There is the financially admirable millionaire mindset, and then there is the financially devastating one-day-millionaire mindset. The difference between the two is the former prepares for the future and works strategically to become a millionaire. The latter, on the other hand, does not care about the future and spends all they have in the present.
To break the one-day-millionaire mindset, one has to be frugal at all times. Spending has to be limited to a heartbreaking point for the person to understand that a true millionaire or an aspiring millionaire does not spend so much on looking the part, but save and invest money to get the part. Millionaires may have some luxurious hobbies and caprices, but it takes a great deal of saving and investing to become a millionaire and remain one.
A true millionaire does not need to have flashy and pricey possessions to show off his status in life. He has so much belief in himself that even ordinary clothing does not bother him. Of course, he dresses for specific occasions and eats at Michelin star restaurants, but on regular days, he is happy to know he is making money and not spending it.
The road to becoming and remaining a millionaire is a tough one that is why not everyone achieves it. Everyone has a good chance of becoming a millionaire, but not many millionaires die with their millions intact or pass the status onto the next generation mainly because of the pressures and the challenges it entail. Commitment is the key to staying on top of the game.
Millionaires take risks. Although they only take calculated risks, to the common person, those risks are out of this world and downright insane. True millionaires knows the only way to grow money is to put some on the line. They do not spend money like one-day millionaires, but invest money like true millionaires.
Above all, millionaires like to share their wealth to others in need. In contrast, one-day millionaires like to show off their “wealth” to others and eventually suffer the consequences of not having enough to last them until the next payday.