Connect with us

Personal Finance

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.”

Published

on

millionaire-wealth

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.

Advertisement
Comments

Personal Finance

The 3 Decisions That Will Change Your Financial Life

There’s nothing worse than a rich person who’s chronically angry or unhappy. There’s really no excuse for it, yet I see it every day. It results from an extremely unbalanced life, one with too much expectation and not enough appreciation for what’s there.

Tony Robbins

Published

on

tony-robbins

Without gratitude and appreciation for what you already have, you’ll never know true fulfilment. But how do you cultivate balance in life? What’s the point of achievement if your life has no balance?

For nearly four decades, I’ve had the privilege of coaching people from every walk of life, including some of the most powerful men and women on the planet. I’ve worked with presidents of the United States as well as owners of small businesses.

Across the board, I’ve found that virtually every moment people make three key decisions that dictate the quality of their lives. If you make these decisions unconsciously, you’ll end up like the majority of people who tend to be out of shape physically, exhausted emotionally and often financially stressed. But if you make these decisions consciously, you can literally change the course of your life today.

Decision 1: Carefully choose what to focus on

At every moment, millions of things compete for your attention. You can focus on things that are happening right here and now or on what you want to create in the future. Or you can focus on the past.

Where focus goes, energy flows. What you focus on and your pattern for doing so shapes your entire life.

Related: 10 YouTube Channels Every Entrepreneur Should Follow

Which area do you tend to focus on more: What you have or what’s missing from your life?

I’m sure you think about both sides of this coin. But if you examine your habitual thoughts, what do you tend to spend most of your time dwelling on?

Rather than focusing on what you don’t have and begrudging those who are better off than you financially, perhaps you should acknowledge that you have much to be grateful for and some of it has nothing to do with money. You can be grateful for your health, family, friends, opportunities and mind.

Developing a habit of appreciating what you have can create a new level of emotional wellbeing and wealth. But the real question is, do you take time to feel deeply grateful for your mind, body, heart and soul? That’s where the joy, happiness and fulfilment can be found.

Consider a second pattern of focus that affects the quality of your life: Do you tend to focus more on what you can control or what you can’t?

If you focus on what you can’t control, you’ll have more stress in life. You can influence many aspects of your life but you usually can’t control them.

When you adopt this pattern of focus, your brain has to make another decision: 

Decision 2: Figure out, What does this all mean?

Ultimately, how you feel about your life has nothing to do with the events in it or with your financial condition or what has (or hasn’t) happened to you. The quality of your life is controlled by the meaning you give these things.

Most of the time you may be unaware of the effect of your unconscious mind in assigning meaning to life’s events.

When something happens that disrupts your life (a car accident, a health issue, a job loss), do you tend to think that this is the end or the beginning?

If someone confronts you, is that person insulting you, coaching you or truly caring for you?

Does a devastating problem mean that God is punishing you or challenging you? Or is it possible that this problem is a gift from God?

Your life takes on whatever meaning you give it. With each meaning comes a unique feeling or emotion and the quality of your life involves where you live emotionally.

I always ask during my seminars, “How many of you know someone who is on antidepressants and still depressed?” Typically 85% to 90% of those assembled raise their hands.

How is this possible? The drugs should make people feel better. It’s true that antidepressants do come with labels warning that suicidal thoughts are a possible side-effect.

But no matter how much a person drugs himself, if he constantly focuses on what he can’t control in life and what’s missing, he won’t find it hard to despair. If he adds to that a meaning like ‘life is not worth living,’ that’s an emotional cocktail that no antidepressant can consistently overcome.

Yet if that same person can arrive at a new meaning, a reason to live or a belief that all this was meant to be, then he will be stronger than anything that ever happened to him.

When people shift their habitual focus and meanings, there’s no limit to what life can become. A change of focus and a shift in meaning can literally alter someone’s biochemistry in minutes.

So take control and always remember: Meaning equals emotion and emotion equals life. Choose consciously and wisely. Find an empowering meaning in any event, and wealth in its deepest sense will be yours today.

Once you create a meaning in your mind, it creates an emotion, and that emotion leads to a state for making your third decision:

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

Decision 3: What will you do?

The actions you take are powerfully shaped by the emotional state you’re in. If you’re angry, you’re going to behave quite differently than if you’re feeling playful or outrageous.

If you want to shape your actions, the fastest way is to change what you focus on and shift the meaning to be something more empowering.

Two people who are angry will behave differently. Some pull back. Others push through.

Some individuals express anger quietly. Others do so loudly or violently. Yet others suppress it only to look for a passive-aggressive opportunity to regain the upper hand or even exact revenge.

Where do these patterns come from? People tend to model their behaviour on those they respect, enjoy and love.

The people who frustrated or angered you? You often reject their approaches.

Yet far too often you may find yourself falling back into patterns you witnessed over and over again in your youth and were displeased by. It’s very useful for you to become aware of your patterns when you are frustrated, angry or sad, or feel lonely. You can’t change your patterns if you’re not aware of them.

Now that you’re aware of the power of these three decisions, start looking for role models who are experiencing what you want out of life. I promise you that those who have passionate relationships have a totally different focus and arrive at totally different meanings for the challenges in relationships than people who are constantly bickering or fighting.

It’s not rocket science. If you become aware of the differences in how people approach these three decisions, you’ll have a pathway to help you create a permanent positive change in any area of life.

Continue Reading

Personal Finance

7 Steps To Achieve Financial Freedom

Achieving financial freedom doesn’t necessarily mean becoming filthy rich – not that that hurts.

Brian Tracy

Published

on

brian-tracy

In this video, Entrepreneur Network partner Brian Tracy explains the seven steps you need to take to achieve financial freedom. Now, financial freedom doesn’t mean becoming filthy rich – lottery winners go bankrupt all the time. Instead, financial freedom is about becoming disciplined and using your money in a way that ensures you can live the sort of life you want both now and in the future.

Related: 5 Qualities Of Successful Entrepreneurs

That’s why the first step isn’t about getting a lot of money. Instead, it’s about teaching yourself to think positively about money. That way, you’ll be in the right mindset to move forward.

Click play to learn more.

This article was originally posted here on Entrepreneur.com.

Continue Reading

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

Published

on

102-4-ways-to-become-a-millionaire-even-when-you-start-with-little

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.

1First 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.

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.

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

2You 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.

3Focus 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.

4Prove 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.

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.

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

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.

Continue Reading

Trending

FREE E-BOOK: How to Build an Entrepreneurial Mindset

Sign up now for Entrepreneur's Daily Newsletters to Download​​