Posted on 10/4/2020, 11:10:11 AM
At some point, almost everyone dreams of becoming a millionaire. The word itself brings to mind images of beautiful beachfront mansions, superyachts, five-star dinners, fancy wines, and a whole host of other expensive fantasies. However, as much fun as it is to daydream about becoming a millionaire, it often seems like an impossible dream to achieve. But that doesn’t have to be the case.
“The time when you could go from rags to riches seems long ago. However, this is not true. Anyone can be a millionaire. No matter how much you earn today,” explains Clemens Raemy, the Co-founder and CEO of Herzsache and an investor behind Sumizeit.
In fact, it doesn’t take as much work as you’d think to achieve the goal of becoming a millionaire, and there are plenty of sources of information out there to help you make that dream a reality. Authors like David Bach in the Automatic Millionaire or T. Harv Eker in Secrets of a Millionaire Mind have plenty of tips for you on how to grow your personal wealth.
David Bach offers useful insights on how to achieve millionaire status just by making small, simple changes to your daily spending and saving habits. For instance, he advises avoiding late bill payments to prevent getting hit with costly fees, and completely paying off your credit card every month, to avoid accruing even more debt thanks to their extremely high interest rates. He also recommends buying a home, which is an investment that increases your equity over time. In contrast, renting only puts money directly in your landlord’s pocket, while you have nothing to show for making monthly payments that are often comparable to the cost of monthly mortgage payments.
Bach also emphasizes the importance of prioritizing your savings and paying yourself first. Most people spend most of their paycheck first paying for life expenses like rent, bills, and insurance, and only pay into their savings with whatever money is “leftover.” Bach, however, advises paying into your retirement first, in the form of a pre-tax retirement account, which will save you money on taxes and increase your savings in the long run. In addition to saving for retirement, Bach recommends setting aside five percent of each paycheck for emergencies, which insulates your finances if an emergency hits and provides peace of mind.
The easiest way to build up savings is by automatically putting aside a certain percentage of your income every month and letting the money do the work for you. Even if you do not make a large annual salary, the compound interest adds up over time. Cutting out small expenses, such as a daily latte, will increase your savings even further.
Harv Eker’s Secrets of a Millionaire Mind explains the secrets to achieving a wealth mindset. The way we think about wealth is actually shaped by our parents when we are young, and these thought patterns tend to stay with us throughout our lives. These monetary thought processes often play a much bigger role in our wealth and success than we realize.
Millionaires, because of the way they grew up, have thought patterns that are programmed toward achieving financial success. Most other people’s thought processes, however, have been programmed to a lower level of monetary success by their childhood, role models, and life experiences. Thanks to this subconscious programming, most people are not open to pursuing opportunities to earn greater wealth, even when the opportunities present themselves. The key to becoming a millionaire is to reprogram your thought process to create a millionaire mindset. This includes taking responsibility for your financial fate, maintaining a positive attitude and taking risks, fully committing yourself to your goal of becoming wealthy, and above all, knowing your own value and believing in yourself and your worth.
Other books like Rich Dad Poor Dad by Robert Kiyosaki or the Intelligent Investor by Benjamin Graham can help you fully understand what you need to do to get yourself closer to becoming a millionaire.
Robert Kiyosaki’s Rich Dad Poor Dad became an instant bestseller, and for good reason. His memoir chronicles the best financial wisdom that rich parents pass onto their children. Poor children usually don’t have access to this same advice, which prevents them from acquiring the wealth building tools and skills necessary to achieve financial success later in life. Personal finance is rarely taught in schools, so it is up to parents to teach their children financial intelligence. However, there is usually a big discrepancy between the financial advice rich children and poor children receive.
Kiyosaki’s book aims to correct this imbalance by detailing the useful financial advice that wealthy people already know. His advice includes understanding the importance of keeping specific financial goals in mind, and stressing the value of investing in continuing education for long term success. Rich parents also stress the importance of avoiding personality flaws, like greed, and laziness, and arrogance, which prevent many people from making smart investments in their future. Fear of taking risks and a desire to impress others by buying showy status symbols that decrease in value, instead of making smart investments, are other common traps that rich parents often teach their children to avoid.
Benjamin Graham’s Intelligent Investor offers answers on how to make intelligent and strategic investments that will grow your wealth over time. He stresses the importance of making slow and steady gains that build up in the long term, rather than striving for short term profits. To do this, Graham advises utilizing three key investing principles: Analyze the long-term potential of a company before investing in it, protect yourself against potential losses, and focus on making safe and steady investments. While he advises paying attention to the stock market’s history, he advises against jumping on board flashy and overhyped stocks, which are often overpriced. Rather, investors should aim for steady, consistent gains that add up over time.
There are many great books out there that offer useful tips and insights for learning how to increase your wealth. However, we understand not everyone has the time to sit down and read hundreds of pages of material, just to get to the nuggets of wisdom that are relevant to their life. After all, millionaires - and future millionaires - are busy people. And that’s where Sumizeit comes in.
“We at Sumizeit want to make the knowledge on how to achieve your financial goals available for anyone,” says Clemens. “I personally got fed up reading the endless business books on these topics. Most books contain more fluff than facts and as most non-fiction authors get paid by number of words their books contain, they keep repeating the same core ideas in endless variations.”
With Sumizeit, you don’t have to spend hours reading fluff in order to gain the pearls of financial wisdom tucked into each book. Sumizeit summaries include 90 percent of the key content of each book, but can be read in just 10 percent of the time it would normally take to read the full book.
We’ve all been there. You spend money on a new book with the best intentions of reading it, only then life gets busy. Maybe you make it through a couple of pages here and there, but ultimately the book ends up lying forgotten and unread in the back of your bookshelf. That’s why each Sumizeit book summary is only about 10 to 12 minutes long.
Sumizeit doesn’t get paid per word. Sumizeit adds value by filtering out the noise and getting down to the core ideas of each book as quickly as possible.
Sumizeit also makes smart financial sense. Saving hundreds of dollars per year on books
is not a bad way to start your path to millionaire status. Instead of buying new books every week - and spending upwards of 30 dollars per book - just to struggle to find time to finish it, Sumizeit offers a cost efficient alternative.
Instead of spending hundreds of dollars on business and self help books, Sumizeit costs just $5.99 a month, or $69.99 for lifetime access, to have the entire Sumizeit library at your fingertips. Join Sumizeit and get access to hundreds of summaries of business, finance, and self-help books.
With Sumizeit, you get access to a wide variety of books in 18 categories, including Management & Leadership, Entrepreneurship, Money & Investments, and more. A Sumizeit subscription even includes access to new releases, so you’ll have all the newest tips and latest discoveries, right at your fingertips.
By investing just 10 minutes a day, you can massively change the way you live your life. As David Bach explains in his book, even if you are one of the many Americans with an annual income of $40,000 or less, you are not prohibited from becoming a millionaire. By just saving 4% to 15% of your monthly paycheck and over time with compounding interest, your dream of becoming a millionaire will become a reality.
If you want to make a smart investment in your future and join the knowledge revolution, you can download the iPhone or Android app for free. The first three summaries are on the house.