Lynnette Khalfani-Cox: 7 Smart Habits to Building the Wealth of Your Dreams

Did you know that out of America's 120 million households, more than 9 million of them are millionaires? That means the average American has a 1 in 13 chance of being a millionaire .... Believe it or not, every day in the U.S. thousands of people become newly-minted millionaires. Why shouldn't you be one of them?

You can, if you follow my "Millionaire Success Formula." These are 7 steps that must be mastered to acquire and maintain long-lasting riches. If you apply these universal wealth principles, you'll greatly increase your chances of joining the millionaire ranks. The best part of all is that these

7 steps can be used by anyone, regardless of age, income, race, marital status or job standing. The formula applies to average wage earners, corporate employees, entrepreneurs - and even those who have inherited or won money. Ready to make it big and make your first million? Then here's what to do:

M - Make a personal prosperity plan.

Develop a millionaire's budget; written goals; and a financial policy statement

- Realize that financial success doesn't happen by luck

I - Invest first, last and always in your reputation.

Build perfect credit

- Understand how having a stellar name and reputation is often better than cash in the bank

L - Live like a lender, not a borrower.

Achieve Zero Debt

- Decide to collect interest, not pay it, for the rest of your life

L - Leverage the power of property.

Ramp up with real estate

- Use hard assets and other people's money to build riches

I - Increase your fortune with proven methods not shortcuts.

Buy stocks, bonds, and alternative investments when prudent

- Avoid fads, scams, get rich quick schemes and Wall Street long-shots

O - Overcome setbacks and minimize risks to your financial health.

Make insurance a top asset

- Protect yourself against the Dreaded D's: downsizing, divorce, disability, disease, and death in the family

N - Never forget the next generation.

Create wills, trusts, personal and business succession plans

- Establish a wealth legacy

Why do I call these "universal" wealth principles? Well, for starters, I've interviewed many millionaires throughout the U.S. and found that, at one point or another, they all followed the steps described above in order to help amass their riches. Additionally, I worked for nearly a decade as a reporter for Dow Jones & Co., parent company of The Wall Street Journal (before the Rupert Murdock acquisition). As a financial journalist for Dow Jones, and as an ex CNBC business news reporter, I also interviewed thousands of money management experts - everyone from certified financial planners, to stockbrokers, to CEOs. What these experts told me, without exception, is that their most successful clients were also the ones who practiced the wealth principles listed above.

Simply put, the people who created their own financial blueprints - including budgets, goals for the future, and spending plans of action - were better off financially than those who did not. Those individuals who had hard assets, like real estate, were more economically stable than those who did not own property.

Families that protected themselves and mitigated risks with insurance were more fiscally sound than the uninsured, and so forth. Finally, as a Money Coach, I've had direct contact with tens of thousands of consumers across the United States. Based on those dealings, I've discovered another universal aspect about these wealth principles: As I mentioned earlier, they can be used by anyone - no matter what your age, income, race, marital status, or job standing.

When you apply one or two of the wealth principles, such as learning to successfully manage your debt or investing correctly in the stock market, you can certainly improve your financial standing considerably. But it's the potent combination of implementing all seven principles simultaneously that turns you into a financial powerhouse. In fact, if you will commit to all seven principles - and the strategies that make them work - you will find that you've created your very own "millionaire success formula." In other words, you will develop and stick to a concrete, personal plan of action that you can follow to create and maintain long-term wealth. And by following this formula, you dramatically improve your odds of becoming a millionaire. In fact, you can go from a 1 in 13 chance of becoming a millionaire, to virtually guaranteeing yourself of such success.

Here's to you making it big .... I know you can do it!

Wishing you all the happiness and prosperity you deserve,

Lynnette Khalfani-Cox,

The Money Coach

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