Connect with us

Personal Finance

The One Habit of Self-Made Millionaires

Master the trait that separates the millionaires from the middle class.

Published

on

habit-of-self-made-millionaires_personal-wealth

The more time Lewis Schiff spent speaking about the seven behaviors of highly successful entrepreneurs from his book Business Brilliant, the more he became struck with a startling revelation. It occurred to him one of the seven best practices was far more important that the rest. “It is the one habit I find over and over again that is present in every single successful self-made millionaire I study,” Schiff said at the Propelify Innovation Festival in Hoboken, N.J.

Related: 10 Money Habits That Will Help You Get Serious About Prosperity

It’s a habit that any one of us can do, and it’s completely available and accessible to everyone. Adopting this habit can help us make defining decisions about our careers. When applied with rigor, it can make the difference between achieving a high net worth and struggling to keep up with the middle class. And it’s the same trait Warren Buffett and Bill Gates both named when asked to write down a single word they would credit for their success. The word is focus.

Watch the full video of Lewis Schiff’s talk at Propelify:

Schiff, who has been analyzing and studying the world’s most successful business people for more than 15 years, shares the three questions that led him to identify this powerful habit and why so many of us fail to adopt it. The questions, asked in a survey to self-made entrepreneurs of varying net worth — ranging from less than a million to those with more than 30 million — provide illuminating insight into how the mindset of millionaires sets them apart from the middle class. Try asking yourself these questions to see which end of the spectrum you’re on. Are you focusing like the middle-class or like a millionaire?

1. Do you know what you are exceptionally good at that makes you money?

Just 55 percent of Schiff’s “middle-class” survey respondents — categorized as those with a net worth of less than 1 million — even had an answer for this question. Compare that to the 97 percent of the “ultra-high net worth” group — those with a net worth of more than 30 million — that were aware of their exceptional skills. Schiff calls this “learning your language,” and it’s an incredibly important first step in the quest for success. “You’re probably exceptional at something but you don’t know it, because it comes so easily to you, so you do not properly value this skill. You don’t think it’s a big deal,” he said. “In fact every great success story I’ve ever studied has identified that exceptional quality and turned it into their business.”

2. Write down areas where you’re exceptional. How many did you write down?

Again, a telling pattern emerged. “Unbelievably the lowest net worth people in our community had the greatest number of things that they thought they were excellent at. As levels of wealth go up, the number of things you think you’re exceptional at goes down.” The middle class survey respondents, those with the lowest net worth, wrote down an average of six things. The ultra-high net worth group? Two.

Related: 8 Tips To Become A Millionaire This Year

3. Do you work to get better at things you’re not exceptional at?

Schiff saw that as levels of wealth go up, this answer was increasingly “no.” Fifty-eight percent of the middle-class group said yes, they do work to get better at their weaknesses. By the time you get to the ultra-high net worth group, zero percent of survey respondents spend any time working on their weaknesses. Tied together, the survey questions paint a clear picture of the differing approach of the middle class and the self-made millionaires.

Here you have the middle class which has six behaviors that they think they’re exceptional at in the workplace, plus with all their free time, they’re working to get good at everything else. You can immediately see, compared to those with ultra-high net worth, who are good at only two things and spend no time trying to get good at everything, how that creates an opportunity to focus that can create success.  – Lewis Schiff

The challenge, Schiff argues, is not so much understanding that focus is the secret to success but understanding what prevents us from focusing. Why does the middle-class spend so much time diffusing their interests? Schiff attributes this to the conventional wisdom instilled in us from an early age by well-meaning parents, teachers and bosses. We’re encouraged to work on our weaknesses, be well-rounded, earn straight As in all our classes, and otherwise diffuse our focus from the day we are born. As the self-made millionaires figured out early on, bucking convention to singularly focus on what you do exceptionally may make the difference in achieving the success of your dreams.

How have you learned to focus? Tweet @lewisschiff and @letspropel, and let us know. For more from the Propelify Innovation Festival, visit the website.

This article was originally posted here on Entrepreneur.com

Aaron Price is the founder and CEO of Propelify where idle ideas don't fly and innovators unite. The Propelify Innovation Festival unites thousands of innovators to celebrate what’s new and create what’s next with talks, exhibitors, drones, virtual reality, investors, music, and more. Aaron is also the founder of the award winning NJ Tech Meetup, the state's largest technology and entrepreneurial community with over 6000 members.

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Personal Finance

6 Ways To Develop A Millionaire Mindset

Chasing money has remarkably little to do with getting rich.

Published

on

Prev1 of 7

wealthy-lifestyle

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.

Prev1 of 7

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.

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

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.

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

Continue Reading

Personal Finance

10 Tips To Become A Millionaire This Year

Becoming a millionaire requires changing your mindset and implementing some changes.

Murray Newlands

Published

on

millionaire-habits
Prev1 of 11

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.

Prev1 of 11

Continue Reading
Advertisement

SPOTLIGHT

Advertisement

Recent Posts

Follow Us

Entrepreneur-Newsletters
*
We respect your privacy. 
* indicates required.
Advertisement

Trending