While you may think becoming a millionaire will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it’s no longer safe to assume a million dollars will provide you and your family with true security.
This isn’t a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multi-million-dollar wealth and enjoying it during the creation process.
To get started, consider these seven secrets of multimillionaires and try working on them to make it BIG!
1. Focus and decide upon becoming a self-made millionaire
You first have to decide you want to be a self-made millionaire. People went from nothing— no money, just ideas and a lot of hard work—to create a net worth that probably cannot be destroyed in their lifetime. The first step was making a decision and setting a target. Every day for years, you need to write down this statement: “I am worth over $100,000,000!”
2. Get rid of poverty thinking, think out of the box – THINK BIG
There’s no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. “Eat all your food; there are people starving,” “Don’t waste anything,” “Money doesn’t grow on trees.” Real wealth and abundance aren’t created from such thinking.
3. Treat your work like a duty at all times
Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While you always want wealth, you need to be driven more by need to contribute consistent with your potential. Multimillionaires don’t lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities.
4. Surround yourself in the company of Multi-millionaires
Find mentors and teachers who inspire you. You can’t learn how to make money from someone who doesn’t have much. Who says, “Money won’t make you happy”? People without money. Who says, “All rich people are greedy”? People who aren’t rich. Wealthy people don’t talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited?
5. Money is your biggest goal, think like a millionaire – don’t waste time
Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they’re not good at or aren’t a productive use of their time, such as household chores. But don’t kid yourself that those who hit it big don’t work hard. Financially, successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.
6. Shift focus from spending to investing – the more you invest, the more you earn
The rich don’t spend money; they invest. You buy a house and can’t write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.
7. Create multiple flows and formats of income – target versatile markets
The really rich never depend on one flow of income but instead create a number of revenue streams. The more markets you target successfully, the better you do with earning. Invest to earn.
You may be surprised to learn that wealthy people wish you were wealthy, too. It’s a mystery to them why others don’t get rich. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people.
So, you better get rich or die trying!