account with a mutual fund company that has no-load funds and low expense ratios. Build a diverse
portfolio, and you can reasonably expect to earn 8 percent to 10 percent annually on your investments over the
long haul.
14. Start your own business
In their book The Millionaire Next Door: The Surprising Secrets of Americas Wealthy, authors Thomas
Stanley and William Danko say that two-thirds of millionaires are self-employed, and that entrepreneurs
represent the majority of that group. The rest are professionals, such as doctors and accountants.
Entrepreneurs create most of the countrys wealth. Most millionaires in the making 8 out of 10 earned or
increased their assets on their own, a survey by Fidelity Investments found. That holds true for actual
millionaires as well.
15. Get professional advice
A good financial planner can help you fill your portfolio with the right investments and dump the wrong ones.
You dont need to relinquish control, but you do need to form a good relationship with an expert in this
complicated area.
According to another Fidelity survey, more than 6 out of 10 millionaire investors use financial advisers to help
manage and protect their wealth.
Maybe finding the right adviser could tip the scales toward the seven-figure milestone. If you cant afford to
have a financial planner manage your money, many will review your portfolio and make recommendations for a
one-time fee.
Bankrates Save a million dollars calculator can show how long it will take for you to reach your big goal.

10 Common Characteristics of Millionaires You Can Follow

Below are ten attributes that are common in most (if not all) millionaires:
#1 They are focused
The first thing I did was commit to my success and playing to win. I swore I would focus and not even
consider leaving this business until I was a millionaire or more.
T. Harv Eker, millionaire and author of Secrets of the Millionaire Mind
If theres one thing we notice about millionaires, its their focus on a single craft and their perseverance to
succeed. Many motivational speakers and millionaires are preaching about the importance of finding your
passion and committing to it until you reach success. The problem with ordinary people is that when they start
seeing hurdles and problems along their chosen path, they are easily swayed into giving up. This causes them to
jump from one profession to another, when the truth is, they could have made it big had they stuck it out.
#2 They think big
As long as youre going to be thinking anyway, think big.
Donald Trump
For those who are familiar with billionaire Donald Trump, he always emphasizes the importance of thinking
big. This doesnt mean immediately making a grand gesture or taking risks that are larger than you can handle,
it only means that even if youre still starting small, its important to keep thinking about the future and the
possibilities that are open to you. Sooner or later, your dreams and aspirations will eventually become your
reality.
#3 They dont stop learning
Robert Kiyosaki, millionaire and author of Rich Dad, Poor Dad preaches the importance of continued
education. This doesnt mean having to go back to school to take a masters degree or PhD, what hes trying to
say is that learning doesnt stop once you graduate from college. Reading financial books, attending seminars,
and even hanging out with rich minded people can be avenues of learning, and its these bits of added
knowledge that can take you further in your money making skills.
#4 They love to teach
If millionaires love to learn, its true that they also love to teach. Despite common belief, many millionaires
love sharing what they know. The advantage of teaching others is that you also reinforce what you already
know, and perhaps even learn some things you might have missed before.
#5 They have a bias for action
When we decide to do something, we do it quickly.
Carlos Slim Helu, worlds richest man
Millionaires have a bias for action. When they see an opportunity, they immediately take it. When theyre
struck by a brilliant idea, they dont put it away in a shelf to ponder on the next time around, they take the idea
and do something about it. No matter how knowledgeable a man can be, and how many bright ideas he gets in a
day, if he doesnt get up and do something about it, it will all be for naught.
#6 They build a team
Its rare to find a millionaire that made it rich without a team. Having a trusted team allows him to duplicate
himself and do more at one time. A team also provides extra insight and ideas that one person may not think
about by himself. It is often an interesting thought how Warren Buffet simply writes a letter to his managers
every year dictating what he wants the company to do. After that, its all up to his managers to execute.
#7 They invest, rather than spend
There is no millionaire out there that does not know how to reinvest his money. They all know that the secret to
wealth is not to work for money, but rather to have money work for you. When these millionaires started out,
they chose to make sacrifices by not spending the money that they had, but by reinvesting it to gain more. When
your money starts crunching up more money for you, then thats the time you can go out and enjoy.
#8 They are generous
The beauty about having a lot of money is that you have more than enough for yourself. Millionaires know the
importance of giving, and many even practice the Biblical mandate of tithing, or giving away 10% of your gross
earnings. One of those who believed in tithing was John D. Rockefeller Jr., who taught his children the
importance of always giving a set amount every time they receive any sum of cash. Its also no secret that there
are a lot of millionaires that form charities or foundations in order to share what they have with the less
fortunate. In giving, you put yourself even more in the position of receiving.
#9 -They are not afraid of failure
Its fine to celebrate success but it is more important to heed the lessons of failure.
Bill Gates
Most of us are afraid of failure. The thought of failure brings about a negative reaction and immediately scathes
our self-esteem. However, being afraid of failure also stems into the fear of trying and taking action, making us
prone to stay in our comfort zones. Millionaires on the other hand, know that failure is an essential part of
success and that the failure should in fact be viewed as a positive thing because of the lessons it teaches. To
millionaires, failure means you are taking one step closer to success.
#10 They are leaders
And finally, the last characteristic common to millionaires is the fact that they are all leaders. Being a leader
means having the ability to inspire others, manage a team, and make decisions in spite of fear and failure. Being
a leader also means having strength in character that brings the fighter in others as well. This is an important
attribute in managing a business or in investing.

Benefits of Being a Millionaire

Here it is 9 benefits I have observed about the benefits of being wealthy by observing the rich:
1. Freedom, was the first thing I thought of. I have interviewed a few millionaires that have so much
freedom to do what they want, whenever they want to.
2. Options, with freedom you get options. The option to go left, or right or side ways any direction you
choose. The option to act on opportunities that others may not have without having money.
3. Choices, with those options comes choices and with so unlimited options to choose from you can make
more mistakes. Millionaires I know have made more mistakes in their life-time that they become experts
because they failed forward. The take higher risks which bring them bigger rewards.
4. Free, some people laugh at me that I like getting things for free. Well so do Millionaires the get a lot of
things for free. Why do you think celebrities get things for free. They can certainly afford anything they
want being rich but they receive more in comps and gifts and or better discounts. How else do you think
most Millionaires keep their Millionaire status? They are frugal and understand how to make more and
keep more.
5. Relationships, you have heard that saying The Rich, Get Richer. Its because they teach their kids.
They network and build on relationships around their environment. If you have money than people start
coming to you with options to get the best deals, investments and opportunities. If I found a deal I didnt
have the money to take advantage of, I would give it to a friend or relationship in my network that could
take advantage of it.
6. Fun, Millionaires have more fun! They get to travel the world, explore things that most have never done
before or seen before. I always ask most people what is the best place you have ever been or seen and I
learn something new or place that I never heard of before. Traveling may not be appealing to you but
they may also have fun by collecting things they are interested in. So it depends on what your definition
of fun is but I have seen, car lovers, watches, horses, books, all types of hobbies that the wealthy are
able to take part in. Expensive sports, and collections that rich people have been able to have the
freedom to experience what others cant.
7. Philanthropy, almost all wealthy people want to give back. It is human nature for us to be contribution.
I bet you would want to give it away if you had more than enough. You know that you can be a
philanthropist without any money, but it feels good to be able to help with money.
8. Physical, have you noticed most Millionaires are really fit. Not all but most of them keep themselves in
tip top physical condition. This is one habit I have been focusing on lately. People with money usually
have a trainer or keep a mentor around to help them. With any goal they surround themselves with
people who are experts or mentors to help the get the results they want to achieve.
9. Resources, are more readily available to the wealthy. If it is your desire to have your kids in the best
school district, travel the world, live in the best neighborhoods or get connected you have a better
chance when you are wealthy.