I’m a Self-Made Millionaire: Here’s My 4-Step Payday Routine
Millions of Americans live paycheck to paycheck. They don’t have a choice about how to spend their money on payday because, by the time they receive it, most of it is already owed.
That lack of control is a hallmark of financial insecurity. On the other end of the spectrum are the rich, who have all the choices that money can buy.
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However, not all rich people are created equal, and the millionaires who worked for their fortunes instead of inheriting them tend to have a plan for every dollar that comes in.
GOBankingRates spoke to an entrepreneurial success story who built a nine-figure business and a seven-figure personal fortune. He collects income from several sources, but no matter where it comes from or how much it is, it’s subject to the same four-step routine as every other dollar that passes through his hands.
Meet the Millionaire
Before founding A1 Garage Door Service in 2007, Tommy Mello was $50,000 in debt. He frequently discusses his journey from five-figure debt to running a company worth nearly $200 million as a columnist for Forbes Magazine, as a keynote speaker and a top-50 Apple podcast host on his “The Home Service Expert” show.
He graduated from the University of Arizona with a degree in business administration and management and went on to earn certifications as a DISC Trainer and a Practitioner of Human Interaction Technology. He volunteers his time to Project for Kids through Banner Health System in Phoenix and mentors budding entrepreneurs.
He launched A1 “with a vision to provide exceptional home service solutions,” he said.
Since its founding in 2007, Mello has built the company into a national powerhouse with 54 physical locations in 15 states. Its 350 employees serve customers in more than 30 markets.
“Through strategic planning, relentless dedication and a commitment to excellence, A1 Garage Door Service has grown into a thriving enterprise with a valuation exceeding $100 million,” Mello said.
Along the way, Mellow made himself a millionaire several times over.
“My personal net worth reflects the success of A1 Garage Door Service, augmented by savvy investments and prudent financial management,” he said.
It all starts with the four things he does as soon as he gets paid from any one of his several income streams.
The Payday Protocol: A 4-Step Plan for Making Every Dollar Count
While his primary business brings in the big bucks, Mello has monetized several areas of his life, from his podcast to his consulting work to his speaking fees. But no matter where it comes from, and whether it’s $100 or $100,000, he takes deliberate action to make sure that even a single dollar doesn’t get squandered or lost in the shuffle.
“As a self-made millionaire and the founder of A1 Garage Door Service, my payday routine is meticulously planned to optimize financial growth and personal satisfaction,” he said.
Here’s a look at Mello’s four-step payday routine.
Step 1: Feed the Golden Goose
Mello has been building, nurturing and expanding his business for nearly 20 years. It’s the bedrock foundation of his career, livelihood, income and wealth. Naturally, he spends the first dollar from every payment he receives on keeping the gift that keeps on giving healthy and growing.
“Firstly, upon receiving payment, I allocate a significant portion toward reinvesting in A1 Garage Door Service’s expansion, leveraging opportunities for further market dominance and innovation,” he said.
Step 2: Invest in Other People’s Businesses — and Debt and Properties, Etc.
A1 is Mello’s baby, but he’s not an all-eggs-in-one-basket kind of person — few self-made millionaires are. After he invests in his own business, he invests in those built by others in the form of publicly traded shares while spreading the rest around to other asset classes to ensure a prosperous future no matter what happens with A1.
“Secondly,” he said, “I prioritize wealth preservation and growth by diversifying investments across various asset classes, including stocks, real estate and high-yield bonds, aiming for a balanced portfolio with steady returns.”
Step 3: Give Back and Pay It Forward
As previously stated, Mello finds time in his busy schedule to volunteer his time — and that philosophy extends to his payday routine.
“Thirdly,” he said, “I allocate funds towards charitable initiatives, as giving back to the community is integral to my values and serves as a reminder of the importance of social responsibility amidst financial success.”
Step 4: Live a Little
Mello puts his heart and soul into his business, but he doesn’t live to work — and that’s evident in what he does with the final unallocated chunk of every payment he receives.
“Lastly,” he said, “I set aside a portion for personal enjoyment, whether it’s indulging in a hobby, traveling to new destinations or treating loved ones to memorable experiences, enriching both my life and those around me.”
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This article originally appeared on GOBankingRates.com: I’m a Self-Made Millionaire: Here’s My 4-Step Payday Routine
