Becoming a millionaire is easier if one follows the wise advice given by other millionaires and wealth strategists.
Such advice was given to business owners at a talk hosted by Randburg Chamber of Commerce and Industry (RCCI) at a business park in Bryanston on 22 August.
Partner at Millionaire Maker Academy Africa Matthew Clark is a wealth strategist, author and partner to Loral Langemeier’s Millionaire Maker. Millionaire Maker is an international group responsible for mentoring many business owners to acquire more wealth.
The group has allegedly helped to make about 2 000 millionaires around the world so far.
Clark discussed the seven steps on the path to profit.
- Relationship to money. Clark said that people must be positive toward making money. They must want to make money.
- Starting point. This is knowing where one is on the balance sheet to the nearest R1 000.
One must know almost exactly how much income, expenses, assets and liabilities one has.
- Freedom day. This is not related to retirement and there is no age limit. Freedom day is knowing exactly how much cash flow one would like per month to live comfortably.
- Relationship to debt. People must be willing to use debt for the building of their businesses.
- Keep-your-cash plan. Business owners must set up private companies [(Pty) Limited] and trusts instead of being sole traders, so their cash can be protected and not spent unnecessarily.
- Money-making-money plan. People must invest their money, and all investments should return at least 10 per cent.
- Team and leadership. Business owners must have people who run their personal lives for them. Cookers, cleaners and gardeners must work for business owners, so that business owners can spend more time running their businesses.
Details: Randburg Chamber of Commerce and Industry 086 101 9218.
