If you live in Los Angeles and make $5000 per month, you can be a millionaire


11:45pm
August 11, 2016

If you are reading this post, you must be curious how to become a millionaire. You might be making over $5000 per month. You might be making over $10000 per month. You might be making over $1 million per month. Chances are that you find yourself unsatisfied with your current financial condition. Chances are that you have difficulty with saving few extra bucks per month to increase your saving. Chances are that you might be unhappy with your work as it does not pay you enough to be a millionaire.

No matter what is in your head. Your thought is deceiving you. You can be whoever you want to be. Now my original claim: If you live in Los Angeles and make over $5000 per month, you can be a millionaire. I do not make this claim lightly for the reason that I have tested it myself and live and breath the method. There have been countless people who have done the same and become millionaires. In fact, most millionaires and billionaires mastered the way to become rich and not lose it. Becoming rich is important. Not losing rich is equally important.

Now, I said $5000 and in Los Angeles, not $4000 or $3000 or $2000. The reason is simple. If you bring home $5000 and even have a family, you most likely spend $4000. You would have $1000 left to put into saving. If you can’t put $1000 into saving each month, you can still become a millionaire. It just takes longer or needs more luck. I do not count on luck. The point is as long as you can save some money and put it to work in a disciplined way, you will be rich.

Onward.

Now, I got your curiosity. You might be wondering what the method is; how you can be a millionaire. I can assure you that you will learn the method I am about to give you. Not only you will learn it, you will also be able to apply it right away.

I am going to tell you the method that I taught my software engineer friend. He can’t thank me enough for telling him the secret. That’s what he told me. He called my method  a secret.

So I am going to tell you the secret to become a millionaire.

Over 200 years ago, Benjamin Franklin used this secret to become rich. He not only applied it, he also taught it widely. John D. Rockefeller used it and you know that John D. Rockefeller was one of the richest man in early 1900s. My modern hero, Warren Buffett, made use of this secret. He became one of the richest billionaires and the best investor.
Now, my engineer friend (let’s call him Arkad, not his real name, as he does not want anyone to know he becomes rich) has been applying the secret for several years. He made  a little over $5000 per month and has been putting aside $1000 per month without sacrificing much his family’s lifestyle. In matter of less than 4 years, he has gone from $20,000 in debt to over $100,000 in saving. No wonder he kept thanking me whenever he saw me.
Now, you should know that Arkad was a very good software engineer. He could do very complex math. He could produce intelligent software. When it came to money, he was lousy. As with many other software engineers, Arkad talked stocks and traded in tech stocks. He lost all of his hard-earned money and accumulated $20,000 debt. When I met him, he was furious at himself.  Once I told him the secret, his life changed.
So, what is the secret that not only saved my engineer friend, but also enabled him to save over $100,000 in less than 4 years?
Now, before I tell you this secret, I’d warn you that what you are about to know is simple but extremely effective. It works for anyone who has a discipline (you might think that you do not have a discipline. I can assure you that you do. Your discipline keeps you reading till now).
The method or the secret (as my friend Arkad called it) can be described in the following steps:

First
, save one-tenth of what you earn and dont touch it. If you earn $1000 per month, put aside $100 for your saving. Use only $900 to pay for your expenses. Arkad made $5000 per month and put away $1000 per month for his saving. You might wonder now how to not spend some of the saving and how to be disciplined enough to save one-tenth of what you earn. Whenever you are tempted to take some out of your saving, just remind yourself that you will spend your future without return. It’s also helpful to remind yourself of your burning desire to become a millionaire. Write it in your forehead if you need to.
Second, for every dollar you save, make it work for you. Make your savings your slaves. Make their children your slaves also. Let’s say that you put $100 into a bank that would pay you back 5% in interest annually. At the end of a year, you would have $105. The second year you would earn additional 5% on your $105 and end up with $110.25… in other words, your money is compounded at 5%. The first $100 is your slave. Its first 5% is its child which is also your slave. Each additional year you would get more slaves that work for you to earn your wealth.
Third, control your expenditure so that you never have to tap into your saving. Better yet, slash your expense so that you may have some extra dollars to put into your saving. Remember #2, your saving will work for you along with its children, grandchildren, …

Fourth, guard your capital. Remember that getting rich is not a quick venture. You must be patient and not jump into any venture that causes you to lose your saving.

Fifth, be disciplined and remember step #4. Yes, you guess it right. Discipline is the important ingredient of this method. I showed you in step 1 how to be disciplined and keep yourself under control.

You might ask how you can be a millionaire as I did not make any mention in the five steps. Be patient and remember step #5… Now, I do have the answer for you. If you put in $1000 each month for 20 years earning 15% interest, you will be a millionaire worth $1,245,689.53. If you can only find something that returns 10% in interest, you will still be a millionaire in 24 years.

I must warn you before I let you go. As you can see, step #2 is really important. You must be able to make your saving work for you. Watch out for advices from your friends, relatives, co-workers, or even strangers. Advice is too cheap. You will lose money if you do not know what you are doing. Listen only to people with credibility and expertise. The best is to listen to yourself. If you do not know how, get a coach who can help you access your own voice.

Now, time to put the secret to work and start making your money work for you.

But wait… you might wonder why I tell you the secret… and how Arkad ended up with $100,000 in less than 4 years. To answer your first question, it’s not a secret. If it is, I would rather keep it for myself. The method was taught by Benjamin Franklin (you can read his books). Millionaires and billionaires used it. And yes, people who have not become millionaires need to know and use it too. Your second question is rather a good catch. My friend Arkad would only have $61,669.51 with his continuous $1000 saving and 15% return.

Now, I gave Arkad the secret. It was not a magic that suddenly turned Arkad around from a lousy saver with a bad trading habit into a smart saver with discipline of a millionaire. The magic was rather in coaching and the above five steps. In a few months, Arkad was a changed man. He developed a discipline to cut expenses and put more into saving. In addition, he got coached to invest his saving wisely. As I mentioned before, he learned how to listen to his own voice.

It’s time for you to put the secret to work.

About the author: the post was written by Hoan Do, a certified leadership coach with John Maxwell Team. I have one available spot for a qualified client.
If you are curious about the above method and how you can apply it to your life successfully, open your email and send me an inquiry at hoandojmx@gmail.com

Here are some of what people said about me:

“Hoan has helped me to develop a process that I use for decision making that allows me to get to the roots of what I really trying to accomplish. He is calm, inspirational and motivational. He has also taught me different techniques which I apply daily that have positively affected  my success at work and in my personal life. His honesty and integrity made me feel comfortable talking to him. He’s a great coach and mentor!”

“Hoan has immense leadership and business knowledge. With a heart to truly add value and help people reach their full potential. This is a perfect combination for growth. He is able to help people new to business as well as people with decades of experience.”

“Hoan is a powerful coach. Through attentive listening and thought-provoking questions, Hoan helped me realize the limiting beliefs that kept me from achieving what I desired. After working with Hoan, my mindset shifted entirely and I embarked on a step-by-step plan toward what once seemed impossible. Whether you are seeking financial abundance, stronger relationships, or a happier mind, Hoan will show you the blueprint toward reaching what you desire. Be prepared to look deep within yourself, as Hoan will surely ask you powerful questions to stimulate you towards higher levels of thinking. No matter where you are today, I guarantee Hoan will help you get to where you want to be.”

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