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Becoming A Self-Made Millionaire: 5 Things To Do To Become Wealthy

Well, if you’re so determined to become a self-made millionaire, here’s part of the price you’d have to pay.

Jeff Broth

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You can divide wealthy people into two main classes: The ones that inherited wealth and the self-made folks. In other words, to become wealthy, you have to either inherit it or work your way up there. Unfortunately, you don’t get to choose to belong to a wealthy family where you can inherit the wealth. If you’re reading this, chances are you were not born into a wealthy family.

Forget about how people are living fake lives and pretending to be wealthy online. The harsh reality is becoming a self-made millionaire is very difficult. Not everyone has the willpower to become a self-made millionaire.

In fact, many of those who inherited wealth might not have been wealthy if they had to do it on their own. Still, people do it, anyway, and that’s because they were willing to pay the price.

Related: These 3 Simple Strategies Will Better Your Odds Of Becoming A Self-Made Millionaire

Well, if you’re so determined to become a self-made millionaire, here’s part of the price you’d have to pay.

Don’t Make Up Excuses

This is a good place to start, because without killing the habit of always making excuses, it would be difficult to become wealthy. Most of the times, there are always seemingly good-enough reasons to not do something. If you always find yourself acknowledging these excuses, it means you’re already stacking up reasons to give if you fail at an endeavour.

Yes, self-made millionaires know about these same reasons. However, instead of using them to make excuses, self-made millionaires channel these limitations to challenge themselves to take actions.

It’s either wealthy people do things, or they don’t. But they don’t make up excuses for not taking action.

Vote Yourself Off the Someday Island

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In his famous book, “No Excuses!: The Power of Self-Discipline,” Brian Tracy made reference to a fictitious “Someday Isle,” where dreamers live. On the isle, dreamers chat about how they dream of doing or becoming something someday. He didn’t say this in the book, but there has to be a “Doers’ Yacht” as well, where people who take actions live their dreams. Since a yacht is much smaller than an island, it’s safe to say that most people live on the Someday Isle.

You need to vote yourself off that island by taking actions. Separating the Doers’ Yacht and the Someday Isle would be a large mass of water. Obviously, to get to that yacht, you need to take a plunge into the ocean and swim your way up to the yacht.

In other words, to become wealthy, you just have to start something right at this moment. Don’t overthink the distance between the isle and the yacht. The truth is overthinking, many times, makes you see reasons certain things won’t work, even if they could.

Related: (Slideshow) Best Advice From Self-Made Millionaires

Learn To Live Below Your Means

This is another place where people get it wrong. No, being a millionaire isn’t about how much you can spend. On the contrary, it’s about how much you can save. To become a millionaire, you need to sit and take a critical look at your finances.

You need to build a budget and stick to it. You also need to differentiate between your wants and your needs in an honest way. Cut out as many things you don’t really need off your budget.

Moreover, you shouldn’t buy things because they’re cheap; buy them because you need them. In addition, whenever you want to make huge financial decisions like buying a house or a car, consider the long-term cost of owning those things.

Invest

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You’d hardly find a wealthy person who’s not an investor. They invest in things ranging from real estate to stocks to private business, and so on. The number one rule of investing is to invest in what you understand, as long as it’s legitimate.

Even if what you understand very well is stock trading or binary options trading, you should go for it. All that’s important is to identify the top binary options brokers around to be on a safe side.

The point here is that you should put your money in a profitable venture that you understand. And no, stock trading is not always profitable, especially if you’re not an expert.

Related: 6 Skills Of Self-Made Millionaires That You Should Be Using, Too

Finally … Always Have Your Networking Hat On

It sounds unfair, but the reality of things is that this life is all about whom you know. The more wealthy people you associate yourself with, the better your chances of becoming wealthy. Because spending time with the wealthy would almost always give you new ideas, and on other occasions, open opportunities.

Jeff Broth, a business writer and advisor. Consulted for SMB owners and entrepreneurs for 7 years now. Mainly covering finance, stocks and emerging fintech trends.

Personal Finance

6 Ways To Develop A Millionaire Mindset

Chasing money has remarkably little to do with getting rich.

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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

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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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