LRS 061: Living Like a Millionaire 101

Living Like a Millionaire 101- the let's reach success podcast, lidiya k

This is episode 61 of the LRS podcast, and the topic today is something I’ve realized a long time ago – that you don’t need to actually have a million dollars to live like a millionaire. It’s all in the mindset, spending and earning habits, your environment, how you structure your day, and more.

I’m dedicating today’s show to the art of thinking like millionaires do, and having their freedom, independence and enjoyable lifestyle as a result.

It still amazes me how many people think that money is the secret to success, and focus solely on it. When all the money in the world won’t give you your time back if you don’t reclaim it, and all the material stuff won’t make you like your daily life any more.

You’ll now hear me talk about 10 things you should work on and change about your current way of living and thinking, in order to develop the so-called millionaire mindset and transform your destiny.

Consider it a beginner’s guide to living like a millionaire.

 

Show Notes:

  • The 5 simple financial rules you need to know for a start [2:16]
  • Questions to ask yourself to manage your time better [3:20]
  • 6 steps to building an online business quickly [4:24]
  • The main difference between entrepreneurs and everyone else [7:10]
  • What makes numbers so important and how to use them to your advantage [9:02]
  • How to imitate the mindset of an investor and how this will help you [10:32]
  • What’s passive income and what are the 2 best ways to earn it [12:09]
  • How to always be on the grow, like millionaires [13:19]

Mentioned:

Listening options:

• Subscribe to the show on iTunes to get automatic updates.
• Listen on Stitcher Radio.
• Subscribe on your Android device.
• RSS feed

Thanks for listening.

Glad you joined me on the podcast today. If you want to hear a particular topic on it, leave a comment below and I’ll make sure I cover it in the future.
Also, if you enjoyed it, please share it using the social media buttons you see on the left.

And finally, please leave an honest review for The LRS Podcast on iTunes. You’ll help a lot with the rankings for the show and I’ll appreciate it.

***

Living like a millionaire will only be possible if you become a lifelong learner and consider each failure a stepping stone to success.

Keep reading books, exploring new industries, talking to all kinds of people and getting 1% better daily. Never lose momentum and hope. Persevere and know that it’s more work and dedication that are the reasons you haven’t achieved your goals yet.

So all that, combined, is how you can live the life of a millionaire. It’s a fantastic journey if you accept it as such and find ways to enjoy the ride.

Think like a millionaire, and you’ll live like one!

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Becoming an Online Merchant: 4 Tips to Find the Perfect Product to Sell

Becoming an Online Merchant: 4 Tips to Find the Perfect Product to Sell

E-commerce is a booming industry and will only continue to grow in the coming years. That’s why it’s not so surprising that there are plenty of people who want even just a small slice of the proverbial pie.

But whether or not you are looking to establish a full-blown online store or would simply want to supplement your income by buying and selling items on the side, you have to pick a product to sell that would, well, sell.

With the right marketing strategy, one can argue that anything and everything can be sold online. However, the real challenge is finding a product that is conducive to success. How do you find that product? Here are a few pointers.

Finding The Ideal Product to Sell

1. Target Hobbyists and Collectors

You’ll be surprised by just how much money hobbyists and collectors are willing to spend to fuel their passions.

If you have a knack for finding rare items, you’ll be a big hit with collectors. Whether they’re interested in action figures and toys, lapel pins, first edition books, stickers, sports cards, or even antique dinnerware. Just make sure that everything is legitimate.

Meanwhile, there is no shortage of hobbies on which people willingly invest their time and money.

Some of the more popular ones include biking, fishing, knitting and crocheting, calligraphy, model building (including radio-controlled vehicles), and handicrafts. Look for a leisure pursuit where you can act as the product-based solution and you’ll easily enamor yourself to these customers.

2. Something Hard to Find or Can’t be Bought Locally

There are some things that can be easily found in a local grocery store or a specialty shop — say gardening or baking supplies. But what about specialty foods, magician’s accessories, eco-friendly products, and fandom items?

Most likely, people will go online to find these. You can enlist the help of Google Trends and Google Keyword Tool to get a glimpse of what kinds of products people are searching for online and use the results as a guide to pick a niche product to sell.

You can also try to sell products that can’t be bought or difficult to procure locally, like Japanese Kitkats, the “three-story” alfajor Oreos, or Asian beauty products. The latter, in particular, is a good place to start since a lot of products are only available in select countries or regions but are available through wholesale Asian cosmetics websites. Do the hard work of sourcing these products (and offer them at reasonable prices) and see just how much your customers will love you.

3. Star with The Accessories Before The Big-Ticket Items

When people buy big-ticket items such as 4K TVs, high-end smartphones, and gaming laptops, they buy them only once. Their next purchase of these kinds of products will probably be in the next two to three years.

These are big investments, after all, and people are much more reluctant to spend huge amounts so often. However, accessories are much more common purchases and people are relatively more agreeable to spending more often on these items. Especially when they’re meant to increase the performance or ensure the longer life of the bigger product.

Think about HDMI cables and switchers for TVs, charging cables and power banks as well as cases and protectors for smartphones, and gaming accessories like a mouse, a keyboard, and a good pair of headphones.

If you already sell the big-ticket items, then it’s a wise decision to add the accessories to your online catalog. If you’ve yet to choose what to sell on your online shop and/or you have a limited capital, you should consider selling these kinds of accessories first.

4. Consumables Mean Customers That Keep Coming Back

Consumables mean that you will have a steady customer base and a rather reliable revenue stream. What’s more, when people need to order products from you regularly, it’s much easier to build a loyal customer base.

Think about specialty cooking ingredients (Himalayan pink salt, anyone?), supplies for arts and crafts, and even cosmetics. Just make sure you’re able to deliver each and every time, since you don’t know when your customers will run out of their stock or order in bulk in advance.

Of course, choosing which product to sell is just one part of a thriving online business, since you should also take into consideration the demand, potential competition, and reliable suppliers, among others. However, it’s also undeniable that finding a saleable item is a huge contributor to your business success. Good luck on your journey as an online entrepreneur!

If you're into ecommerce, you might be wondering what product to sell on your online store. Here are 4 great ideas that are sure to make you money and bring you loyal customers: #ecommerce #onlinestore #makemoneyonline #sidehustle