Become a Millionaire: The Anti Get Rich Quick Method

Everyone is interested in the get rich quickscheme that would take us from financial instability to financial security over night. Unfortunately, aside from winning the lottery, this type of get rich quick windfall just doesn’t happen very often. However, enlightened millionaire Robert G. Allen once offered this insight regarding wealth accumulation:

“If you’re like the average person, earning at least $25,000 a year, then, in your lifetime over a million dollars will flow through your fingers. That's a lot of money. In other words, you’re a lifetime millionaire.

Now, for the bad news. If you're like most people, you'll spend it all, and, after a lifetime of earning, will end up with almost nothing.”

Robert G Allen, of One Minute Millionaire fame, knows a thing or two about becoming a millionaire. If you read between the lines this insightful comment lets us in on a little secret he has been spreading through his wealth creation books. This secret undermines the get rich quick philosophies that have been popularized by people that are not exactly on the up and up. Robert Allen’s secret is that becoming a millionaire takes time. Accumulating true wealth is more about forming key money habits or skills that are adhered to religiously for the rest of your life.

Understanding that overnight get rich quick schemes just don’t pan out most of the time is only half the battle to becoming a millionaire. Now that you are headed down the right path you need to learn some fundamental cash flow principles that will help you control your money and save for the future.

The key to controlling your cash flow is ensuring that you always spend less money than you make. This sounds simple enough but can be difficult to achieve when you have a debt problem or are behind on your mortgage payments. Creating extra streams of income, thereby increasing your overall cash flow is one way to improve your situation and enable you to put away some savings each month. To be honest probably the hardest part of becoming a millionaire is getting to the point where you have a positive monthly cash flow because you have become disciplined enough to spend less than you make.

Creating a positive cash flowis also dependant on being frugal. If you constantly waste your money on goods and services that don’t prove to be of much value and are not really needed then you will never have any money left over at the end of the month to put into savings. In America a good portion of our money is spent on convenience. For instance, we pay extra money to get a quick hot meal from a fast food restaurant rather than cooking something up at home. Cutting back on the money spent eating out is just one common way to save some of that hard earned money.

As a budding millionaire, overtime you will learn to cut out unnecessary expenses and create a strong monthly cash flow. This cash flow can first be used to pay off your debt problem should you have one. If you don’t have a debt problem then you can start saving your money right away as well as investing in opportunities that will present even greater returns on your cash flow.