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7 Steps For Earning Your First Million Dollars

Most people want to become millionaires, but they are put down because their goal is too “unrealistic.”

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Do you remember hearing your family talk about money as a child?

Growing up on welfare in New York City, I remember my family talking about getting rich. It seemed like everyone wanted to be a millionaire, but neither would admit it. They would talk about traveling the world, eating the finest food, and even gallantly arriving to the Oscars in the most luxurious clothing.

Soon enough, the conversation would come to a brief halt and the leader of the discussion would sharply castigate the dreamers, leading to an immediate silence. Within the same awkward minute, the wiser members of my family would nervously giggle, and then gasp in my direction, “Don’t worry Daniel, when you go to college and get a job, you can bail us out.”

Most people want to become millionaires, but like my family, they are put down because their goal is too ‘unrealistic’. They’re taught to conform to the patterns of former generations. The possibilities of becoming rich are soon obstructed by excuse-making, limitations, and perceived setbacks.

However, the path to becoming a millionaire is easy once you’re able to admit it. Instead of writing off the possibilities and accepting the advice of failures, you must believe that it can happen. You must affirm to yourself and those who support you that you’ll do whatever it takes to make it happen.

Related: 5 Steps to Build a Million-Dollar Business in One Year

1. Make promises

In order to reach your highest goals, you need to make promises to everyone you meet. This is the single-best way to hold yourself accountable. It’s like the villager who told everyone in his village, “I’m going to catch the biggest game in town.” Not only did he challenge himself to find creative ways to hunt, but he also pushed his friends and foes to achieve more too.

In the process of becoming rich, there are many people who are willing and able to help you reach your goals. However, they can only do so if you tell them your aspirations. Go ahead and tell everyone that you’re writing a book, starting a new business, or losing weight. Let your ego work in your favour. Eventually, your promises will come to fruition if you get enough people involved.

The people that you are looking for are also looking for you.

2. Self-acceptance

If you want to be accepted by others, you need to first accept yourself. To accept yourself, you have to acknowledge that you’ve done your best up until this point, even if you know you can do more. By accepting yourself, you’ll be able to confidently overcome fears, criticism, or rejection from others. Self-acceptance will allow you to have unprecedented breakthroughs in your life.

In high school, I was ranked second to last in my graduating class. The last guy was actually in jail! Despite my academic failures, I began to realise that my talents will only be developed when I accepted myself. Within a matter of months, I dropped out of MBA school, moved out, and started my own business. Since then, I’ve never turned back. If you believe in yourself, everyone will believe in you.

If you accept yourself, everyone will accept you.

Related: The Top 25 Self-Made Billionaires In the World

3. Own your wealth

mansion-house

If you want money, you must take responsibility over your personal finances. Many people don’t want to deal with their money directly. Oftentimes, they direct their financial responsibilities to others. In one study, I found that 76% of people fail to check their bank accounts on a daily basis. Who can have more money if they don’t know what they have?

One of my clients told me of his financial despairs: “My wife takes care of the bills. I just ‘make the money’ and let her handle the finances. She always buys whatever we need for the house.” Of course, this total irresponsibility is the reason why this man was failing financially. I told him about the value of discussing financial affairs with his wife. Within one year, he more than doubled his income.

4. Dominate debt

Billions of people are consumed in credit card and college debt. With the overwhelming pressure of debt, many people torment themselves in their own mental prisons to pay their bills each month. They often say, “I can’t wait to pay this bill off so we can pay another.” However, this thinking is erroneous and leads to misery and failure.

It’s synonymous with saying, “When I pay off the R5 000 car payment, I can’t wait to get to the R5 000 credit card!” Of course, this sounds utterly foolish, but the majority people still fall into this trap. Instead of using the excess money on debt, pay the minimum and use the money on yourself to learn how to get rich. In short, let the thoughts of wealth demolish the thoughts of debt.

5. Overcoming adversity

Every time you face a setback, you must ask yourself this question: How can I turn this adversity into opportunity? Adversity is the opportunity to turn our lives around.

It helps us to make positive alterations to fine-tune our approach. If we can see the opportunities in our troubles, we can become infinitely richer.

One time, I was asked to give a speech. Because I had experience with the subject, I felt quite confident. However, on the day of the speech, I failed miserably in front of my audience. As I sweated profusely, I found myself emotionally bankrupt. That day, I decided to become the best public speaker I could be. Today, I’ve reach millions of people to this date!

Adversity is your ticket to greatness.

6. Find your place

city-area

If you want to become a millionaire, you must find your place. Some of the people who write me live in Third World countries, while others allow their day jobs to suck 80 hours out of their weeks. Often times, I find students who write me saying, “I just finished my first year of school and I don’t even know how I can do another 3 years!”

The best advice I ever got was from my coach, who simply said, “Find Your Place.” I learned that if I wanted to make things happen, I would have to move out of my zip code and stop letting small excuses hold me back. That same year, I found an industry that offers maximum impact, influence, and income. After learning everything I could about it, I pursued it wholeheartedly and never turned back.

Related: Dreams of Being a Billionaire? Get Your Entrepreneurial Hustle On

7. Get personal coaching

You can read books, watch videos, and study independently all you want, but eventually you’ll have to pay for a coach if you want monumental success. Whether you hire a life, business, or fitness coach, you must invest money in a personal coach that can take you to the next level. Customised coaching is the difference between amateurs and professionals.

Wise counsel can come from your parents and friends, but your coach offers you expertise that will give you explosive results. Often times, we find ourselves on a plateau because ‘we don’t know what we don’t know’.

Thankfully, coaches will illuminate the truth, which will catapult you into rarefied airs of achievement, allowing you to create perpetual success for the rest of your life.

Reaching the million-dollar mark is a serious commitment that requires great shifts in your thinking. If you believe that you were destined to make it happen, find out everything you can about millionaires and learn from them. Take these suggestions and use them to leverage your greatest talents, skills, and abilities.

This article was originally posted here on Entrepreneur.com.

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1 Comment

1 Comment

  1. African

    Apr 12, 2016 at 12:42

    Great advice – spot on! 🙂

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Personal Finance

(Infographic) The Financial Advice Millennials And Gen Zers Want To Know

Having a grasp on your financials is tricky, but it’s crucial if you want to be successful. And that starts with getting the right advice.

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Whether it’s saving for retirement or paying off credit card debt, money management can be a challenge. Of course, different people have different concerns – and that often comes with age. While a 60-something baby boomer might be organising their savings for retirement, your 20-something millennial might be focused on paying off student loans.

In a recent study, financial intelligence company Comet surveyed more than 1 000 people to uncover the top financial concerns of various age groups, as well as the financial advice millennials and Gen Zers want to know and what they hear instead.

Overall, saving for retirement was the top concern across all age groups, with saving for an emergency and affording monthly bills following in second and third. However, it’s no wonder these are some of the most pressing worries – according to the research, 23 percent of people admit they don’t have a savings account, and 43 percent reported not being on track towards their retirement goals. Perhaps that’s because they didn’t hear the right advice growing up. At least that might be the case for Gen Zers and millennials.

According to the research, these young people want to learn things such as how the stock market works, how to manage an investment portfolio, how to invest in real estate and how to build credit. Instead, they’re simply told how to create a budget, save for retirement and pay credit card bills in full every month.

Related: 7 Critical Things Your Financial Advisor Must Meet

Having a grasp on your financials is tricky, but it’s crucial if you want to be successful and comfortable. To learn more, check out Comet’s infographic below.

1532099434_2-cents-worth-infographic

Related: Financial Wellness Coach Nelisiwe Masango Shares Retirement Wealth Advice

This article was originally posted here on Entrepreneur.com.

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Personal Finance

14 Ways To Make Quick Cash On The Side

If you need money quickly, here are some solid ideas.

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Need to make some fast money on the side, whether it’s to pay off a credit card or to make your rent?

Keep in mind, making quick side cash isn’t about making a lot of money or getting rich. It’s about getting a shot of capital to help tide you over and put something extra in your pocket. However, some of these side-income ideas can build up your wealth over time. There’s many ways to accomplish this: By participating in the gig economy, the sharing economy, online sales networks, passive income techniques and more.

If you’re looking to make extra money in a relatively short period of time, check out these 14 slides.

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Personal Finance

Take Advantage Of Financial Democracy Made Possible By The New Stock Exchanges

Why should financial democracy matter to entrepreneurs?

Etienne Nel

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Because it creates a society able to afford products and services. Without it, even the innovative products and services that are entrepreneurs’ bread and butter will fail.

What is financial democracy, exactly?

It’s both the right and the ability of the (wo)man in the street and business people to make the decisions that affect their financial circumstances.

Financial democracy does not automatically follow political democracy. For almost 25 years after South Africa’s political transformation, the exclusiveness of our financial markets continued to deprive the vast majority of South Africans of the means to invest, save, and build wealth. South Africa has, therefore, never developed a retail stock exchange environment. So, it has deprived the majority of small and medium sized business of access to capital.

For entrepreneurs to truly flourish, they need a mechanism that easily and seamlessly connects the investor pool with every size of business. And, they need affordable ways to enter both the retail and institutional market.

In short, they need stock exchanges. Ones on which listing takes weeks rather than years, doesn’t break the bank for listing fees, and provides the shortest route to the largest possible potential investor base.

That’s not been possible in the stock exchange monopoly that existed for six decades. Now, it is.

What’s changed?

We now have four new stock exchanges. The resulting competitive environment will significantly reduce the cost of listing – and the cost for investors of buying and selling shares.

Instead of restricting share trading to people or organisations who already have tens of thousands of rands to invest or millions to spend on listing, by licensing four new stock exchanges, the Financial Services Conduct Authority (FSCA, formerly the FSB) has recognised that most financial decisions do not call for high levels of education.

Related: The Role Of Foreign Exchange In The Economy

Most people know how to spend their own grocery money. Most know that it’s better to keep their R1 000 monthly income in a coffee jar than spend R50 of it on bank account fees. People who can barely read and write are immensely skillful at manipulating air time deals to their advantage.

There is significant financial savvy in all social strata.

In the same way, although the mechanics of bookkeeping and accounting may be unfamiliar territory to many entrepreneurs, most have a clear understanding of the difference between profit and loss.

The FSCA has therefore enabled democratisation of the financial markets by enabling the broadest possible spectrum of entrepreneurs and investors to use stock exchanges to participate in and contribute to the economy – on their own rather than prescriptive terms.

How do you take strategic advantage of this democratisation?

  1. Base your business strategy on people’s instinct for making decisions in their own best interests. Trust financial decentralisation, such as one sees in crowd funding and in digital environments such as block chain, where people would far rather trust one another than institutions and governments. This is democracy innately at work in the financial environment and it’s accelerating organically as digital technologies give people more means and the confidence to help themselves – to information and opportunities. Ride the wave.
  2. Tap into people’s desire to innovate. Consumer organisations have proved that letting people interactively help them develop products is a powerful growth engine. Apply the principle by letting people grow your business by buying shares in it, giving you capital and themselves a platform on which to build wealth.
  3. Remember, the ultimate loyalty reward is equity.

Your financial democracy business plan

Look to list on an entrepreneurial stock exchange; one that was founded by entrepreneurs on entrepreneurial principles.

That means: A stock exchange that is already built on financial democracy and decentralisation. One that has, at its core, a single operational concept that keeps things simple for you, automatically gives you an immediate competitive advantage, and, ensures that no matter what your business needs in terms of attracting capital, the exchange can provide all the options in the same, consistent way.

What does such an exchange look like?

It has fintech capabilities. So:

It slashes your listing costs. It achieves this, among other things, by enabling you to populate an electronic prospectus, demonstrating your financial viability, and self publish.

It gives you control by having the granularity and agility to impose relevant governance right down to the individual investor. You get to decide the types and quantities of investors you want to attract. This also enables you to achieve black economic empowerment in perpetuity.

It leads the world by clearing and settling trades in T+0. No-one in the value chain has to hold large sums of money for days following a transaction. Small transactions become profitable. Investors don’t have to risk their life savings on a single large trade. A retail market is opened. An investment and savings culture is entrenched. The economy expands. Your business grows steadily.

It enables anywhere, any time trading via a mobile app that allows investors to see share value in real time. See economy expansion point above.

It integrates processes and procedures, simplifying them and ensuring rapid onboarding of issuers and, therefore, speed to market with new concepts and alignment with the digital economy.

It operates a principles-based regime. So:

It treats you, as an executive, with respect. It’s not prescriptive. It does not insist on excessive oversight, allowing the Companies Act to guide you to sustainability.

It does not attempt to squeeze your company into a pre-defined business or listings format. It recognises and works with your uniqueness.

It obviates the need for expensive specialist listings advisors.

It focuses on financial inclusion and access. So:

Shares can be bought and sold for no more than R1 000. See economy building point above.

Related: 27 Of The Richest People In South Africa

The new world of stock exchanges is integrated, synergistic, holistic, organic, self-fulfilling

Decentralisation of financial control, democratisation of opportunity leads to a whole new economy. One in which, for instance, a taxi operator can finance a minibus through a company in which his purchase gives him shares. A single purchase gives him two benefits: a vehicle on which to found his business and a longer-term investment in shares that he can trade. The funding company gains liquidity through access to a wider base of investors while being able to control who buys and sells and the conditions on which trading takes place. Increasing black equity in business becomes an organic, natural, self-perpetuating process.

Everyone wins in a decentralised, democratised financial market. And it’s the stock exchanges that drive the process.

As an entrepreneur, can you afford to ignore the acceleration that listing could give your business growth?

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