We have already exhausted half of the year but who says that it’s too late to be a millionaire? It’s still possible, and no, you don’t need to win a jackpot to get there.
The seven-figure mark is a milestone in the life of everyone, and the following tips should help you get there faster.
1. Channel your thoughts to increasing your earning
There has always been an emphasis on saving your way to wealth, but is that though still relevant in today’s economy? Grant Cardone has an alternative view about the millionaire status. From debt at 21 to a millionaire by 30, Cardone was equivocal that in today’s economy, it is not practical to save your way to achieve the millionaire status. What is required is for you to find ways of increasing your income.
2. Amend your views about money
Whether you believe it is possible or not to become a millionaire, your opinion will never stop the possibility. Steve Siebold, a self-made millionaire, said that the journey towards wealth has to do with what you think about money. “The majority of the masses have the obnoxious believe that getting rich is out of their control but the rich see it as an inside job,” said Siebold.
3. Pay more attention to self-development
A millionaire at 22, Tucker Hughes, said that the safest place he ever invested was in his future. Hughes’ routine included reading at least 30 minutes every day, assimilating useful podcasts while driving, and constantly being on the lookout for mentors. According to Hughes, you do not have to be a genius in your field. All you need is to be versatile enough to make useful contributions whenever any topic comes up. Your pursuit for knowledge should be put above everything else,” Hughes said.
Fun fact: Warren Buffett, who is listed as a billionaire, is estimated to spend 80 percent of his work hours reading.
4. Don’t underestimate the power of association
“Show me your friend, and I will tell who you are,” is a popular proverb. The power of association takes root in Napoleon Hill’s Mastermind principle. When you surround yourself with people that share your vision, it creates an exponential power that supersedes individual effort – this explains why the rich tend to be in the midst of each other. Siebold explains that exposure to people who are more successful than you are has a way of expanding your thinking.
5. Save to invest and not just for the sake of it
It’s one or the other – you are a reckless spender or a dedicated saver. However, the only reason you should save should be to put it in another investment and not for the pleasure of simply watching the numbers grow. Grant Cardone advises that your saved money should be locked in a secure and sacred account where they cannot even be used for an emergency because that is the only way you will think about ways to earn more money.
Cardone said that investing is the “Holy Grail” to a millionaire status. Instead of saving for fun, let your money do the heavy work. Investment is structured in such a way that the more you put in, the more you’ll get in return. Cardone recalled starting his first business with $50,000 – and the investment has constantly repaid him for the past ten years.
6. Build a good reputation
A lot of entrepreneurs out there lose the millionaire spot — not because they do not have fantastic ideas — but because they lack soft skills. Mark Cuban, a billionaire, in an article published on Entrepreneur bluntly stated that people detest dealing with jerks. It may be a bit tricky trying to balance being a jerk and a pushover. This prompted Ally – who has also made it to the seven figures – to write, “No one can become a millionaire without knowing how to deal with people assertively.” You have to be prepared to face opposition from family and trusted friends. As an entrepreneur, you need to cooperate with your employees for them to give their best.
7. Flee from unnecessary debt
Grant Cardone said to be a millionaire you have to make it a rule that you will not take debt that won’t make you money. Debt is a leverage used to increase investment and grow cash flow – and this is what people do. Too many people, on the other hand, are fond of using incurring debt in other things that only make them happy temporarily while further enriching the rich in the process. Thousands of wishes cannot make you a millionaire just like the exhilarating feeling you get riding in a rented car – which by the way increases your debt – will not make you rich. To be rich, you have to treat money like a jealous lover, writes Grant Cardone. Ignore it, and it will ignore you.
8. Don’t limit your ability to make money to particular hours or days
If you cannot outsmart your competitors, outwork them – your best bet is that there will always be someone out there that is smarter. Money does not have clocks and calendar, holidays and schedules – and you shouldn’t either. Grant Cardone recounts how he used to stay up to 11 pm in the retail store where he worked making extra sales, despite the store officially closing at 7pm. No one will be more successful than the person with a high work ethics.
9. Millionaires know that taking risks is inevitable
Between the rich and the poor is a wide gap called risk. “While the poor get easily scared even by the word ‘risk,’ the rich know that taking risk is a matter of having faith in yourself, your ideas, and others,” Ally writes. To reach the seven-figure mark, many risks must be taken. There are times you have to make stringent decisions in your life without even having a vivid idea of where you are headed – you must leave your comfort zone. It is hard to achieve great heights when you start with little expectation. Take a look at the life of the wealthiest people on earth, and you will discover they all had big expectations and played to win.
10. Draft a financial plan
“Failure to plan is planning to fail,” a popular proverb opines that still stands in the way of many people from reaching the millionaire title till today. A financial plan has a way of spurring you to take action as well as guide you in making the right and crucial decisions. In planning for a financially secure future, two parameters are indispensable, “the amount of money you have to earn and the amount of money you spend,” writes Scott D. Hedgecock, a financial planner. Hedgecock said that all financially successful people have the trait of drawing up a financial plan.
My final view points:
However, do not despise the importance of starting small. Kill the get-rich-quick mindset and avoid any scheme that promotes it. Be relentless in your zeal to achieve success. Avoid people that fill you with negativity like those who would look at your financial goal as stemming from greed. Seek for mentors and when you have reached your goal, be open to help others reach theirs too.
Did we miss any tips? Let us know in the comments below!