Becoming A Self-Made Millionaire: 5 Things To Do To Become Wealthy

Becoming A Self-Made Millionaire: 5 Things To Do To Become Wealthy

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You can divide wealthy people into two main classes: The ones that inherited wealth and the self-made folks. In other words, to become wealthy, you have to either inherit it or work your way up there. Unfortunately, you don’t get to choose to belong to a wealthy family where you can inherit the wealth. If you’re reading this, chances are you were not born into a wealthy family.

Forget about how people are living fake lives and pretending to be wealthy online. The harsh reality is becoming a self-made millionaire is very difficult. Not everyone has the willpower to become a self-made millionaire.

In fact, many of those who inherited wealth might not have been wealthy if they had to do it on their own. Still, people do it, anyway, and that’s because they were willing to pay the price.

Related: These 3 Simple Strategies Will Better Your Odds Of Becoming A Self-Made Millionaire

Well, if you’re so determined to become a self-made millionaire, here’s part of the price you’d have to pay.

Don’t Make Up Excuses

This is a good place to start, because without killing the habit of always making excuses, it would be difficult to become wealthy. Most of the times, there are always seemingly good-enough reasons to not do something. If you always find yourself acknowledging these excuses, it means you’re already stacking up reasons to give if you fail at an endeavour.

Yes, self-made millionaires know about these same reasons. However, instead of using them to make excuses, self-made millionaires channel these limitations to challenge themselves to take actions.

It’s either wealthy people do things, or they don’t. But they don’t make up excuses for not taking action.

Vote Yourself Off the Someday Island

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In his famous book, “No Excuses!: The Power of Self-Discipline,” Brian Tracy made reference to a fictitious “Someday Isle,” where dreamers live. On the isle, dreamers chat about how they dream of doing or becoming something someday. He didn’t say this in the book, but there has to be a “Doers’ Yacht” as well, where people who take actions live their dreams. Since a yacht is much smaller than an island, it’s safe to say that most people live on the Someday Isle.

You need to vote yourself off that island by taking actions. Separating the Doers’ Yacht and the Someday Isle would be a large mass of water. Obviously, to get to that yacht, you need to take a plunge into the ocean and swim your way up to the yacht.

In other words, to become wealthy, you just have to start something right at this moment. Don’t overthink the distance between the isle and the yacht. The truth is overthinking, many times, makes you see reasons certain things won’t work, even if they could.

Related: (Slideshow) Best Advice From Self-Made Millionaires

Learn To Live Below Your Means

This is another place where people get it wrong. No, being a millionaire isn’t about how much you can spend. On the contrary, it’s about how much you can save. To become a millionaire, you need to sit and take a critical look at your finances.

You need to build a budget and stick to it. You also need to differentiate between your wants and your needs in an honest way. Cut out as many things you don’t really need off your budget.

Moreover, you shouldn’t buy things because they’re cheap; buy them because you need them. In addition, whenever you want to make huge financial decisions like buying a house or a car, consider the long-term cost of owning those things.

Invest

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You’d hardly find a wealthy person who’s not an investor. They invest in things ranging from real estate to stocks to private business, and so on. The number one rule of investing is to invest in what you understand, as long as it’s legitimate.

Even if what you understand very well is stock trading or binary options trading, you should go for it. All that’s important is to identify the top binary options brokers around to be on a safe side.

The point here is that you should put your money in a profitable venture that you understand. And no, stock trading is not always profitable, especially if you’re not an expert.

Related: 6 Skills Of Self-Made Millionaires That You Should Be Using, Too

Finally … Always Have Your Networking Hat On

It sounds unfair, but the reality of things is that this life is all about whom you know. The more wealthy people you associate yourself with, the better your chances of becoming wealthy. Because spending time with the wealthy would almost always give you new ideas, and on other occasions, open opportunities.

Luis Aureliano
Luis Aureliano, a business writer and financial analyst. With over 15 years of experience in global finance and an MBA in economics and management, Luis’s areas of expertise include business, marketing, communications, personal finance, macro economics, stocks and emerging markets.