How to Become a Millionaire (For Normal People)

In this podcast, I share with you the millionaire mindsets that will change your life!   Go to https://www.erafael.com/ if you want my help, coaching or mentorship :)   #MillionaireMindset #MillionaireHabits #MindShift#LifeHacks #LifeTips #SelfImprovement #PersonalDevelopment #Motivation #SelfHelp   Subscribe to my YouTube: https://www.youtube.com/rafaeleliassen/ Follow me on Instagram: https://www.instagram.com/rafaeleliassen/ Listen to  My Podcast: https://anchor.fm/rafael-eliassen  Read my Quora Answers: https://www.quora.com/profile/Rafael-Eliassen   What are some ways that a "normal" person could become a millionaire?   You must begin to think in 2nd and 3rd order consequences.   “Normal people” make decisions based on what feels good right now, or what they can do to avoid feeling uncomfortable right now.   Millionaires, on the other hand, do what is uncomfortable and doesn’t feel good right now to get what they really want in the long run.   This means sacrificing short term pleasure today in exchange for delayed gratification in the future.   Some ways you can do that starting today:  Invest 25% of your monthly income in an index fund (self-imposed tax) Live below your means by cutting expenses (downgrades) Educate yourself and spend hours daily honing your craft (sacrifices)  Q: Do these sound like fun to you?  A: Not if you’re thinking short-term.   If you ate a 500 calorie tub of ice-cream every evening for 30 days straight…  First order consequence: It tastes delicious.  Second order consequence: You experience a rush and struggle to sleep, a light headache sets in after a while before you feel the inevitable sugar crash.   Third order consequence: You’ve developed an addiction to sugar, you’re gaining a significant amount of weight and your energy levels are dropping.  Contrast this with a habit like doing cardio every morning for 30 days…   Can you figure out what the 1st, 2nd and 3rd order consequences would be here?   Now you’re training your brain to think ‘big picture’ instead of being focused on instant gratification.  It doesn’t mean that you never buy yourself a new pair of shoes, but rather that you prioritize building your wealth ahead of dumb expenses.   The great Albert Einstein once said “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn't … pays it.”   If you invest $1,000 per month for 25 years in the stock market and earn an annual return of 10 percent, for example, you’d have more than $1 million dollars. Add just another 5 years (to a total of 30) and you’ve reached nearly $2 million dollars.   When we’re so caught up looking for quick fixes, we forget how tangible that reality can be for absolutely anyone who’s willing to delay gratification and stick to a few key principles.