6 simple steps to increase your wealth

Interview with Philipp J. Müller

“Anyone can do it”: Self-made millionaire explains the steps to more wealth

There’s hardly anyone who doesn’t want to make more of their money. Self-made millionaire and stock market trader Philipp J. Müller has done it. In an interview with FOCUS Online, he gives tips on how anyone can get a little closer to their goal.

Philipp J. Müller has become a millionaire himself. He passes on his knowledge about the right way to invest money in seminars. Müller is sure that everyone can become richer. For this he recommends the following steps:

1) Accept the status quo: It’s fine the way it is. “There are an incredible number of people who judge themselves for not knowing how to make more of their money,” Müller says. “It’s not worth it. You have to forgive yourself.”

2) Decide to be more involved with your money from now on: “It’s important to take care of your money yourself and not leave it to an advisor,” Müller says.

3) Set up a fixed date: “I put down a fixed date each week when I deal with my finances,” explains Müller.

4) Make a list of all costs, expenses and obligations.

Wealth through discipline: The pots model

5) Save according to the pots model. Müller recommends dividing monthly income according to fixed rules. The money needed for everyday life goes into a pot. This money is used, for example, to pay rent, buy clothes and eat. Money for education and leisure time goes into the next pot. The third pot is used to set aside money for larger purchases. Müller advises people to make regular donations and to set aside a separate pot for this purpose. Finally, the money that is saved and invested goes into pot five.
Free webinar: The most important rules for lasting success on the stock market

6) Start investing the money. Müller advocates investing this money in the stock market. The easiest way to do this, he says, is through ETFs, but it makes sense to delve a little deeper and spend more time investing. “Many people think the stock market is complicated. But when I get to grips with it, I realize that I can also learn it,” says Müller. But you need help – just as you need help when learning to drive a car. There is a wide range of courses on offer, says Müller. In addition to seminars, there are many books and Internet videos that explain the rules of the stock market.

Building a good relationship with money

In addition to the right savings strategy, Müller believes it is also important to develop the right mindset. “We need to build a relationship with our money,” he says. Money often has negative connotations, he says, as many proverbs also show. Examples include: “Money corrupts character,” “Money alone doesn’t make you happy either,” “People don’t talk about money,” or “It’s always about money.” This, however, is a mistake, he said. “We are allowed to love money if we see it as a symbol for something,” Müller explains, “for security and freedom, for example. On the other hand, it would be wrong if we were only concerned with status symbols.”

About Philipp J. Müller

At the age of 16, Philipp J. Müller started investing money in the stock market. He comes from an entrepreneurial household; his father had his own construction company. After graduating from high school, Müller began studying law, which he dropped out of in order to complete a banking apprenticeship instead at the age of 22. He founded his first own investment company, and several other companies in the same industry followed. At 33, he sold his companies and became financially independent.

In 2015, he founded one of Europe’s largest financial academies, the PJM Investment Academy, one of the very few state-recognized educational institutes in this industry. Here, Müller offers a training program for independent and successful investing on the stock market.

Translated from the German original: https://www.focus.de/finanzen/boerse/rene_will_rendite/interview-mit-philipp-j-mueller-selfmade-millionaer-erklaert-wie-man-zu-reichtum-kommt_id_12671126.html loaded 06.06.2021

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