As they say, making your first $1 million is hard but doubling your money from there is easy. Reaching the $1 million milestone takes years of hardships and dedication, and despite all the struggles, 99% of them fail to make it. Only 1% manage to become millionaires with self-thought styles and approaches which makes them stand apart from the crowd. In this article, we will help you on how to make your first $1 million Warren Buffett style.
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Making Your First $1 Million Warren Buffett Style
Ace investor Warren Buffett had laid out several steps on how to make your first $1 million. From then on, making another million becomes a cakewalk as the struggle to double your money minimizes. In short, it takes big money to make the millionaire lifestyle as cash flow becomes easier when you hit $1 million. Below are the top three pieces of advice on what to do to make your first $1 million Warren Buffett style.
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1. Develop An Entrepreneurial Mindset
Warren Buffett’s mantra to make your first $1 million is by developing an entrepreneurial mindset early on. “If you want to become a millionaire, don’t put off business until you’re older,” said Buffett in advice to youngsters. Buffett explained that making millions should be etched in the minds of youngsters and solve consumer problems to make money.
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2. Reinvest The Profits
Buffett stressed that once your business is a success, reinvest your profits to make the business scale up. The billionaire said that he once started with a pinball machine with his friend with an investment of $25.
As the business grew, instead of enjoying all the profits like teenagers, the two reinvested and purchased eight machines. This helped them make their business sustainable with additional revenue. Therefore, it is advised to reinvest your money to make $1 million, according to Buffett.
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3. Avoid Unnecessary Debt
The ace investor revealed that the secret sauce to march towards a $1 million profit is to avoid unnecessary debt. “You have to spend money to make money,” he said, expressing that unnecessary debt only makes money for others. His main advice is to steer clear of credit cards and easy loans and avoid leverage.
