4. Take Control of Your Money
Jaime Tardy, the author of, The Eventual Millionaire, says that the wealthy control their money rather than allowing it to control them. She interviewed over 150 millionaires for her book and compares them to a captain in control of a ship. Those who approach finances from the perspective of ignorance or fear are like a ship without a motor.
If you’re not a numbers person, you may avoid taking a close look at where you stand financially. Failing to pay attention may result in money slipping through your fingers, resulting in a slide into debt. You could make poor investments and end up at retirement age with not enough to retire on. But millionaires don’t make money by ignoring their balance sheets. They stay on top of their investments and have control over their money.
If you want to take control of your money, you may need to invest in some education and mentoring. Few people make money to invest money and tend to consume it rather than using it to create. You need to invest some of your money into vehicles that generate money. Compound interest can make all the difference, and you will experience this if you put some money into investments over a long period of time.
Millionaires have learned that some endeavors are more rewarding than others. You need to apply your skills in situations that offer the highest payback. Pursue what offers the potential for maximum returns, now and in the future. Self-made millionaires know how to invest their time and money in the right opportunities. Also, they know how to delegate activities that are unnecessary for them to others.