Let’s face it; millionaires do money differently than others. And today, I will share seven of the best insights you need in your money plan to achieve your financial goals. And the best news of all is they’re not that difficult. You’re going to be amazed at how easy they are.
Summary: Wealth Inside and Out® Podcast – “Millionaires’ Money”
What you will learn:
- How millionaires view money differently
- What they do first
- How they handle their emotions
- What they forego to achieve their goal
Free Millionaire Mindset Guide
Today’s special resource is The Millionaire Mindset Guide.
Fulfilled millionaires 
who retain their wealth do several things differently than the average person. Today, you will learn several tips on how successful people elevate their worth barometer and operate at their best, regardless of how they feel.
Disclosure
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“Millionaires’ Money”
In the podcast, you will learn seven insights into how millionaires do money differently. Here is a sample.
They manage their emotions.
When facing a money decision, it is easy to get emotional and make a poor choice. One thing I found fascinating about millionaires is that most don’t. I always found it intriguing how well they manage their emotions.
Different parts of your brain impact your money decisions. We explore the brain and how it affects money decisions.
They create income streams.
One common trait I discovered was that when they were focused on building their primary business, they almost always had all their eggs in that basket they controlled. Once they accumulate a certain amount of money, then they diversify their assets.
It is probably a better idea to diversify assets.
Most had retirement plans and personal investments, but their primary focus was on what they were building. The vast majority of those I research and advise own their own company and are entrepreneurs.
We discuss contingency plans and passive income streams in the podcast.
If you have questions or need support, click here:
They know their numbers.
You’ve heard me say this before: They know their financial numbers, including their P&L and balance sheet. Your P&L is your profit and loss statement. It shows your cash flow, what’s coming in, and what’s going out.
Your balance sheet includes your assets minus your liabilities. Examples of assets include:
- Money in cash
- Cash equivalents, including money markets
- Retirement accounts
- Mutual funds
- Hedge fund accounts
- Real estate investment accounts
- Third-party managed accounts, stock exchange funds, and holding companies like Berkshire Hathaway
They always have a pulse on their financial numbers. They monitor their monthly, quarterly, semi-annual, and annual P&L.
You will learn how they track their investments in the podcast.
They hire an advisory team.
I used to think they just hired advisors because all my clients obviously hired advisors. However, I found that the ones that were fulfilled and wealthy had a team of advisors. And the ones I saw that had money then didn’t, had an advisor then didn’t.
In the podcast, you will learn how they hire their team of advisors.
They delegate but don’t abdicate.
Another important takeaway is not to abdicate your responsibilities. I want to stress this.
As you will learn in the podcast, abdicating your money decisions is never a good thing.
They consistently execute.
And then the next thing is execution. If you’re like me, you love planning, visioning, and dreaming, but we’ve also got to take the time to create and execute the plan.
And well, one of the things that high net worth individuals do differently is execute whether they feel like it or not. They are not governed by how they feel in the moment.
They’re focused on the feeling they want when they achieve their goal. So, you must know what you want to feel when you reach your goal. Most people set goals because of their belief in how they will feel when they achieve their objective.
If you can start working on feeling that way now, then when you achieve it, it’s a lot better. The other issue is not allowing that primal brain to dictate your actions by determining your actions based on how you feel in the moment. If you’re sick, there’s an emergency, or you have a preplanned vacation, that’s fine, but I’m talking about just not feeling like it.
Recap – “Millionaires’ Money: How They Make Money Decisions”
They manage their emotions and spend time making sure they can push the pause button when their primal brain kicks. They take time to allow their prefrontal cortex to bring in the rational brain and the logical brain. And not that emotional child brain.
They create a plan and know their numbers.
In addition, they hire an advisory team and often forgo income over the accumulation of wealth.
And of most importance, they execute regardless of how they feel in the moment.
Free Financial Freedom Formula Template Resource
Before you return to your day, I want you to set a time in your calendar to start creating your financial freedom plan. If you need support, go to the Financial Freedom Formula and download the guide.
This resource will guide you step by step through what you need to do to get started. Again, the link is https://themillionaireinsider.com/ffg.
Even if you’re not where you want to be financially or don’t know but want to know things are taken care of, I encourage you to download this free guide. Go to https://themillionaireinsider.com/ffg and download the Financial Freedom Guide.
Until our next episode, take one action that will help you create a secure financial future and retirement you love.
Click here to get your free financial checkup:
Congratulations on taking another step to create a financially free life you love. Are you unsure about your financial future or that it’s in order? Or are you ready to stop worrying about money or possibly the fear of becoming a bag lady and ending up broke in retirement?
If you are ready to know your financial house is in order so you have a secure financial future, please go to:
https://themillionaireinsider.com/fc.
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Thank you so much for joining me for
“Millionaires’ Money: How Millionaires Make Money Decisions.”
I’m Annette Bau (Bah oo).
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