7 Essential Money Skills To Become Extremely Rich And Happy
By Adam Khoo | March 06, 2018

Ask around your friends & family members: Who wants to be a millionaire? Nobody will tell you no. Those that tell you they do not want to become a millionaire are probably one already.

If you have always wanted to build a million-dollar fortune then stop dreaming. It is time you learnt how you can make your dreams a reality right now.

Many of us have this mindset that you require a Harvard Business Degree, good luck or lots of capital to make it rich – I’m sorry to tell you, you are wrong. In fact, you do not need any of those mentioned above for you to make it rich.

All you need is a strong desire, million-dollar mindset and the right money-making strategies to become a self-made millionaire.

So, let’s get started on learning the seven-step formula to financial abundance. These are seven essential steps, each one representing a wealth creating skill that all self-made millionaires possess and practice.

Step 1: Adopt the Million-Dollar Mindset

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First, learn and adopt the mindset of a millionaire. Millionaires think very differently and that is why they take different actions and produce vastly different results. Self-made millionaires have a different set of beliefs and habits that allow them to see opportunities where others see problems.

Millionaires see learning experiences, where Mister Ordinary sees failure. The moment you adopt the beliefs and habits of a millionaire, your perception of the world will change completely and you will realize that there are money-making opportunities everywhere and everyday around you.

Amazingly, these are opportunities that you were once quite blind to!

Step 2: Set Clear Financial Goals

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Wealth never happens by chance. It always begins with a clear goal in mind. At one point of time in their life, millionaires always make a decision to become rich. However, whenever I ask most people what their financial goals are, I often get a blank stare.

When I ask people to write down their target income or how much they want to be worth, the standard answer I get is ‘as much as I can get’. This is the major reason why they will never achieve any level of wealth because they have no clue what it is. Unless you have a specific figure to focus on, you will never be able to develop a strategy to achieve it.

For e.g., if you are earning $4,000 a month and set a target of $20,000, it is not just about working five times harder. It is a completely different strategy! Only when you are specific about how much wealth you want to create, then you will come up with a practical plan t execute it. No matter where you are now financially, any target is possible as long as you use the right strategy.

Step 3: Create A Financial Plan

essential money skills financial planning

Once you have set specific financial targets of how much you want to earn and how much money you want to accumulate, you must develop an effective plan to achieve it. Goals by themselves are nothing but pipe dreams. Only when you create a plan, have you made your goal a possibility. The moment you start taking action on your plan, your dream becomes a reality.

For e.g, if your goal is to accumulate a $1 million portfolio by a certain date, then you must develop a plan as to how much you must save and invest each month, the rate of return you must get from your investments and the estimated time it will take you.

Most people never achieve their financial dreams simply because they have no financial plans and haven’t got a clue as to how to create one. They just work hard and hope that everything will be okay one day. You absolutely cannot leave your financial future to chance; you have got to plan for it.

Step 4: Massively Increase Your Income

After developing your financial plan, you may tend to become initially disheartened. You look at your plan and realize that with the amount you are earning and saving right now, it will be decades before you see any big money.

It is therefore important that you learn how to accelerate and turbo-charge your financial plan by taking steps to massively increase your income and this can be done without you having to quit your job or risking a lot of capital (your savings) in a business venue. Learn how you can acquire a skill that allows you to potentially increase your income by watching my free videos on how to trade and get consistent profits.

Step 5: Manage Your Money & Reduce Expenses

Many people think that by increasing their income, their wealth will automatically increase. Unfortunately, increasing income is only one side of the wealth equation. After all, there are people who earn $2,000 a month who are still broke and there are those who earn $20,000 who are still broke.

The reason is simple: When we don’t manage the money we earn, our expenses will always rise to our level of income, wiping out any surplus we have!

Or worse, we start spending on credit lured by easy repayment schemes. Millionaires become rich not because of how much they earn, but rather how much they are able to save and invest.

Step 6: Grow Your Money at Millionaire Returns

By increasing your income and reducing your expenses, you will find that you will be able to accumulate a surplus of funds that you can use to help you build your fortune. You need to do this because, no matter how hard you work and save, you will never be able to create phenomenal wealth unless you learn how to put your money to work for you. Through the power of compounding, you will be able to take small sums of money and build it into huge returns over time.

All self-made millionaires attribute a huge part of their wealth to their investments because they know that just working for money will never make them rich. It is when you allow your money to make you money that substantial wealth can be created.

Step 7: Build A Financial Fortress

There is no use working hard to build your personal fortune only to see it all taken away from you. There are many people who have taken decades to build their fortune only to see it wiped out by an accident, unforeseen illness or through an unexpected lawsuit.

Self-made millionaire engage professionals like insurance advisors, lawyers and accountants to help them build a financial fortress so their wealth is protected from potential creditors, plaintiffs looking to sue and the government who may take away a big chunk of your wealth through a whole range of taxes that you may not have even heard about.

Check out our FREE starter course by Piranha Profits and learn how to get the edge to dominate in any market condition!

About The Author
Adam Khoo

is a professional investor & trader and award-winning financial educator. A self-made millionaire by age 26, he is the founder of the Piranha Profits™ online trading school. As a trusted mentor, Adam has clocked more than 38 million views on his video tutorials. Since 2002, he has touched the lives of over 1.2 million people in more than 124 countries. He is the author of 16 best-selling books that have sold over 500,000 copies worldwide, including Winning the Game of Stocks! and Secrets of Self-Made Millionaires.

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