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Home » Business And Finance Articles » Six Tips To Instantly Master Your Finances By Becoming A Millionairethinker

Six Tips to Instantly Master Your Finances by Becoming a Millionaire-Thinker

What's the fastest route from where you are today to your ideal financial status? Becoming a "millionaire-thinker". Now you may think this means you have to be a millionaire â€" you don't! The truth is many people don't aspire to that level of financial success â€" and there is nothing wrong with that.

But what does happen is entrepreneurs often feel stuck, confused and held-back from the level of wealth and freedom they deeply desire. And they turn to my coaching team to break through that barrier. What if just a few little shifts in your thinking could cause you to start creating the freedom you've always dreamed of?

I'm going to share with you six tips to help you transform your "stinkin-thinkin" into "millionaire-thinking" but first, we need to address three common issues that come up for every entrepreneur I know.

"Your money zone is equal to your comfort zone."

One of the laws of wealth is that you must be willing to stretch, take risks and be bold in your vision to make the big bucks. Why? Because doing what you have always done will get you what you've always got. Need I say more? Yes? Ok, let me share with you a personal a-ha ...

My biggest personal breakthrough in the wealth game was when I first sat down and projected my revenue. I had envisioned having an income of $200,000 the next year and when I looked at how many hours I could feasibly work, plus how much I was charging per client (back then it was $400/month), I was exasperated! I would have to coach at least 40 people each month to make my goal. That just wasn't realistic for me. To reach my financial goals, I had to stretch beyond my comfort zone and play REALLY big. By being willing to stretch and grow, I found myself creating programs like my Business Accelerator Mastermind Program, live workshops and the ULTIMATE Wealth & Success Circle.

Going beyond my comfort zone also positioned me to help my clients in new ways so that they can catapult forward faster too. In other words, everybody wins.

"You attract the amount of wealth that your 'container' can hold."

Many people walk around with damaging beliefs about money. "I'm not good enough," "Money causes greed," or my personal favorite, "I'm not good with money." Hence, your money container becomes a very small espresso cup. Or worse yet, some people are like a sieve (a container with lots of holes in it.) Your money container must be big enough and a complete whole to allow massive wealth to flow in it or else it just spills out.

"Easy come, easy go."

Unfortunately many people lose their first big money windfall because of poor accounting, broken work flow systems or lack of proper money management knowledge. When the money is there but the foundation isn't it will just as easily leave your bank accounts.

This week I just coached one of my clients around this very issue â€" a broken system caused them to miss their insurance renewal and lapsed their Corporate filings and the government shut them down. Talk about a financial mastery wake up call.

Financial mastery is crucial to achieving the dream of wealth, success and freedom.

Here are six tips to align your mindset, your habits and your behaviors NOW with financial mastery.

Surround yourself with others who have it (or are getting it.) There is a saying that the money you have is the average of the five people you spend the most time with. That's because you adapt to their thinking, their beliefs and their attitudes. Wealth breeds wealth. If you want millionaire results, start hanging out with people who have it or are creating it.

Spend it. No, I don't mean go into debt. I mean begin to vision how you will put your wealth to work for you. How will you invest in your business? How will you give back to charities or through tithing? What rewards will you create for yourself, your family and your world? Being crystal clear about this step will make creating wealth mean something much bigger than just making money â€" it aligns wealth building with your values.

Conquer your inner money demons. If you have lingering issues with money, then you must resolve them in order to truly create freedom. I highly recommend doing the inner work to know that you deserve money. This is one of the areas we address for the members of The ULTIMATE Wealth & Success Circle.

Think bigger than big. Napoleon Hill states in Think and Grow Rich that great leaders became great because they developed the faculty of creative imagination. When you tap into your true creativity, big ideas, plans and goals will intuitively come to you. Be willing to play bigger (and more focused) than you ever dreamed of.

Have a system to manage it. Wealth thrives with order. Having proper systems such as a good accountant and bookkeeper, proper business structure (LLC or Corporation), and software such as QuickBooks can make a big difference as a millionaire. Can you imagine having all that money and not knowing where it is going? Yikes!

Be a millionaire-thinker now. What if you just started thinking and behaving like a millionaire would RIGHT NOW? Millionaires make decisions, focus their time and enjoy a lifestyle that supports their success. Start acting as-if you are a millionaire thinker now and attract more of that kind of success instantly. I know it works because I've done it.

Whether it is your dream to be a millionaire or not, I encourage you to adapt to the "millionaire-thinking" mentality. You will notice instantly that people begin to respond to you differently, that you attract into your life significant results, and people will want to know you because you will emanate success. Have fun with it â€" because hey, that's what it is all about anyway!

And here is another random article you might be interested in...

Should You Ever Take A Payday Loan?

Payday loans have many names -- cash advances, signature loans and paycheck loans, etc. Payday lenders provide quick and easy short-term cash to those who need money immediately. That's the big reason why they're so popular.

However, payday loans come at exorbitant costs. This can -- and often does -- lead borrowers into a downward spiral of rapidly escalating debt. Let's look at the issue from various angles to get a complete picture.

First, the pluses. Here's why cash advances may hold enormous appeal for you.

You can have bad credit and still qualify for a payday loan. In most cases, no credit check is conducted. The process is fast -- it can take as little as 20 minutes to complete. Some lender even claim to target approvals in 30 seconds!

There are no upfront costs -- so the buy-now-pay-later convenience applies here as well. You can apply in person at a local outlet, over the phone or over the Internet. You get funds deposited into your bank account in 24 hours.

Compared to some other sources for cash, payday loans are discreet -- no one else needs to know about it. The transactions are secure -- your financial information remains private.

If you're faced with an emergency -- say, unexpected medical bills -- your only consideration might be to get money now. The speed and convenience of a cash advance comes in handy here.

So what are the disadvantages?

The most obvious one -- high costs. A payday loan can cost you say, $15 per two weeks. If you're borrowing only for two weeks, that doesn't sound like much. However, if you calculate the Annual Percentage Rate (APR), you'll see it comes to 391%!

If you don't think that's too much, let me ask you this question. If you invested money in the stock market, what would you consider a good annual rate of return? 20%? Maybe 30%? If you made a 20% return (on average) in stocks year after year, you'd be doing very well indeed. And this is for an investment that's generally considered high risk.

Now compare that with what the payday loan companies charge. You are providing them with a return on their money they won't get in too many other avenues.

There is another, less obvious reason why payday loans are dangerous. According to some estimates, over 60% of borrowers roll over a payday loan. Many take loans repeatedly, too.

Let's put in some numbers so that you can clearly see what rollovers imply.

Assume you borrow $400 for two weeks at a cost of $15 per $100 per two weeks. At the end of two weeks, you owe them a total of $460.

Let's say you don't repay the $400 at the end of two weeks. Instead, you request a rollover. So you pay them the lending fee of $60 and they agree to roll over the loan for another two weeks. The total cost of the loan at the end of 4 weeks may be as follows:

Original loan amount: $400
Fresh lending fees payable: $60
Late fees payable: $60 (assuming late fees apply at the same rate as lending fees)
Lending fees already paid: $60
Total: $580

At the end of this period (which is 4 weeks from the day you originally took the loan), you decide that you don't have $580 available and so request them to roll the loan over for another two weeks. Then this is what it can cost you in total at the end of 6 weeks:

Original loan amount: $400
Fresh lending fees payable: $60
Late fees payable: $60
Lending fees already paid: $120
Late fees already paid: $60
Total: $700

If you continue this process for six months (more specifically, for 24 weeks), this is what it may cost you in total:

Original loan amount: $400
Fresh lending fees payable: $60
Late fees payable: $60
Lending fees already paid: $660
Late fees already paid: $600
Total: $1780

For an original loan of $400, in a mere 6 months, the payday loan company will collect fees and charges of $1380 from you. That's 3.45 times the amount you borrowed. In APR terms that's 749.5%! If over 60% of borrowers roll over their loans, no wonder many payday loan companies are extremely profitable.

Snowballing costs can easily lead you into a debt trap if you get addicted to payday loans.

So what are the key points to keep in mind when dealing with payday loan companies? Two things:

First, avoid them (and other high cost borrowings) if at all possible. The best way is, of course, to get your finances fully under control so that you always have cash and / or credit available to meet emergencies.

Second, if you do choose to borrow from payday loan companies, borrow only an amount you're 100% sure you can repay on the due date. If that amount is too low to meet your needs, get additional funding from other sources. Because rolling over cash advances is one of the worst things you can do to yourself.