7 Millionaire Skills You Need To Know Now | How To Be Good With Your Money#Best Education Page #Online Earning

Every single person and that includes you boss has a potential to be rich

however what separates those who achieve significant levels of wealth and those

who don't are the skills they choose to cultivate over the course of their lives

therefore in this video I will share with you seven millionaire skills you

need to know now and if you're new to the channel then hit the subscribe

button below for more life-changing content

skill number one goal setting having well-defined goals is like having a map

and the more detailed the map is the easier it will be to get where you want

to go unlike those who lead financially mediocre lives the rich leverage the

most effective goal-setting and goal achievement techniques possible firstly

the rich set goals using the SMART goal framework this method requires that your

goal be specific measurable achievable realistic and timely for instance using

the SMART goal framework your financial goal could be increased my income by

thirty thousand dollars and twelve months by completing 10 extra freelance

projects having a robust goal that satisfies all the elements of the SMART

goal framework will make you significantly more likely to reach these

goals especially when you compound this technique with the other millionaire

goal-setting secret where most millionaires will tell you about goals

is that they must be written down a Harvard Business study found that the 3%

of graduates from their MBA program who had their goals written down ended up

earning 10 times as much as the other 97% put together just ten years after

graduation but once you have your goals written down you must also review them

it stated that people who very vividly describe or picture their goals are

anywhere from 1.2 to 1.4 times more likely to successfully accomplish their

goals than people who don't therefore it's not enough to just set

SMART goals but reviewing them daily will further reinforce their importance

allowing you to achieve them quicker skill number 2 ability to identify

opportunities whether you realize it or not there are opportunities all around

us and the people who can seek out and capitalize on these opportunities are

the ones that are going to be much more likely to become rich unfortunately many

people believe that being able to identify opportunities is a skill that

you were born with but this simply isn't true like being able to type a read

identifying opportunities is a skill that you can lauren and master let's

take the example of an abandoned house for most people this dingy property

would be an eyesore that would be instantly overlooked however what if you

had to invest the time and energy to learn about house foreclosures housing

markets and even property renovations perhaps this house is located in one of

the most up-and-coming neighborhoods in town and the foreclosure of this

property means that you can acquire this home for a fraction of what it would

typically cost then with a little work you can turn that seemingly useless

property into a wonderful home for yourself or the tenants that will pay

you each and every month to inhabit it as you've probably realized through this

example by raising your level of awareness through continuous education

whether formal or informal you allow yourself to see new opportunities and

use these situations to make you rich skill number three time management time

is without a doubt our most precious resource

but sadly millions of people waste this time watching Netflix or mindlessly

surfing the web and then wonder why they aren't reaching all their financial

goals the truth is that the rich are ruthless in the management of their time

but maximizing use of your time doesn't just happen

it requires the implementation of time techniques to make every second count

for instance many time conscious individuals like to prioritize their

daily tasks and ensure they tackle their most important tasks first thing in the

morning this time management technique is powerful as it allows you to ensure

you complete your most value added tasks every day and gain momentum as you

strike off your hardest tasks from your to-do list another strategy the rich use

is having themed days by grouping your days of the week by activity you can

maximize your level of focus and allow for more deep work to be done

one strong supporter of themed days is twitter founder jack dorsey he says that

having these theme days allows him to stay on task and avoid interruptions and

distractions if a task or request is not in the theme of the day he does not

address it Jacque splits up his weeks as follows mondays are for management

Tuesdays are for product development Wednesdays are for marketing and growth

Thursday's are for developers Fridays are for culture and recruiting Saturday

is his day off and finally Sunday's are for reflection

strategy feedback and getting ready for Monday now well not all rich people use

these themed days most understand the importance of staying focused when

trying to conduct quality work whereas most people think that they were

accomplishing more when multitasking they're just fooling themselves numerous

studies have been published that highlight the ineffectiveness of

multitasking in fact the American Psychological Association found that

task switching can lead to a 40% decrease in productivity in short if you

want to become rich then you must employ proven time management strategies to

maximize your daily output skill number four money management if you can't

manage your money then you can't be rich playing it simple it's for this reason

that the rich should cultivate their money management skills continuously

they know how to use the money they make to make more money they multiply their

wealth by getting their money to work for them most people don't know how to

make their money work for them so they never stop working for money most people

spend the majority of their income on personal expenses and whatever is left

will typically sit in a low-interest savings account what allows wealthy

individuals to grow the riches is by keeping their personal expenses low and

putting their remaining income to work they don't let their money sit in any

one place for very long they put it to work by using it to grow their business

or purchase investments that we do the return by minimizing personal expenses

consistently for several years while continuing to reinvest as much money as

possible into income generating activities these individuals are able to

compound their wealth in relatively short periods of time skill number five

delaying gratification we live in a world of instant feedback and while it

is nice to receive a text in a moment's notice or get the package you order the

very next day this quickness that we enjoy on a regular basis has made it

much harder to delay gratification sadly most people are very impulsive and

entertainment driven they often spend money on unnecessary things that will

give them immediate pleasure but have no real long-term benefits however the rich

know that deferring pleasure and playing the long game is the key to building

true wealth wealthy individuals have the discipline to not waste money on on

necessary items they promote the desire to spend money today and instead sock it

away into savings and investments that grow over time this habit of delaying

gratification is known as delay discounting and it takes place when

someone decides to discount the value of future rewards to immediately gratify

themselves even though accepting a lesser award isn't exactly rational but

don't just take my word for how important this skill truly is in a study

of over 2,500 people participants were asked whether they would hypothetically

accept a smaller sum of money from G dollars USD or a larger sum a thousand

dollars USD after a delay which could be one day one week one month six months or

one year when the researchers used machine learning algorithms to model the

relationship between individuals tendency for delay discounting and the

other self-reported variables they found that delay discounted was more

predictive of income than age ethnicity race and height therefore the rich

developed the skill by making the sacrifices that the average person

doesn't and as a result they are able to enjoy a life at a level that the average

person can only dream up skill number six being resourceful being resourceful

may be one of the most important skills you can possess as having this skill

allows you to tap into just about any other skill you could ever need and

wealthy individuals seldom a little lack of resources stop them from achieving

their goals let's take the example of how Bill Gates built Microsoft of course

in the beginning Gates was the sole operator of his company and maintain the

computer expertise he needed to get the business off the ground however as this

company grew he needed to begin tackling other aspects of the business such as

accounting marketing and sales well Gates is a smart man there's no way

he can master all these crafts which meant that he needed to surround himself

with those who have these skills during his early days Gates found people who

had the skills he required and by offering them equity and Microsoft he

brokered a win-win arrangement for both parties

the harsh truth is that when it comes to business your locker resources is never

the issue your lack of resourcefulness is as

you've probably come to realize being resourceful is really manipulation of a

mind you need to start asking yourself how you can acquire the resources you

need to be successful and avoid seeing what you

possess is all you have to work with skill number seven ability to focus on

high-value activities like I said earlier rich people are masters of time

management and one of the ways they maximize the output is by remaining

conscious of the value of their time they continuously ask themself if the

tasks they are working on are of significance so that they can spend the

majority of their time on high-value activities but what are high-value

activities in the business sense these activities are the ones that will yield

the greatest returns for example an entrepreneur whose goal is to earn a

million dollars in a single year and is prepared to spend 2,000 hours on

work-related activities calculates that the value of one hour of his time is 500

dollars in order to achieve that goal that entrepreneur must spend his time on

activities that are worth at least $500 per hour to the business you can expect

to earn a million dollars in a single year if you spend the majority of your

time on activities that can be delegated to someone else for less than your

hourly rate so how do millionaires identify which activities are worth

their time and which aren't the rich identify these activities by their

potential to grow their wealth for instance if you run a business what

activity seems like you will yield a greater return updating your client

contact list or holding a sales meeting to close a new client of course the

latter they focus as much time as possible on those activities and they

delegate the other activities like administrative duties to other people

this is really the 80/20 principle in action the rich analyze what 20% of

their activities are yielding 80% of their returns and then ensure that their

time is focused on these activities in fact successful business owners do the

same analysis with their clients it is not uncommon for a small percentage of

clients to make up the bulk of your revenues if this is the case why would

you focus your time and energy on clients that their potential or revenue

generation was minimal in short if you want to become rich you need to analyze

how you spend the precious hours of each day and ensure that they are packed

solely with high value activities thanks for watching you want to go from the

life you have to the like you deserve then hit the subscribe button now

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