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.
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
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.
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.
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.
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.
10 Tips To Become A Millionaire This Year
Becoming a millionaire requires changing your mindset and implementing some changes.
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.
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.
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.
5 Habits That Lead To Millionaire Business Success
You need the right habits if you’re going to succeed.
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?
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.
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.
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.
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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