Effective Signs of Millionaire
One time Thomas and William started researching that how some people becomes rich and how they able to made a lot of wealth, for it they started a survey and obviously both of them visited the high class area where the rich people live, by doing alternative survey on that place they had noticed an odd thing that the people who had the luxurious house and have costly cars collection but in actually they are not wealthy when they made that survey forward they came to know one more big odd thing that the people who are actually very much wealthy they didn’t live in a upscale areasbut much of people can say that “what I am talking?” the people who live in a large house and have costly cars they are not wealthy then who is wealthy.
If you have the same thinking. So, don’t take panic most of the have same thinking which the author says it is wrong, maximum people thinks that high income, high salary is the wealth if any person earns in lakhs then that man is rich but that’s not true a person work very hard in every 5 days but in the weekend he spends his all money in costly designers cloths and shoes, watch, cars, etc. By this way they seems that they are rich but they are not actually rich because they spend a large amount in their expenses then it no matters how much salary he/she has. So, now I am sharing the top differences which millionaires have.
Differences no. 1 = expenses < income
80% of the millionaires are the first generation millionaire who aren’t the son/daughters of rich father they become millionaire by their own hard work by being poor this is because of financial intelligence if the normal and average person understand the financial intelligence he/she can also become millionaire. For example :there is a person who’s name is rohan he earns 1.3 lakhs in a month, maximum people thinks that it is a good salary and they will consider him rich because he lives in a posh area and have wonderful flat he have a Mercedes carand he buys many costly things regularly but maximum people fails to see that almost half of his salary 50,000 rupees he has to give as EMI of that flat and the EMI of his car is 40,000 rupees and the remaining is 30,000 rupees which he spend in purchasing costly items and at last of the month he has to suffer money shortage.it is the result of more expenses than income but the millionaire always take less expenses than their income.
Differences no.2 = understand opportunity cost
If you do the stock exchange or if you have studied the fundamental analysis, so you must aware about the opportunity cost suppose that you have 50 lakhs rupees and you decided to keep it in saving account in which you will get 5% interest and in one year you will get 2.5 lakhs rupees but in the another side if you invest your money in buying any land property, house, apartment or invest in buying stocks and bond by that way it can give you a huge amount of profitwhich you lost this types of cost is known as opportunity cost and the millionaire always understand opportunity cost though this way they invest their money in different fields and then they earns double triple profit of their amount and by understanding the opportunity cost you will always get two profit
First is the huge amount of money and then you can again rotate that money in the similar wayand the second advantage is the time which you have in a large amount for spending with your family and also you can give time to your personal interest which will help you to make more money.