Phillip J. Müller is the author of the best seller “Right Money”, a book that delves into the ideal strategies to maximize savings and reduce doubts.
The “get rich quick” stories and movies have led the world to believe that the rich they do nothing but spend money, and that their success is centered on mere luck or fame. According to Phillip J. Müller, the reality is different.
The only thing that prevents a person from being rich is their own idea of what it means to be rich.
Millionaire and best-selling author Phillip J. Müller.
In his book Geldrichtig – German for “Right Money” – quoted by Business Insider, Müller explains that anyone can be a millionaire if learn to think like a rich person.
According to the author, becoming a real millionaire mainly means adopting a conscious consumer mentality, that is, thinking if you really want what you are going to buy, and even more important, if you really need it.
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Items like save, avoid debt, control impulses and more, are key to learning how to manage income, invest and avoid impulses.
Next, we will explain part of the most important guidelines, according to the well-known author.
1. Saving, a key step
Müller claims to have acquired the talent of saving from a very young age, and began to apply it at all times. “It’s about thinking if you want to spend that money today on your fifth pair of sneakers. because suddenly you feel that you really need them, when in reality you are only going to use them once ”, he explained.
There is short-term gratification and long-term satisfaction, the second is the key. The author takes it to extremes such as not eating out for any reason. “Many people don’t realize how much money they can save if they choose to bring food and drinks from home to the office“, he claimed.
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Also, note that a coffee from a bar can cost a few dollars, while making it at home would cost a few cents. That’s the kind of mindset I get should adopt over time, explains the guru.
It’s about wondering if you want to spend that money today on your fifth pair of sneakers because you suddenly feel like you really need them, when in reality you’re only going to wear them once.
2. The pesky debts
Müller explains that it is necessary to listen carefully to everything about saving and apply the opposite with debts.
In his words, never have to buy something that cannot be paid. It is a rule as silly as it is habitually violated, that just by applying it you will save many quirks that are costs with almost no benefits.
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Do you want a smartphone, but don’t have the money to buy it? Then don’t buy it.
Debts would produce a type of sensation addiction of fleeting pleasure that comes from making a purchase.
3. Don’t create new debts to pay off old ones
Before looking for a quick solution to pay off debts, it is important take stock of the situation. Otherwise, you can make the mistake of creating new debts to pay off old ones, says the author.
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In that case, one of your recommendations is write down all the debts you have. Next, think of an amount that can be paid each month and calculate, based on this number, how many months it would take to pay off the debt. Müller recommends use half the money to pay off debts and save the other half.
Your wealth, whatever it is, grows through saving.
Most advise paying off debts before you start saving, but he disagrees. “Sand try to think like a rich person“, He said.
4. Avoid status symbols
What do you imagine when you think of a millionaire? Surely a person who he drives a luxury car, has a large mansion and wears the best clothes. For the guru, these elements have nothing to do with the mentality necessary to become a millionaire.
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5. Self-control and temptation
The temptation has different forms for each person. For some, perhaps it is the offers and the times of Black Friday, for others, having a generous heart that does not measure what it gives to its loved ones, and so on, there are countless examples.
For Müller, the key is in look for alternatives to the sensations that this temptation offers youHow can you minimize or fix what you can’t seem to control? Find the right implements and replace them with it, for example, if your phone doesn’t work, make sure to see if you can fix it before you buy a new one. In this and more ways, your personal finances can finally breathe, says the author. (F)
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
