How to stop the One-Day Millionaire Syndrome | Rheina Palma posted on the topic | LinkedIn (2024)

One of the known Pinoy money habits is the "One-Day Millionaire". It's a Filipino slang used to describe someone who spends all their money in a short period, often just a day or a few days. "One-day millionaires" usually make impulsive purchases without thinking of long-term consequences. Here's why it's not a good thing: 👎1. 𝗠𝗼𝗻𝗲𝘆 𝗧𝗿𝗼𝘂𝗯𝗹𝗲𝘀: Spending a lot in a short time can make people run out of money fast. This can lead to problems like not being able to pay bills or owing money to others.2. 𝗘𝗺𝗼𝘁𝗶𝗼𝗻𝗮𝗹 𝗦𝗮𝘁𝗶𝘀𝗳𝗮𝗰𝘁𝗶𝗼𝗻 𝘃𝘀. 𝗟𝗮𝘀𝘁𝗶𝗻𝗴 𝗙𝘂𝗹𝗳𝗶𝗹𝗹𝗺𝗲𝗻𝘁: Buying fancy things might feel good for a little while, but that feeling doesn't last. People with this mindset look for quick happiness and miss out on lasting contentment.3. 𝗨𝗻𝗱𝗲𝗿𝗹𝘆𝗶𝗻𝗴 𝗘𝗺𝗼𝘁𝗶𝗼𝗻𝗮𝗹 𝗜𝘀𝘀𝘂𝗲𝘀: Sometimes, people spend impulsively because they're dealing with emotions like stress or feeling low. It's important to understand why and find better ways to cope.To stop the One-Day Millionaire Syndrome from causing problems, people can:💰 𝗕𝘂𝗱𝗴𝗲𝘁𝗶𝗻𝗴: Keep track of money and make a plan for spending and saving.⌛ 𝗗𝗲𝗹𝗮𝘆𝗲𝗱 𝗚𝗿𝗮𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Take time before buying something expensive to decide if it's really needed.🤝 𝗚𝗲𝘁 𝗛𝗲𝗹𝗽: If emotions drive spending, talking to someone can really help.🎯 𝗟𝗼𝗻𝗴-𝗧𝗲𝗿𝗺 𝗚𝗼𝗮𝗹𝘀: Set goals for saving money and stick to them.The key is to change how money is seen, focusing on smart spending, saving, and feeling secure about money in the long run.#moneyhabits #wednesdaywisdom #financialeducation #budgeting

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Having more wealth than your peers can sometimes introduce social challenges, such as having contrasting attitudes about money or finding activities everyone can enjoy. Here are some tips for navigating these types of situations. #PersonalFinance #Budget #Lifestyle #Wealth

If you dream or wish to be a millionaire here are 5 millionaire habits you should adopt as this article recommended.

You Won’t Believe These 10 Millionaire Facts:Fact #1: Most Millionaires Are Self-MadeFact #2: The Average Millionaire Goes Bankrupt at Least 3.5 TimesFact #3: One Out of Every 11 U.S. Adults Is a MillionaireFact #4: There Are 1,700 New Millionaires Every DayFact #5: Half of All Millionaires Are Self-EmployedFact #6: Most Millionaires Are Still WorkingFact #7: The Number of U.S. Millionaires Increased 440,000% in 122 YearsFact #8: The Average Millionaire Is 57 Years Old Fact #9: The Average Millionaire Takes 18 Tries To Really SucceedFact #10: You Probably Haven’t Missed Your Chance

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𝐃𝐢𝐬𝐜𝐨𝐯𝐞𝐫𝐢𝐧𝐠 𝐖𝐞𝐚𝐥𝐭𝐡 𝐒𝐞𝐜𝐫𝐞𝐭𝐬: 𝐌𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐨𝐧 '𝐓𝐡𝐞 𝐌𝐢𝐥𝐥𝐢𝐨𝐧𝐚𝐢𝐫𝐞 𝐍𝐞𝐱𝐭 𝐃𝐨𝐨𝐫'Have you ever looked at your seemingly average neighbor's old car and wondered how they manage their finances? Well, '𝐓𝐡𝐞 𝐌𝐢𝐥𝐥𝐢𝐨𝐧𝐚𝐢𝐫𝐞 𝐍𝐞𝐱𝐭 𝐃𝐨𝐨𝐫' might just have some answers for you! 📖💡Thomas J. Stanley and William D. Danko's iconic book peels back the curtain on the everyday millionaires living among us. These aren't the flashy, luxury-brand-flaunting individuals we see in the media. Instead, they're the ones who prioritize financial independence over social status. 🏠💼As I turned each page, I was struck by the simplicity and practicality of the wealth-building strategies discussed. The book emphasizes frugal living, savvy investing, and the power of self-discipline. It's not about earning a high income but making smart decisions with the income you have.One of the most eye-opening aspects was the distinction between "acting rich" and "being rich." It turns out, many of the wealthiest people avoid luxury goods to maintain their wealth. This insight alone has made me rethink my own spending habits. 💰🚫A few tips I can give from this book to my fellow followers are:1. 𝘓𝘪𝘷𝘦 𝘉𝘦𝘭𝘰𝘸 𝘠𝘰𝘶𝘳 𝘔𝘦𝘢𝘯𝘴2. 𝘍𝘰𝘤𝘶𝘴 𝘰𝘯 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘐𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘤𝘦, 𝘕𝘰𝘵 𝘚𝘰𝘤𝘪𝘢𝘭 𝘚𝘵𝘢𝘵𝘶𝘴3. 𝘞𝘰𝘳𝘬 𝘏𝘢𝘳𝘥 𝘢𝘯𝘥 𝘉𝘦 𝘚𝘦𝘭𝘧-𝘋𝘪𝘴𝘤𝘪𝘱𝘭𝘪𝘯𝘦𝘥4. 𝘐𝘯𝘷𝘦𝘴𝘵 𝘞𝘪𝘴𝘦𝘭𝘺5. 𝘈𝘷𝘰𝘪𝘥 𝘋𝘦𝘣𝘵6. 𝘍𝘰𝘤𝘶𝘴 𝘰𝘯 𝘠𝘰𝘶𝘳 𝘖𝘸𝘯 𝘊𝘢𝘳𝘦𝘦𝘳 𝘢𝘯𝘥 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘎𝘰𝘢𝘭𝘴7. 𝘌𝘥𝘶𝘤𝘢𝘵𝘦 𝘠𝘰𝘶𝘳𝘴𝘦𝘭𝘧 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭𝘭𝘺8. 𝘉𝘶𝘪𝘭𝘥 𝘢 𝘍𝘳𝘶𝘨𝘢𝘭 𝘔𝘪𝘯𝘥𝘴𝘦𝘵9. 𝘝𝘢𝘭𝘶𝘦 𝘛𝘪𝘮𝘦 𝘰𝘷𝘦𝘳 𝘔𝘰𝘯𝘦𝘺10. 𝘛𝘦𝘢𝘤𝘩 𝘠𝘰𝘶𝘳 𝘊𝘩𝘪𝘭𝘥𝘳𝘦𝘯 𝘈𝘣𝘰𝘶𝘵 𝘔𝘰𝘯𝘦𝘺𝐓𝐡𝐞 𝐌𝐢𝐥𝐥𝐢𝐨𝐧𝐚𝐢𝐫𝐞 𝐍𝐞𝐱𝐭 𝐃𝐨𝐨𝐫 essentially reframes the concept of wealth, showing that real millionaires often lead a life of hard work, financial discipline, and smart money management, rather than a glamorous lifestyle of conspicuous consumption.Have you read this book? Any more points to add? I welcome you all to share your insights on this!#financialfreedom#bookreview #wealthbuilding#personalfinance#moneymindset#investingtips#frugalliving #moneymindset #moneymotivation #smartdecisions#lifelessons

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1 Tip I Would Give Someone Who Wanted To Get Started On Becoming A MillionaireDo you want to become a millionaire?I have been working as a Financial Planner for 3 years now. And what I can tell you (from experience) is that becoming a millionaire is as simple as:spending less,saving more, andinvesting the difference.So, here's the 1 tip I would give you if you wanted to pursue this path:Automate your savings/investments.Most people think about savings incorrectly.I believe that you need to automate your savings/investments on the day that your paycheck hits your account.I personally adopted this after seeing that I was struggling to save at the end of each month after meeting my expenses.Automating the process took out the guesswork and headache.I consistently and predictably meet my savings now. Doing this will put you ahead of 99% of savers as well.Unfortunately, most people don't agree.People believe that success in investing is achieved with a better return on investment (ROI)."If I can earn a 12% return I can become a millionaire in X years" does not work. People don't realize that the market return is IMPOSSIBLE to beat over the long term, and the average investor tends to underperform market returns.We dont have control over the returns provided by the market.We have control over only one thing in our journey: How much we save.Lets automate that habit starting today.Follow me and hit the 🔔 for free content to become an immigrant millionaire.

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3 money lessons that helped me become a millionaire at 30. 1. Good girl syndrome is keeping you broke. I was so guilty of this - basically good girl syndrome is when women internalize cultural messages about how we ~should~ behave. Like being agreeable, sweet, not too "much". This can stop you from negotiating your pay, which means you can lose out on over half a million dollars in earnings by age 60 (over $1M if you had invested it). It can stop you from setting boundaries around your money, like how you're always loaning it out and never getting it back, or even things like standing up for yourself when you're overcharged. 2. The biggest killer of wealth in your 20s and 30s is something called lifestyle inflation - this is when you only increase your lifestyle and not your savings or investments as you make more. You end up having more things, but no more wealth or freedom - and if you've bought those things with debt, you've already sold those hours of your life before you've even lived them. 3. If you don't find a way to make money while you sleep, you will work until you die. Investing isn't a nice to have, it's a must have. It's not for the rich, it's how you get rich. If you only ever trade your time for money there will be a limit to what you can make and you will never stop working. Retirement isn't an age, it's a number in the bank. ✨️ enter your rich girl era: get started with our free trainings, or apply to work with me as your 7 figure mentor ✨️

Recently I have read about a book " The Millionaire Next Door, written by Thomas J. Stanley and William D. DankoThe summary of the book This book explains how people develop specific attitudes and behaviours around money that they learned from their parents, which will determine whether or not they become wealthy. It also goes on to present the guiding principles and thought patterns of millionaires so that anybody who wants to get rich can adopt them.Millionaires live a glamorous life, with private jets and luxury cars. They also have large mansions in the exclusive Hollywood hills. It is just a myth , in fact most Americans who are millionaires actually live what others would consider to be normal lives. What’s more interesting is that these people became financially successful by living modestly and planning their finances accordingly. It can also help you become financially independent. The basic two ideas which have been shared in this book :1. Millionaires don’t live the high life. They budget wisely and are careful with their money so they can maintain their affluence.2. People who are financially independent believe that it’s more important than being flashy and having social status.If any one become a millionaire, definitely he or she would probably spend all their money on expensive things like Prada and champagne. But in reality, millionaires don’t actually buy that many expensive items. If anyone want to become a millionaire themselves , it’s important to be frugal with the money that comes in so that you can save up enough for investments. Most self-made millionaires have modest backgrounds and didn’t earn millions every year; they just saved their earnings from working hard at their jobs and avoided spending too much of it on unnecessary stuff.The way people become millionaires is by controlling their budget and maintaining their affluence. They think long term and plan for the future.Many millionaires are interested in financial independence instead of luxury cars. Financial independence is important for well-being. In the same income bracket, people who are financially independent are happier than those who aren’t. if I conclude it I can say that most of the person can become millionaire if they can change their thought process a little bit . Richa Sinha Amit Goyal Dhrub Panjikar

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Most people want to 'Become a Millionaire', but are not sure how. I can help 👇 To do this, I bring you ‘Sjoerd’s Wealth Formula’. Its sole purpose is to make it easy for you to ‘Become a Millionaire’. There are 4 pillars. If you do them all, you will become wealthy. If you miss one, you probably won’t. Once you know all 4, you will know where your gaps are. When you know your gaps, you can make your plan. I will cover one of them for a week each. Starting with the first last week which was: ‘Increase Your Earnings’ If you want to read more about that, have a look at last week’s ‘Become a Millionaire’ posts. This week it’s time to unveil the second pillar. The second pillar is: 💰Control your spending 💰 You can earn millions. But if you spend them all, you will never get wealthy. It's not about the million you make, but about the million you keep. Let’s look at an example. A CEO called Marc earns 1,000,000 per year after tax. He lives a lavish lifestyle; he spends 950,000 and saves 50,000. An Account Executive called Annabel makes 100,000 per year after tax. She understands that the money she doesn’t spend buys freedom. She spends 50,000 and saves 50,000. They save the same amount yet... Marc, our high earning CEO will have to save for 19 years to take 1 year off. Annabel, earning a tenth of the CEO can take a year off for every single year she has worked. Who is more wealthy? Stay tuned for more posts on how to ‘Control Your Spending’! In the comments, how do you like the format? More videos? Or more pictures? P.S. If you are early in your career in sales, you need to know the stuff I am posting about. It will help you to ‘Become a Millionaire’. If you like this content you can: - Subscribe to my newsletter - Follow me - Ring the bell on my profile to never miss a post - Like, comment or repost to help me reach more people. I appreciate you! #becomeamillionaire #financialindependence #moneymindset

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I READ MY WAY OUT OF POVERTY.I know you're probably tired of hearing the story of a 16-year-old boy who read Secrets of a Millionaire's Mind and later went to the mother to ask, "Mummy, why are we poor?".Well, I won't stop telling the story because it's my story, My own true life story.In this post, I am going to be sharing with you, 4 Sets that made me a Millionaire and if you patiently go through them too, you can make the most of your Financial Life too.Let's go: 1. Mindset: Your mind is key if you want to be a millionaire because your life is a printout of your mind.Whatever your mind conceives is almost certain to become a reality. If you think scarcity, you will see scarcity, if you think abundance, then you will see abundance.You must intentionally work on your mindset.Watch the things you think about money,Open your mind to superior beliefs about money,Read and study money, that's how I trained my mind to be a millionaire.2. Habit Sets.If you want to become a millionaire, you must work on your habits.Some habits cannot support a millionaire lifestyle. Some examples are; betting, careless spending, constant indebtedness, spending to please others etc.For many years, I was addicted to betting, then, but I knew the inside out of bet9ja.Whenever I made some money, I would run there and bet everything until I became broke again.I realised my habit was self-destructive.It was when I was delivered from the spirit of betting that I was able to pursue a more fulfilling life.3. Skill-Sets:You must have a millionaire enabling skill-set.If you don't have millionaire-enabling skills, you can kill to make money.This is how we get people who can do anything to make money.Having a high-income skill is non-negotiable.For me, I settled down and went through everything about CopyWriting and that is what opened up the way to my Millionaire Journey.You can sit doing nothing and expect everything.4. Tools Sets:Every profession has tools.A carpenter has tools. If a carpenter chooses to use his hands to drive nails inside the wall, he would wound himself.The same way a millionaire has tools.I leveraged the Internet, which was one tool that made me a millionaire.Thereafter, I leverage Social Media also towards my Millionaire game.If these platforms are free, then, why are you not financially free?I remain your Chief Value Officer, Emmanuel Akpe.The Prince Of Copywriting.

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