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10 Practices for Becoming a Self-Made Millionaire

Before you have wealth you need values.

Timothy Sykes

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Self-Made-Millionaire

Becoming a self-made millionaire is no easy task. Yet, for the individuals who have accomplished this major feat in the past, the process involves following a few set rules like these or guidelines that have proven to help self-made professionals, no matter what industry they may be in.

If you have your sights focused on a life as a self-made millionaire then consider these rules to live by.

We-recommend-tickWe recommend: The 5 Mistakes Standing Between You and Your First Million

1. Do it for the challenge

If you ask any self-made millionaire why they got started in the field they did, chances are they will not just say “to make a million dollars.”

The true story behind most people’s success is that they wanted to accept the challenge of following their dreams and becoming successful on their own terms.

2. Never get too comfortable

There should never be a time in your journey to the top where you stop and think “Ok, I’ve done enough, I can stop working so hard.”

If you’ve met your goal and made a million dollars, set another one. You should never be comfortable, you should always be working for more.

3. Study and work harder than anyone

No matter how talented you are, you will never reach your full potential success unless you are willing to study and work harder than anyone else. This is the only way to truly achieve your goals.

4. Learn from failures and mistakes

You are going to make mistakes and you are going to fail. How you react to those failures is what makes you successful. If you fall, don’t get down on yourself, but look at why you failed, take it as a learning experience, brush it off and move on.

5. Read every day

This rule cannot be emphasised enough – you need to be reading all the time. Never stop reading and never stop finding new topics to read about. You need to keep aware of the cutting edge movements within your industry to stay ahead of the trends.

We-recommend-tickWe recommend: How To Start A Business With No Money

6. Keep your mind and body healthy

Exercise along with mental health breaks are all an important part of being the most successful version of yourself that you can be. Work out daily, eat right and always get plenty of sleep.

7. Surround yourself with successful like-minded people

Surrounding yourself with the wrong people can be a major drain on you. Make sure that you are around people who share your same goals and visions, who are motivated and are true peers that also want financial success.

Being around these individuals will motivate you and help you stay focused. Avoid people who don’t care about work. People who spend all of their time partying are not good for your success.

8. Give to the less fortunate and take care of loved ones

We’ve talked about taking care of your mind and body, but it is also important to take care of your soul. Never lose sight of the world around you and those who are in need.

Taking care of your loved ones is one of the best ways to enjoy your financial success.

Give back to those in need. I started my Timothy Sykes Foundation to help those who are less fortunate. It has really made a difference in my perspective and work ethic.

9. Be honest and transparent

Lying and being deceitful will never get you as far as you think. You need to always be honest, straightforward and transparent with people.

This is a truly important and undervalued practice that will help you earn the long-term professional success you have always wanted.

10. To succeed think long-term, not short term

So many people are focused only on their short-term success and have goals like “I want to make X amount of money in the next year.”

Don’t focus on short-term goals, focus on the long-term big picture of where you want your life to be. These are the types of goals that will get you motivated to being truly self-sufficient and building actual wealth for you and your family.

We-recommend-tickWe recommend: 8 Reasons Why ‘More Money’ Must Become Your Mantra

While there undoubtedly is a certain amount of challenge that comes with becoming a self-made millionaire, if you keep these rules in mind and learn from the success of those who have accomplished this goal in the past, then you will be armed with the insight you need to help make your financial goals a reality.

This article was originally posted here on Entrepreneur.com.

Timothy Sykes is an entrepreneur and a penny stock expert, trader and advocate. He has been featured on CNN, Fox News, CNBC and more and has spoken at prestigious institutions such as Harvard University.

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Personal Finance

6 Ways To Develop A Millionaire Mindset

Chasing money has remarkably little to do with getting rich.

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wealthy-lifestyle

If you truly want to have a million dollars, you must first be and think like a millionaire. By doing so, you will attract the necessary resources to you.

So, you want to become a millionaire entrepreneur? You’re not alone. Many dream of leaving their job and becoming their own boss, enjoying the various millionaire lifestyles we watch on TV. But there’s a difference between those who dream of becoming millionaires and those who do. And it begins and ends with mindset. If you don’t develop that mindset, you will continue to spin your wheels, working just as hard, but never going anywhere.

Developing a millionaire mindset requires you to stretch your thinking. Start by developing the following six attributes.

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Personal Finance

4 Ways To Become A Millionaire Even When You Start With Little

It costs nothing to take advantage of the limitless opportunities online.

Timothy Sykes

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The hardest part of becoming successful is getting started to begin with. But despite the challenges ahead of you, there’s a way to become a millionaire when starting with little. I’m going to show you four reasons why you can become a millionaire with just a small investment.

1. First focus on learning, not big gain

Education is your greatest weapon. Focus on learning in the beginning. Don’t make the mistake of focusing on making huge gains in the beginning. Learn everything you can because this is how you build the foundations for long-term gains.

Related: 21 Choices Millionaires Make That You Aren’t Making But Should Be

They say that if a millionaire goes bankrupt they’ll nearly always be able to get it back. And that’s because they might have lost their money, but they have the knowledge of how to get back to where they need to be.

2. You can learn loads about any topic online

online-learning

I’m grateful for the internet. It’s the single biggest library in the world. You’re reading this article right now and you’re acquiring knowledge you wouldn’t have been able to acquire 40 years ago.

Use the internet to its fullest extent, whether that’s through reading books, browsing articles or watching video tutorials. Set some time aside every day to learn something online. It could be a video series or a favorite blog.

When you get into the habit of learning regularly you’ll find that you advance much faster.

3. Focus on the niche you love

These days you can learn about anything and target the niche you’re passionate about.

This is what I was able to do with penny stocks. I found a gap in the market and provided knowledge to people who wouldn’t have otherwise being able to access this sort of information.

You can do that with absolutely any niche. When you find a niche you’re passionate about and you use the reach of the Internet you start to make huge gains.

4. Prove your expertise by creating free content

Your reputation as an authority is the new business card. There’s a reason I created a penny stock guide and made it free for all. You may have already seen ads for it on social media. The way to succeed with little is to create a reputation through your content.

Related: How To Become A Millionaire, Explained In 1 Minute

It’s the gateway to success because through free content you start to build relationships with others who value your work. And from there everyone gets richer.

You can do lots with a little

The days when you needed a huge investment to become successful are long gone. These days you can do so much with just a little. Find what you love, advance your knowledge in that area, and create a product that fulfills a need. Finally, work on building up relationships through portraying yourself as an authority on your subject.

Combine everything together and you can accomplish anything.

This article was originally posted here on Entrepreneur.com.


Related: 13 Habits Of Self-Made Millionaires You Could Adopt Today

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Personal Finance

10 Tips To Become A Millionaire This Year

Becoming a millionaire requires changing your mindset and implementing some changes.

Murray Newlands

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Becoming a millionaire may seem out of your reach, but it’s possible with the right attitude and guidance. The fact of the matter is your income can only grow as quickly as you do, so you need to change your mindset to achieve your goal of becoming a millionaire.

Once you have a millionaire mind, you can’t lose it, no matter what financial or business mistakes you make along the way. To get yourself there, you’re going to need some structure. To help you, I’ve outlined the top ten tips you should follow to become a millionaire this year.

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