There are two groups of people in this world:
1. The Frugals – those who live their lives frugally, scrimping & saving their way to the Magic $1,000,000,
2. The Moguls – those who think saving is for pussies and are busy scheming their way past $10,000,000.
What’s wrong with the Frugals:
ii) Being Debt Free – the Holy Grail of the Frugal World – is a false target that actually serves to keep you poor
And, we all know what’s wrong with the Moguls:
i) Wealth isn’t measured by some arbitrary lump sum – be it, $1 Mill., $5Mill. or even $10 Mill. (OK, I admit, $100 Mill. sounds tempting but, and here’s the point: ONLY because I don’t already have it!)
ii) There’s no such thing as a ‘Get Rich Scheme’ otherwise we’d ALL be doing it ALREADY – you know, word gets around 😉
Now, here is the Shocking Truth – OK, Boring Homily – you NEED to be a Frugal in order to STAY a Mogul …
The Frugal and Mogul are the same: one is the caterpillar, the other is the butterfly!
If you don’t develop the good ‘frugal’ habits on the way UP, you will quickly lose your money and slide all the way DOWN.
So, here’s what you need to do:
1. Get in the habit of spending 10% – 20% less than your earn NOW
2. Eliminate all NEW Consumer Debt and pay off any high-interest existing debt
3. Buy your own house and position yourself according to the 20% Rule
4. Start a business (online, offline, full-time, part-time, trading, flipping) – take SOME risk
5. Invest at least 50% of the excess cash that your business activities spin off into PASSIVE Investments
6. Do not drastically increase your lifestyle until the income from Passive Investments (indexed for inflation) ‘catches’ up to your required standard of living
7. When it does, retire!
Frugal / Mogul … two sides of the same gold coin … which ‘one’ are you?