According to millionaire and best-selling author Phillip J. Müller, the only thing stopping you from being a millionaire is your own perception of what it means to be wealthy.
Müller explains in his book Geldrichtig that everyone can become a millionaire if they learn to think like a millionaire.
People have been persuaded to believe that the wealthy squander all of their money and that their success is solely due to chance or celebrity as a result of movies and “get rich quick” stories.
According to Müller, the reality is quite different.
To become a true millionaire, you must acquire a conscious consumer attitude, which involves considering if you actually want what you’re buying and if you do, whether there is a cheaper alternative.
Saving money, staying out of debt, and regulating your urges are just a few of the measures you’ll need to do to develop this mindset.
Müller shared his wealth-building advice with GQ Germany.
1. Saving is essential.
“It’s about thinking about whether you want to spend that money today on your fifth pair of sneakers because you suddenly feel like you really need them when in reality you’ll only use them once,” he said.
Short-term gratification vs. long-term contentment is a toss-up.
You’ll undoubtedly have a hard time comprehending that you can save at any time.
Müller, for example, is completely opposed to eating out.
“Many individuals are unaware of how much money they can save by bringing food and drinks from home to work,” he said.
A cup of coffee in a bar can cost a few dollars, while preparing your own at home is only a few cents, according to Müller.
This is the mindset you’ll need to cultivate over time.
2. Avoid any kind of debt
Take what you’ve learned about saving and apply it to debt in the exact opposite way. Don’t spend money you can’t afford. It’s a basic guideline that will keep you from succumbing to whims.
“You desire a smartphone but don’t have the funds to get one? If you don’t want to buy it, don’t,” Müller elaborated.
People become addicted to the ephemeral pleasure that comes with making a purchase, which leads to a lot of debt.
“Make a note in your wallet asking yourself, “Do I really need this?” With time, you’ll begin to ask yourself that question, and you won’t require the note,” Müller said.
3. If you do have a debt, don’t bury your head in the sand.
It’s critical to assess the issue before looking for a quick cure to get out of debt.
Otherwise, you risk incurring new obligations in order to pay off previous ones.
You should write down all of your debts, according to Müller. Then figure out how much you’ll be able to pay each month and multiply that by the number of months it will take you to pay off the loan.
4. Actively contact creditors.
Müller suggested that you take the initiative and contact your creditors before they contact you.
“This will set you apart from the majority of debtors,” Müller explains.
If you are unable to pay, it is preferable to disclose this openly rather than waiting for them to contact you to inquire about non-payments.
He emphasized that if you tell the truth about your financial circumstances, the opposing party would usually make you a counteroffer, such as raising the payment period or waiving interest.
This advice is even more crucial if the debt you owe is to a friend or family member.
“If you owe someone money, you will experience unpleasant consequences in your life. Money isn’t merely a means of commerce; it’s also a form of energy.”
5. Avoid fake status symbols.
When you think of a millionaire, you probably imagine them driving a flashy car and wearing a timepiece worth more than your home.
The millionaire mentality has nothing to do with these status symbols.
It’s about consciously consuming, not spending a lot of money, to get to financial freedom.
“Do you really need to spend two or three months of your money on a vacation somewhere far away when you could rest so much better at home?” Müller remarked.
6. Exercise self-control and be aware of temptations.
Each person’s definition of temptation is different.
Don’t walk by all the shops if you can’t stop yourself during the sales!
If internet shopping is your vice, you can utilize apps to ban your access to online businesses for a period of time.
Look for alternatives to the impulsive solutions offered by temptation. Before you go out and buy a new phone, investigate if you can have your old one fixed. Alternatively, see if you can buy or borrow an old one from someone you know.