Money Management Secret of the Millionaire

Who doesn't want to be rich? of course almost all people want to be rich, me including. So how do we get rich? well its nice to know a thing or two from those who are rich themselves and to know their secret on how to be one. We might think millionaires have it lucky. Check out their answer below and find out some of their secrets:

• Start early to avoid financial pitfalls. Adrian Cartwood, 49, author of the blog, How to Make Million in 7 Years, lived frugally while building his technology related business. He said, "Learn how to live within your means and how to delay gratification; there are the habits that you need to maintain on the way up, so you can keep your millions when you get there."

• Believe that you can do it. According to Alan Corey, author of A Million Bucks by 30, who became a millionaire by investing in real estate, said that he read as many biographies and autobiographies of millionaires before he became one. "What I found was they all had an incredible self belief that they would be financially successful," he shared.

• Work Hard - and you'll get lucky. Donald Trump attributes his success to hard work, explaining in his book, Think Like a Champion, "If your work pays off, which it most likely will, people might say you're just lucky. Maybe so, because you're lucky enough to have the brains to work hard!"
  

Guidelines in Owning a House

Many of us look forward to owning our very own house and even consider them as an investment. Others, however, would say that a house is not much an investment as it is a liability, incurring for owners debts and expenses that can take decades to pay off. Below are some tips on buying or owning a house.

• don't spend more than 40% of your monthly income on the amortizations for your home. Don't reach out for the stars if it will kill you financially.

• Investigate different types of mortgages. There are many types of mortgage options. Check what's best before deciding.

• Buy a house that needs repairs. Buy it cheap and you can add value with the repairs. This will save you money.

• Deal directly with the seller. This will save you agent's fees. If you want to use an agent, make sure you're calling the shots and the agent is on the same page as you.

• Negotiate the selling price. Home prices are almost always negotiable. So haggle. Offer a price that's a few percentage below its asking price.

• Refinance your mortgage. If you can cut at least 1% on your mortgage, then refinance it.