Luxe Lyfe; Manage Money Like a Millionaire

Media, movies, music videos have a certain perception of lifestyle of those who are financially blessed . Some seem to portray life is only about popping bottles, driving expensive rides, shopping sprees and making it rain in the club. Wrong! The realism behind this is only a small fraction live this way. Nonetheless, flashing bling can be a red flag for financial despair down the road. About 90% of lottery winners blow it in 5 years and some of the highest paid athletes lose it in 10 of retiring from the game. With statistics like that most millionaires opt to be more thrifty with spending. Choices to be frugal in spending leaves room to invest. 

Managing your money like a millionaire means learning how to discipline your spending habits, being pro-active regarding investments and having a short and long term plan,  Here are 3 ways to inherit a Millionaire Mentality and watch your financial garden bloom. 

Keep watch on your spending habits. Be aware on how much you spend on a regular basis. You can keep track of habits by utilizing programs such as; quicken, intuit and mint.com. There you'll find the necessary tools to help with managing your money. Keeping track of how much you spend on a daily, monthly or quarterly basis may be a huge wake up call and may even reveal most purchases would have served better on the shelves. Spending smart is the key. Get more out of what you pay for. If you have to buy an expensive handbag, make sure it can withstand longevity. Be practical. 

Live just below your means. Although, it may be cool to "keep up with the Jones'" you may be shocked to know their having a hard time maintaining as well. So fall back and live according to your financial standards. By practicing good money management, you'll better understand the value of your wealth. If incomes increases, spending more money or standard of living doesn't have too. There is an old saying, "its better to have and not need, than to need and not have". Very powerful and important statement. Spending less and investing smart will be better off in the long run. Having a small nest egg is better than none at all. 

Cash trumps credit. Personally, if you have to buy it with credit card, then you probably don't need it. Learn to respect  money and it'll work wonders. Set boundaries and refrain from frivolous spending. Everything doesn't need to be bought all at once. If its here to today, it'll be there tomorrow. If you must use credit, pay off more than the minimum allowed. This will knock off some of the principal so it can be paid off faster. Adhere to goals and be sure to follow through. Only step out side the lines in emergencies. Real ones-not the "omg its on sale, gotta act now" ones.

Top 5 Millionaire Habits

5. Quality, not quantity

4.Listen & gain knowledge from experts. Study personal finance.

3. Be like minded. Increase your financial circle of friends; advisers, tax planners, entrepreneurs. 

2. Be pro-active; no how & where every penny is spent. Become a watchdog.

1. Stay in your lane. Spend less than your intake. Increase your financial security (nest egg)

"Compound interest is the eighth wonder of the world! Those who understand interest earn it; those who don't, pay it" -author unknown