How to Become a Millionaire in 7 Easy Steps, Part 7

Here's part 7 of a piece from Bankrate that tells how to become a millionaire in seven "easy" steps:

7. Get professional advice. A good financial planner can help you fill your portfolio with the right investments and dump the wrong ones. You don't need to relinquish control, but you do need to form a good working relationship with someone who has expertise in this complicated area.

I haven't harped on the financial planner issue for awhile but it's true that Hiring the Wrong Financial Advisor is Bad for Your Net Worth. Besides, investing is not a complicated area -- especially if you get into index investing.

Free Money Finance recommends Emigrant Direct.

Comments

[DR. ARTFREDO C. ABELLA , Ph.D., - COMMISSION ON AUDIT-DOST-CAR, LA TRINIDAD, BENGUET, PHILIPPINES]

The best way to become rich and wealthy in life is to have sufficient and enough money to meet our basic needs- food, shelter, clothing and education and we must be able to control our desires to spend on overheads regarding our wants and whims. This is easier said than done but in reality unless one has the business that he owns and not merely rely on fixed income like salary it is one to an impossible thing to become rich and wealthy. Let me point some very important salient features where we can improve our financial independence and most probably become rich.

* We must realize that owning a business need not be an empire or a Ceasar's Palace to make one's business rich and wealthy but merely responding to the necessary and basic qualities of a successful business entity.
This means that we must own a business to make ourselves rich. It may not necessarily be big enough like an emporium because it requires lot of capitalization, instead we must look at what a successful business is all about : First, your business must be able to be competitive in the markets, the products are of good quality and their prices are reasonable and within the reach of the consumers. Second, the business can provide salaries, vacation and sick leaves, bonuses, fringe benefits, salary increases and promotions towards its employees and Third, the agency must earn profits to make the entrepreneurs rich and wealthy. If these qualities are present in our business then money will just come automatically which will propel us to become rich and wealthy.
* We must realize that a business is governed by the two supreme principles which most successful and wealthy businessmen follow: First, it is the realization that business principles are strict discipline and Secondly, that such discipline must be strictly followed. Businessmen who reinvent the wheels on the rules governing the operations of business will usually turn to become a failure.
* It is the realization that there are inherent qualities in the creation of big business entity or empire they are - problems, conflicts, risks and controversies. Businessmen who are not aware of such inherent qualities governing the operation of a big business entity must not attempt to venture into one. Instead businessmen must anticipate for solutions and answers to meet these kind of maladies that creep the business.
* Rich and wealthy business entity always follow the concept of applying the "half bread decision" in managing the needs of the consumers and their employees. The concept of a "half bread decision" stems from the reasoning and acknowledging that we are all good christian managers and that we must always seek for a "win-win" scenario for every decision that we make. If the personnel of your company is asking for a 10% increase in their take home pay and if you grant it your business will incur overdraft opt for a 5% increase in that way you are halving the bread and you share the success of the company for those who really give their sweat, blood and tears. Consumers who demand "give aways" during off season can be compromised that their gifts shall be given during the yuletide season.
* It is the realization that making money for money's sake is morally obscene and indefensible. We make money because of beauty, art and peace. The prophet of the 3000 century has already echoed that the idea of just making money is no longer applicable. Our business must be customer focused, we have to device a one to a million ways to please our customers and clients. The policy of saying the customer is always right is still applicable. Business who does not look at the welfare of the consumers will not last long and will die a natural death.
* Businessmen who believe in the concept of insurance will protect their employees and their business from future possible risks - fire, death, accident, old age pension plans and theft. Insurance dates back during ancient times and it started in the "Legend of the Yang Tse River." Yang Tse River is a big river in China with rapids. Chinese businessmen use this river to transport their goods to other places for trade. Most of the times the trader's boat would capsize and their goods will also go with it. The businessmen tried so many ways to avoid such risks and dangers, so they finally decide that sharing their goods to every boat that would sail in the Yang Tse River would lessen their risk of loss. So if one boat would capsize there are still other boats who carry the rest of their goods to ensure that all is not lost. Such was the legend of the Yang Tse River that most of the traders became rich in China. The modern world learned a lesson from the legend and they also deviced a way to share the risk with the populace and people and that is what we call now as insurance. Insurance is the modern way of sharing risks. Insurance is a way to provide relief for those whose love ones have passed away, whose business got burned, whose cars met accident etc.
* As your income increases your standard of living must remain the same in order to become really that rich and wealthy that you desire and yearn. It might take a spartan discipline to do it but I believe that if your earning is increasing and your standard of living or your expenses remain the same, it will be a sure formula for you to become rich and wealthy. We must follow the ways of the ants - storing their food during summer for the rainy days to come. We must learn how to delay our instant gratification. Instead of buying cheap things or goods save it so that when the dollars are already sufficient you can buy a new leather furniture that you really dream of. Produce more than you consume. I do hope that somehow, somewhere somebody will become rich and wealthy by using the text that I have made and if you did or have any reactions, please inform the writer in his e-mail address: [email protected]. More power to all you and may God grant us health, wealth and happiness.

[DR. ARTFREDO C. ABELLA , Ph.D., - COMMISSION ON AUDIT-DOST-CAR, LA TRINIDAD, BENGUET, PHILIPPINES]

ERRATUM:
The start of the sentence " More power to all you" should be rewritten " More power to all of you", sorry for the error.

[Sarah]

Oh! I have yet to see a prolific commenter and author in the person of Dr. Artfredo C. Abella!!! He is one writer with the skill, experience and knowledge when it comes to the sayings of the value for money and how to succeed in business when the western world is experiencing deep down economic crisis!!