According to millionaire and best-selling author Philip J. Müller, the reason you’re not getting rich is your own idea of what it means to be rich.
In his book Goldrichtig (German for “right money”), Muller argues that anyone can become a millionaire if they learn to think like a rich man.
Viewers are taught that the stereotypical “rich” in movies and TV shows are people who spend a lot of money and that their success is based on luck and fame.
According to Mueller, the reality is different.
To become a true millionaire is to develop a conscious consumer mentality. Think about whether the item you are buying is what you really want, and if you need it, what else is cheaper?
Saving money, avoiding debt, and curbing your impulses—these are just a few of the steps you need to take to develop the mindset of becoming really rich.
Müller shared the secret to getting rich on GQ Germany.
1. Fundamentals Are Savings
Mueller recommends getting into the habit of saving right away and using it wherever you go.
“It’s like wondering if you want to buy the fifth pair of sneakers now. You feel like you’re suddenly going to need them, but you often only wear them once,” he said.
It’s a conflict between short-term gratification and long-term gratification.
First, you probably have a hard time understanding that you can always save money. Mueller, for example, is adamantly opposed to eating out.
“A lot of people don’t realize how much they can save by bringing lunches and drinks to work,” he said.
A cup of coffee at a store costs about $3 while brewing coffee at home costs about 30 cents, Muller said.
We need to adopt these ideas step by step.
There are many ways to save money in everyday life. For example, it would be a good idea to review the monthly fees of Spotify and Netflix.
2. Never Go Into Debt Under Any Circumstances
Contrary to saving money, under no circumstances should you go into debt? Don’t buy it if you can’t afford it. This is a simple rule that helps prevent impulse purchases.
“I want a smartphone but can’t afford it? Then don’t buy it,” Muller said.
We often go into debt when we are addicted to the temporary pleasures of shopping.
“If you put a note in your wallet asking, ‘Do you really need that?’ you’ll ask yourself that question over time. Over time, you won’t need that note. deaf,” explains Muller.
3. If You’re in Debt, Don’t Avoid Reality
Before looking for a quick way to pay off your debt, it’s important to understand your current situation.
Otherwise, you may end up making the mistake of taking out new debt to pay off the accumulated debt.
Mueller says you should write down all the debt you have. Further, he said, he should think about how much he can afford to pay each month and, based on this figure, calculate how many months it will take him to pay it off.
Mueller recommends using half of your disposable income to pay off debt and save the rest.
Many people will advise you to start saving after you have paid off. Mueller, however, disagrees.
“It’s about thinking like a rich man,” he says.
“No matter how much you save, wealth grows with you,” he added.
4. Proactively Contact Creditors
Mr. Mueller recommended that you take the initiative and contact your creditors before they contact you.
“That puts you in a different position than other debtors,” Muller said.
Even if you can’t pay, it’s better to contact them proactively than to wait until they receive a reminder call asking why you haven’t paid.
He explains that if you tell them honestly about your financial situation, they will respond in the form of counteroffers, such as deferring payment deadlines or waiving interest.
This advice is even more important if you are borrowing money from someone you know.
“When you owe someone, it affects your life negatively. Money is not just a medium of exchange. It is energy in motion.”
5. Don’t Have a Fake Status Symbol
When you think of millionaires, you probably think of them in luxury cars and sporting watches that seem to be worth more than their homes.
These status symbols don’t tie into the millionaire mentality.
The path to financial freedom lies in conscious consumption, not mass waste.
“Do you really need to spend two- or three months’ salary to go on vacation somewhere far away when there are better places nearby?” Mueller said.
6. Exercise Self-control and Watch Out for Temptation
Each person has a different form of temptation.
Don’t hang around in front of any and all stores if you lose your self-control during the sale!
If you have a bad habit of online shopping, you can use an app that temporarily blocks access to online shops.
Instead of coming up with a solution to the temporary feeling of temptation, we should look for other ways. If your cell phone doesn’t work, consider fixing it before buying a new one. Alternatively, you can buy or borrow a used one from an acquaintance