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10 Secrets For Developing A Millionaire Mentality

Integrity is the cornerstone to developing a millionaire mentality.

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As a millionaire, I’ve learned that most people want to know the truth about wealth.

Many people believe that the only way they can become a millionaire is if they marry it, inherit it, or save it. While they have a point, the only people who become millionaires are the ones who earn it.

That’s right, most millionaires aren’t lucky people who randomly found their paths or have been born into it. Instead, they are ordinary people who selected a large goal and worked steadily toward it.

There’s no easy way to become wealthy, but there are many options to earn your fortune. Whether you’re starting a business, developing a high-end career, investing your money, or become a professional entertainer, you must develop a millionaire mentality.

When the mind is ready, the money will come.

No one can achieve wealth by harboring erroneous thoughts. Instead, you must constantly battle the enemy in your mind to find the wealth of your dreams. Moreover, the secret to your wealth is to manifest righteous thoughts and deeds as you accomplish your biggest goals.

Related: 3 Truths Every Millionaire Knows About Money

1. Practice integrity

Many people think they must sacrifice their integrity to become a millionaire. They assume that rich people cheat on their taxes or swindle people to become rich. Actually, it’s the exact opposite. You can only become a millionaire if you practice integrity. Money only comes to those who can be trusted with it.

Integrity is the cornerstone to developing a millionaire mentality. Like a thoroughbred horse galloping past the finish line, only winners with integrity can sustain reasonable speeds for long stretches of time. If you’ve entered the race without integrity, you will fail to win the ultimate trophy of wealth. Practicing integrity is the backbone of truth wealth and prosperity.

Integrity is telling yourself the truth. Honesty is telling other people the truth.

2. Become social

business-man-on-phone

Since the new millennium, social entrepreneurs can make tremendous financial strides by expanding their influence. Oftentimes, fame can be a prerequisite of wealth. Nowadays, you can strategically build a following while attracting a large number of people to your services. Becoming influential can dramatically increase your wealth.

Instead of reaching out to people, you can have people reach out to you. Many influential people are constantly fed opportunities because of the value they’ve added to their fans. Furthermore, you must have the right team with the right strategy if you want to consistently see results in the financial column.

3. Pay the price

A woman walked up to a grand pianist and said, “I’d give anything to do what you do!” His rejoinder was simple, but pungent: “Yes, except 20 years at 8 hours per day.” The key to success is straightforward – pay the price. Those who pay now will be able to play later. Conversely, those who play now will to pay later. Either way, your life demands a payment.

Depending on your desires, you can set the wager of the price you’d like to pay. If you want massive success, you have to pay a massive price. If you want a modicum of success, you have to pay an infinitesimal price. Moreover, becoming a millionaire is a steep price that requires great risks. Those who pay the price by abiding in their daily habits will receive long-lasting success. Are you willing to pay the price?

Everything we do is a reflection of who we are.

Related: The 10 Strangest Secrets About Millionaires

4. Control your mind

Positive-thoughts

If you want to develop a millionaire mentality, you must have complete control of your mind. By feeding your mind with seeds of positivity, you keep the noxious weeds away from infiltrating your mind.

While most people on the internet indulge in miscellaneous information like ‘memes’ and other short-term distractions, you should constantly be seeking new ways to properly entertain, inspire, and educate your mind.

The average person doesn’t know why they do what they do. For instance, a formerly obese woman told me this truth, “I used to eat so much every time I had a bad thought. Little did I know that I was ‘eating away my emotions.'” When you control your thoughts, you master your feelings, which can lead you to take the best actions. Where are your thoughts taking you?

Remember this sequence: Thoughts>>>Feelings>>>Actions.

To change your reality, you must change your mentality.

5. Acquire skills

You need the skills to pay the bills. In our world, many people relish the term ‘jack of all trades, master of none.’ Jacking up a new trade isn’t going to make you rich, but mastering one will. Money only comes to the practitioner of excellence, not the amateur who performs with average ability. If you want to be a millionaire, you must become an expert at what you do.

Challenge yourself by seeking to acquire the necessary skills to achieve your desired wealth. Generally speaking, the richest people on earth have the most skills and are known for their expertise. Here’s a simple guideline: If you’re putting in at least 8 hours per day to intensively craft your skill, your expertise should make you a millionaire within 5 years, assuming your industry has a high-profit margin.

The marketplace is always conditioning ambitious people to become better.

Related: 10 Ways Successful Entrepreneurs Stay Calm

6. Master your language

public-speech

Our level of income is largely determined by our level of communication. However, it can be challenging to cultivate your language when most of the people around you are murdering it. Since we borrow our language from those who haven’t fully appreciated it, we must be conscientious when taking deliberate steps to change it.

Poor speech cannot be hidden. Like bad breath, the person with uneducated speech is usually unaware of his or her problem. Those who are lazy with their language must suffer the repercussions of lost opportunities. Failure to wield your words correctly will keep wealth away from you. Everyone should keep at least a dozen English books in their homes. Personally, I read the dictionary at least ten minutes per day.

Words are the tools that release the heavens of our mind.

7. Follow the truth

An ancient prophet once said, “The truth will set you free.” Fortunately, our results tells us the truth about ourselves. It reveals what we’ve learned, what we’ve done, and how much we’ve served. What are your results saying about you? Whether you like it or not, those results will give you feedback on what you may need to change. The prevailing truth stands the ultimate test of time.

Your wealth is the sum total of your entire contribution to society. Your rewards derive from your level of service to the marketplace. If you don’t like your rewards, find a way use the truth to create better results. If you do like your rewards, use the tonic of truth to reach a higher level of results. Ask this question: How will I deliver more value to more people in less time?

Your rewards are determined by your contribution to society.

8. Never compete

swimming-block

Most people feel like they must compete to stay ahead. However, competing actually keeps you behind. Competition forces you to copy someone else’s style instead of creating your own. Over time, competition will wear you out because you’ll always try to be better than someone else, rather than being yourself After all, if you’re trying to be everyone else, who will be you?

One day, a prospect advised: “We’re shopping around with other companies. We’ll get back to you.” Instead of worrying about if I would get the business or not, I called them back immediately, “Look, if you’re shopping around, I don’t want to work with you.” Startled and perplexed, they asked, “You mean you’re willing to let us go if we check with your competitor?” Within an hour, I closed my biggest deal of my life.

“Competition is a sin.” – John D. Rockefeller

Related: 10 Powerful Habits That Will Make You a Millionaire

9. Respect money

Most people don’t get money simply because they don’t respect it. You often hear people saying, “Money isn’t everything” or “I don’t need the money.” Because they’ve downplayed the value of money, they won’t have much of it. Financial rewards are attracted, not pursued. What are you doing to attract money to your bank?

Money deserves respect. To respect money more closely, you must be diligent in your financial affairs. This means that you’ve developed the following habits: saving money, paying your bills early and willingly, knowing the account balance(s), communicating with your spouse, budgeting, etc. When you respect money, you will be able to have more of it. If you can take care of R10 000, then R100 000 will come your way.

“Those who are faithful with little will be faithful with much.’’ – Ancient Phrase

10. Aim higher

achieving-goals

Earning R10 Million per year is the same as earning R1 Million per year. The difference is in how high you’ve aimed and your degree of intensity toward your goals. If you set goals big enough to break records, win honorary doctorates, and reach the highest tax-bracket, you will most likely to achieve them. How high will you set your goals?

Related: 7 Tips to Becoming a Millionaire

Most people don’t aim high enough because they are caught up in the daily grind of life. They’re too busy running into the trees, instead of retreating to the mountaintop to catch a glimpse of the entire forest. Take a moment to see the bigger picture. Set your goals so high that they scare you. If they don’t scare you, they won’t prepare you!

If you believe in yourself, everyone will believe in you.

To develop a millionaire mentality, you need to constantly dwell on improving yourself on a daily basis. When you find the appropriate solutions, resolve to take action toward your dreams. Always change your approach and seek new ways of becoming the best at what you do. Your biggest goals will stretch you to become more of who you are. See you at the mountaintop.

This article was originally posted here on Entrepreneur.com.

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Self Development

Listening To These 8 Audiobooks On Success Is A Better Use Of Your Long Commute

Commuting is mostly just unpaid work, unless you make an effort to learn something along the way.

John Boitnott

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Commutes are getting longer, and in some cities they’re up to two hours each way. I have a friend in Los Angeles who does this. He passes the time with audiobooks. Now that’s still a lot of time to be stuck in transit, but he doesn’t view it that way. He says it allows him plenty of time to feed his personal and professional goals.

I’ve spent years listening to literature in the car while commuting, but somewhere along the line I switched over to books on business and personal improvement. I mostly gravitated toward amazing people who built their success from scratch and who experienced tremendous hardship. It stands to reason that if you’re dealing with hardships like a long commute, it’s important to hear motivational words that can help you transcend the difficulties.

Here are eight audiobooks that will help grow your success, both personal and professional, on your next commute:

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Self Development

3 Questions To Guide You To Success In 2018

Most of the goals we set have some external component to it. Some component that we cannot control. Yet, we act like we can.

Erik Kruger

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3 Questions To Guide You To Success In 2018

Goal setting as a concept makes perfect sense. At the most basic level you decide on the destination and then plot the way to get there. But as with many things, we like to overcomplicate that which should be simple.

Before you know it, you end up with 2 big goals in 15 different areas of your life and 100 micro goals that will help you reach your 30 big goals.

Complicating something simple. Some of the biggest obstacles to people in reaching their goals are:

  • The overestimate the effort it will take to achieve those goals
  • They want to go from 0-100km/h in the blink of an eye
  • Life is dynamic and static goals often do not make sense
  • They get so entrenched in the day to day running of things that goals get pushed aside.

What if instead of goals, we just focused on giving our best every day?

Of course, you still want to have an indication of where you are going.

But, if you are giving your 100% every day then you can forego the micro goals for a better way of calibrating your compass… using questions.

Related: Goal Setting Guide

I suggest you ask yourself these three questions regularly:

1. What does better look like?

The question at the heart of development and incremental improvement. This question allows you some creative space in which you can imagine a better future.

  • What does better health look like?
  • What does a better business look like?
  • What does better customer service look like?
  • What does better leadership look like?

By reflecting on this question, you materialise the gap between where you are and where you could be. Now, the only thing that is left is to align your daily actions with the better future you imagined.

2. What can I control?

Borrowed from Stoicism this question highlights the power of decision in your life. Epictetus said we should always be asking ourselves: “Is this something that is, or is not, in my control?”

Once you ask this of yourself regularly you will feel more in control of your life and more in control of your business.

Why?

Because your focus is solely on the things that you can influence. It restores the belief that you can actually impact the world around you in a meaningful way.

3. Was I impeccable with my actions today?

One inherent flaw with goal setting is that the goal setter often feels judged. As if we need more of that. In addition to the constant negative self-talk we have to endure we now have an additional source of judgement – whether we reached our goals or not.

As we discovered in question #2 We cannot control everything. Most of the goals we set have some external component to it. Some component that we cannot control. Yet, we act like we can.

So, instead of judging yourself, commit to giving your best every single day.

Related: The Tim Ferriss Approach to Setting Goals: Rig the Game so You Win


Accountability

What I love most about these questions is that they provide a built-in layer of accountability. Use them every day.

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Self Development

To Be Successful Stay Far Away From These 7 Types of Toxic People

You need a network of talented people, not toxic personalities who undermine you.

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Surrounding yourself with prospective mentors is an excellent way to build lifelong success. When Steve Jobs founded Apple, he learned from colleagues like Steve Wozniak about what it took to build computer hardware. And he learned from early investors like Mike Markkula about what it took to build a successful company and market a product. Now imagine if Jobs had surrounded himself with toxic personalities instead. It is likely that he would not have been able to create a company that is on course to be valued at $1 trillion.

If you interact with people who demonstrate questionable behaviour, you’re more likely to model that behaviour yourself or to become stressed as a result. At the very least, you will be missing out on the opportunity to network with more successful and inspiring individuals.

This article will review seven personality types that should be eliminated from your life in order to build your most successful self. Once these people are gone, you can work on building a network of people who influence you positively.

1. Micromanagers

According to a report by NPR, micromanagement is one of the biggest factors associated with employee dissatisfaction, lowered motivation and lack of professional creativity. To be successful, you must learn to solve problems independently. Micromanaging can make it difficult to develop these skills.

Related: Keep An Eye Out For Toxic Employees

2. Short-term thinkers

If you surround yourself with short-term thinkers, it will be difficult to know if an idea is destined for long-term success. Those who are narrow-minded may be more likely to dismiss one of your ideas because it will take time to develop into a meaningful success.

Take the creation of Airbnb as an example. The company was founded in 2008. At the time the “sharing economy” did not exist, and hotel chains like Starwood and Hilton dominated the lodging market. A short-term thinker would have criticised an idea like Airbnb.

In order for the company to be successful, Airbnb would need to change people’s attitudes and expectations about travel. They would need to encourage people to be comfortable staying with strangers, and they would need to find ways to mitigate possible liability should something tragic happen during a customer’s stay.

Well-respected venture capitalists decided to pass on Airbnb because of these short-term concerns. The Airbnb founders were only able to find success once they connected with people who were comfortable thinking long term.

3. Pessimists

pessimistsPessimism is not always a bad trait; at times it can help entrepreneurs to recognize certain pitfalls that might otherwise be overlooked. However, a steady diet of pessimism is toxic when it comes to taking big professional risks.

As David Armor, an assistant professor of psychology at Yale University, says, “An entrepreneur starting up a company, for example, might drive himself to work 18-hour days for months and even years because he optimistically believes that there will be a big payoff for him at the end.” Conversely, a pessimistic attitude would make it difficult to tolerate such a prolonged stressful situation.

For those interested in taking on stressful professional situations, pessimistic people should be avoided in most cases.

Related: Tips on how to Survive and Thrive in a Toxic Workplace

4. Selfish people

Relationships that contribute to success are mutually beneficial. This dynamic cannot exist when dealing with selfish people. As a result, it is best to eliminate selfish people from your life in order to make room for more giving relationships.

A recent study found that a job applicant who is referred by an existing employee is 15 times more likely to be hired than someone who applies via a job board. If you befriend a selfish person, you probably can’t rely on them to introduce you to new career opportunities. However, forming connections with someone who is altruistic could give you a professional leg up.

5. Risk-averse personalities

Business success is about making informed decisions by weighing risks and rewards. If you are surrounded by people who over-index on possible risks while ignoring the possible rewards, it will be challenging to identify good business opportunities.

Take Amazon as an example. In 2014 Amazon launched a smartphone called the Fire Phone. In the end, the phone was not successful. Following the unsuccessful launch of the Fire Phone, risk-averse people might have avoided developing another piece of computer hardware.

But instead, Amazon correctly assessed the opportunity for an in-home smart speaker, and launched the Amazon Echo just one year later. Today, Echo has 75 percent of the smart-speaker market in the United States.

6. Unmotivated individuals

People who lack motivation or work ethic set a bad example for those interested in working diligently to become a professional success. There is no worse colleague than someone who simply does the bare minimum to get by.

Rather than associate yourself with people who cut corners or avoid hard work, try to surround yourself with people who are motivated to succeed. Collaborating with people who have a healthy drive for success can instill an extra dose of motivation in you.

Related: 3 Strategies for Dealing With Toxic People

7. Spendthrifts

Financial responsibility is a critically important quality to develop if you want to become successful. Warren Buffet is perhaps the supreme example of a financially responsible and successful person.

Buffet is the third wealthiest person in the world, worth nearly $80 billion. But despite his professional success, Buffet does not spend his money on flashy cars or large homes. In fact, Buffet still lives in the modest home in Omaha, Nebraska, that he purchased in 1958.

Those who associate with spendthrifts may be more motivated to make irresponsible financial decisions in order to fit in. At the very least, it will be harder to associate with people who make good financial choices, as these personalities are frequently diametrically opposed.

Conclusion

Business is all about who you know. From landing a new job to launching a new company, your network will enable or prevent future professional success. When developing a network of talented people, it is best to avoid toxic personalities who could set a bad example or demotivate you.

Be sure to avoid people who are micromanagers and short-term thinkers, as they can make it difficult to think autonomously. Risk-averse individuals or pessimists may cause you to think twice about great business ideas, and spendthrifts or selfish people may hamper your ability to grow. Last but not least, stay away from unmotivated individuals, as your success is dependent on your willingness to work diligently in order to succeed.

This article was originally posted here on Entrepreneur.com.

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