I know some of you may be thinking: “I don’t even have to be a millionaire. I’d settle for just being on Easy Street.” You know what Easy Street is, I assume. It’s not in the land of make-believe. Easy Street, after all, is the place where we all long to be. It’s just that we might have different names for it. Call it what you like: being “well off,” enjoying “a comfortable retirement,” or just “having enough money.”
For each of us, Easy Street represents that financial signpost where we can finally breathe a sigh of relief and shed all the past worries and insecurities about the things we couldn’t have, couldn’t do, or couldn’t experience simply because of a lack of money.
For some of you, you’ll know you’ve made it to Easy Street when you reach a financial milestone you’ve been targeting: such as having a million dollars in the bank. But for others, the realization that you’re on Easy Street won’t be because of some financial landmark you’ve hit, but rather because of the way you feel about your financial situation, and what you’re able to do as a result of having made some smart money moves.
For instance, have you longed to start a business but didn’t have the startup capital to get your new venture off the ground? Have you wished you could quit your job, but you remain shackled to it because you need the paycheck? Or maybe you’ve just been hoping for the day when you don’t have to juggle so many bills, and decide which ones to pay and which ones to skip this month. Does any of this sound familiar?
The Millionaire Success Formula
Well, whatever your goals and dreams, rest assured that you can get to your own special Easy Street – and even better, you can achieve millionaire status – if you’ve got the right road map, and if you follow the right path. Actually, there are seven paths – or what I call seven “universal wealth principles” – that will guide you to millionaire territory.
Think of these principles as the fundamental steps you must master in order to navigate your way to millionaire’s row. Before I explain how you will do that, let me first summarize these seven steps to long-lasting riches. Together, these make up the “Millionaire Success Formula:”
1) Make a personal prosperity plan.
- Develop a millionaire’s budget; written goals; and a financial policy statement
- Realize that financial success doesn’t happen by luck
2)Invest first, last and always in your reputation.
- Build perfect credit
- Understand how having a stellar name is often better than cash in the bank
3) Live like a lender, not a borrower.
- Achieve Zero Debt
- Decide to collect interest, not pay it, for the rest of your life
4) Leverage the power of property.
- Ramp up with real estate
- Use hard assets and other people’s money to build riches
5) Increase your fortune with proven methods not shortcuts.
- Buy stocks, bonds, and alternative investments when prudent
- Avoid fads, scams and Wall Street long-shots
6) Overcome setbacks and minimize risks to your financial health.
- Make insurance a top asset
- Protect yourself against the Dreaded D’s: downsizing, divorce, disability, disease, and death in the family
7) Never forget the next generation.
- Create wills, trusts, personal and business succession plans
- Establish a wealth legacy