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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.

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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Personal Finance

If You Think These 5 Things, You’ll Never Get Rich By The Time You’re 30

Five common mistakes entrepreneurs make when starting a business and how to correct them.

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Last week, I had lunch with a millennial who wanted some advice about a business he’s starting. After the usual small talk, we got down to discussing his business plan. Within a short time, it was clear that his business idea was great, his plan for executing was fairly solid and he had gathered together a strong team to help him make it happen.

So far, so good. But, to be frank, this guy has no chance of being successful with his current mentality. What it takes to be rich (or successful in any measure) has a lot more to do with your mindset than your ideas and plans.

From the time we started in business at the ripe ages of six and seven, our Grandpa Joe taught my brother Matthew and me many lessons about the details of running a profitable business. Over the years, we learned about how to create a business plan; how to market our products and services; and how to take care of customers, vendors and employees. All this knowledge has been invaluable to us in creating and running successful businesses. But, what our grandfather taught us about attitude and mindset trumps all other lessons.

Without calling out the specific individual I spoke with recently, below are five “hypothetical” attitudes that will get you nowhere in your journey to success – and the attitudes that should replace them.

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Personal Finance

5 Habits That Lead To Millionaire Business Success

You need the right habits if you’re going to succeed.

Timothy Sykes

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What do all millionaire businesspeople have in common? Well, a lot of things.

I found from a recent study that 80 percent of all millionaires still go to work every single day. They’re working people just like me. But, they have to keep themselves in work or it all grinds to a halt. So what are the habits you need to make your business a success?

1. Patience

Nothing is ever going to come easy. You can look at the likes of Steve Jobs and Bill Gates, as well as the other usual suspects, to realize that success didn’t come with their first venture. Many of them failed time and time again. It took patience for them to become successful.

I read an article recently about 36-year-old teacher Andrew Hallam who became a self-made millionaire on a teaching salary. But, in his spare time he invested smart and lived frugally.

It proves you don’t have to inherit lots of money or become an instant success to make a millionaire business.

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

2. Dedication

You have to be dedicated to your craft if you’re going to become successful. Going back to Bill Gates again, he started his business in the back of his garage. Now that’s dedication.

It’s what I tell all my students. If they’re not dedicated to this, then they should leave. You need to be able to push through the barren periods if you’re going to reach the oasis of success.

3. Ambition and big dreams

Have you ever heard the quote, “Shoot for the moon. Even if you miss you’ll land among the stars”?

I take that to heart because even if you aim to become a billionaire and miss you still might be a millionaire many times over. Take the Wright Brothers as an example. Not content with creating a successful glider in 1902 they went on to create the world’s first airplane in 1903, making four brief flights in Kitty Hawk. It demonstrates the importance of dreaming big because you never know what you might achieve.

Related: 12 Millionaire Habits To Start Making Serious Money Soon And Build Wealth In A Hurry

4. Learn from mistakes

Every good businessperson will mess something up. It’s inevitable. What’s important is how you learn from your mistakes over time. Do you adapt after making your mistakes?

Millionaire businesspeople always set some time aside to reflect. Then they create a plan of action for ensuring that it doesn’t happen again. Most failed businesspeople put it down to “bad luck.”

5. Focus on niches

This important! Try to take over a whole industry at once and you’ll inevitably get swallowed up by the competition. Start small and control your own niche before moving into another niche. When you master your small area, you can push on and expand.

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

You’ll be amazed at how much easier it is to expand after you master your own niche/audience first.

Do you have what it takes? That’s the question I always ask novice businesspeople. You need a plan and you need the right habits if you’re going to succeed.

This article was originally posted here on Entrepreneur.com.

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