Friday, January 19, 2007

8 Rules to Become a Millionaire!

8 Rules to become a millionaire

Remember that there is no short cut to become a millionaire, there is not quick scheme to get your first million if you do not follow these rules,

1) Start investing TODAY!
2) Set your target- write down what you want to achieve in life! Never just picture that in your mind, I strongly advise you to write down what you want in life on a piece of paper and read it EVERYDAY!
3) Buy shares and mutual funds, never think that you will get rich by putting your money in bank! If you put your money as fixed deposit, the bank will get rich and not YOU!
4) Never speculate, buy blue chips shares. Never expect to get 100% returns in months, always think of long term investment!
5) Invest EVERYMONTH, has an outlined plan, invest consistently!
6) Hold your shares and never buy and sell and hope to get good returns. Studies show that millionaire investors usually hold their shares more than 5 years!
7) Plan your tax and estate properly, it is useless if your money and estate die together with you!
8) Be consistent in everything you do in life!

Hope these tips help you! Be patient, your hard work will pay off soon!

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