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    Millionaire Map
    Millionaire Map
    Millionaire Map
    Ebook111 pages54 minutes

    Millionaire Map

    By Diana Bank

    ()

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    About this ebook

    A simple guide to personal finance and investing. Millionaire Map walks you through saving your money and investing it. With pop quizzes and illustrations included to keep you awake and an up to date glossary for reference, Millionaire Map is your map to the world of finance and financial freedom.

    LanguageEnglish
    PublisherDiana Bank
    Release dateOct 16, 2013
    ISBN9781301860210
    Millionaire Map

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      Book preview

      Millionaire Map - Diana Bank

      You’ve already taken the first step by picking up this book. Now, all you have to do is follow the map. This book is your guide to becoming a millionaire.

      In order for you to be a millionaire, you will need to learn a few key concepts.

      This book is divided into 3 sections:

      Route 1: Save Your Money

      Route 2: Invest

      Route 3: Retirement

      You will learn how to save money, how to invest it, and how to retire with more money than you would have thought possible.

      Route 1

      SAVE YOUR MONEY

      Chapter 1

      MENTAL MONEY

      Not only do you have to learn how to save money, you have to learn how to spend it, wisely.

      Often, when we spend money or purchase something, we behave irrationally. Behaving irrationally means not using good reasoning or judgment.

      Dan Areily examines this irrational behavior in his book, Predictably Irrational, The Hidden Forces That Shape Our Decisions.

      An example of irrational behavior in dealing with money happens when comparing the prices of two items. He gives the example of comparing two cups of coffee. One is $1.75 more than the other and comes from the expensive, better quality café. The other is less expensive and decent quality.

      Judging rationally, we would examine the pros and cons of each, determine how that extra $1.75 can be spent elsewhere, and decide if the quality of the coffee is worth the extra money paid for it.

      However, this kind of rational thinking would take too long in the real world. Instead, we rely on heuristic behavior, or what we did before when faced with the same decision. If we always bought the expensive coffee, we would buy the expensive coffee again, and vice-versa, even if rationally this might not be the best choice.

      Understanding that we can behave irrationally can help us prevent doing so in the future by knowing what to expect. After sticking with one decision for so long, we can examine this choice and decide whether or not it was the best one to make.

      THE POWER OF BRANDING

      Saving right also means being a smart shopper. Many things we buy, we don’t really need. A good question to ask ourselves is, Do I see myself using this 6 months from now? Am I getting my money’s worth when I buy something? If not, we could probably do without that item.

      The consumer marketplace is controlled by powerful, mega-rich companies who market their brands to consumers. A well-known brand doesn’t necessarily mean a good product. Sometimes, private label companies produce better quality products, but not always.

      Companies are especially skilled in marketing their products so consumers will want to buy them. They put beloved TV show characters in advertisements. Children are attached to those characters and become in a sense, attached to the product. There is also product placement. Companies pay lots of money to have their product prominently displayed in a movie or game in hopes of attracting more customers to their brand. Advertising follows us from morning to night. It’s there when we turn on the television, when we go online, and when we are at school. Corporations have succeeded in marketing to children and getting them

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