Saturday, January 19, 2008

Secrets of a Self-Made Millionaire

Its been snowing all day today. And those of you that know anything about Georgia know that we're never prepared for snow, especially since it only comes about once every three years. Anyway since I'm snow bound I had plenty of time to catch up on the blogs I read.

I stumbled across an article that that JD who publishes the blog Get Rich Slowly discovered in Readers Digest called Secrets of Self-Made Millionaires, seeing that I plan to be a self-made millionaire figured I should check it out.

Below I've summarized the secrets the article lists:

1. Set your sights on where you’re going
2. Educate yourself
3. Passion pays off
4. Grow your money
5. No guts, no glory

The Biggest Secret? Stop spending.

I decided I'd check to see how I was coming on each of these secrets.

1. Set your sights on where you’re going - I definitely have my sights set. But the more important part, at least to me, I have an action plan to achieve my sights. check--- on my way to becoming a millionaire
2. Educate yourself - By creating this blog I'm helping to educate myself. I read a ton of money articles every week and anytime I run across a financial topic or a word I'm unfamiliar with I research it. My biggest problem is when there is conflicting advice trying to figure out what to follow. check--- on my way to becoming a millionaire
3. Passion pays off - I am passionate about my job and am happy to go to work every day (well most every day). I also am passionate about savings because I realize the freedom money saved will give me in the long run. check--- on my way to becoming a millionaire
4. Grow your money - I have never really lived pay check to pay check so I'm head of that curve. I also activity save. check--- on my way to becoming a millionaire
5. No guts, no glory - Okay I definitely am not doing this. I've never been a financial risk taker. I have always felt I work really hard for my money and save every penny I can, so I don't want to loose even a cent. This thinking holds me back from taking risks, even minimal ones. But I think I'm starting to take some calculated risks, this year is the first year I've invested indirectly in the stock market via mutual funds. So maybe there's time left for me, however I know I'm loosing opportunity every second I wait to take a calculated and responsible risk.

The Biggest Secret? Stop spending. - While no one ever just completely stops spending I think I've reach a point in my life were I realize I don't have to have the latest gadget or accessory and truly do want to live below my means.

Overall, I think I'm on my way to becoming a self-made millionaire. How do you check out with becoming a self-made millionaire? I hope you're on the same path and/or working to get on that path so we can all enjoy our retirement together.

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