Wouldn’t it be great if we were taught the keys to the millionaire mindset at school?
There were no college classes designed to teach you how to become a millionaire.
There were no professors writing down the proven formula on the blackboard that you would need to memorize to pass the final exam.
Instead, the reality happens on the contrary. You were asked to study to earn a degree in such major that most people pursue so that after graduation you can get a job and get paid at the end of each month. And live with the pattern of going to work and get salary the rest of your life.
WE HAVE ALL HAD THAT DREAM UNTIL GOING TO COLLEGE. IT WAS THERE THAT THE DREAM DIED.
I wonder if there exist someone that didn’t dream about making millions of dollars in their career.
It is certain that you have once dreamt about being super rich to buy dozens of cars and to sail in your luxury yatch. Such a scenario would happen when the company you built from the ground up comfortably lined your bank account with enough profits so you never have to wear another business suit again.
Harnessing the Millionaire Mindset
The millionaire mindset is not a taught profession.
It is instead seen as the end result or reward after decades of endless, tireless work as an employee.
People often think being a millionaire is the end result or reward after decades of endless, tireless work as an employee or being born into a successful family business. Yet neither mindset is correct if you are truly serious about becoming a millionaire.
It also does not mean that you have to work up to your ears for many years to accumulate wealth at an old age to be a millionaire. Neither are you to be born wealthy.
My mentor, Michael Force, teaches people on how to become a millionaire. Those who attend his seminars, and go through his trainings share one common thought: they want to achieve financial freedom for the rest of their lives.
Yet there are two separate groups with different attitudes: Group A has the employee attitude and Group B has the entrepreneur attitude.
Group A: Employee Attitude
These people want to become millionaires. They can taste it when sipping their expensive mocha lattes while smoothing the wrinkles from their designer clothes. They came to the seminar hoping to find some get-rich-quick scheme where they can learn to work at their current employee positions at some company while gaining another income source.
They are talking with like- minded people about the latest sport shows and favorite restaurants where they like to hang out. When the seminar begins, they are jotting down a few sentences here and there that peaks their interest on how to become a better worker, which will lead them to make a higher salary and save money so they can eventually become a millionaire.
Group B: Entrepreneur Attitude
On the contrary, this group behaves in a totally different manner. Holding their notebook and business cards ready in hand, they approcached the people who were established business owners who are attending the seminar to learn how to create better decisions with their investments, resources and time.
The people in Group B are introducing themselves, making business connections, and intently listening to the knowledge, advice and experiences that the business owners are sharing. They will leverage the business owners’ information and the details gleaned from the seminar to take the necessary steps to grow their own businesses and change their own personalities so it aligns to their goal outlooks in becoming millionaires.
You probably know which group will have better success: Group B.
They are thinking like business owners rather than employees looking for a salary bonus at the end of the year.
The people in Group B are constantly looking for opportunities where they can seek out personal and professional development by entrepreneurs and investors who have already walked the same path. They have developed the right mindset to understand how to become a millionaire.
Which one are you? A or B?
9 Keys in Cracking the Millionaire Mindset Code
There is a basic fact, that is anyone can become a millionaire, as long as they possess a right mindset.
THE EMPLOYEE ATTITUDE WON’T ALLOW YOU TO GET AS FAR AS YOU DREAMED BECAUSE THERE ARE TOO MANY LIMITATIONS IN YOUR PATH.
There is no way to leverage the employee position because you can’t have someone else do the work for you while reaping in all the profits. There is no self-sustaining business system in place. It just doesn’t work out that way.
Only a person with an entrepreneurial attitude will have the skills and knowledge to develop the millionaire mindset.
Here are 9 ways for you to develop this mindset.
- Really Understand Your Finances
Unless you understand the path you are following, you cannot reach your end goal.
So the root of becoming a millionaire is to deeply understand your present finances to make the best decisions. The reason why being a millionaire is just merely for a tiny percenttage of the population is because most people never get over this first hurdle, they are afraid of what they will find, and are discouraged by the dismal numbers and give up before even trying.
Yet if you want to build on your finances, you need to take the magnifying glance to your income, investments, savings, expenses and debts.
You have to see how your money is flowing into and out of your bank account. By having an overall picture of your finance, you can start making the best decisions to earn more money.
2. Fall in Love with Learning
Millionaires are lifelong learners.
They are in the habit of reading for knowledge and professional development. If they have no idea about something, they will gather as much information that they can so they can make an informed decision.
They watch podcasts from industry experts, register for webinars, purchase books, listen to audiotapes and take online classes.
Millionaires always strive to improve themselves and seak out for learning opportunities, which is what helps them out with wise money choices.
3. Find Mentors Wherever You Can
When you listen to interviews with millionaires, they always mention someone they looked up to for support and guidance. They keep talking about someone they admire because of their business success and positive mindset.
Finding a mentor isn’t hard.
There are many people out there in the world who has dramatically achieved what you are dreaming of. And they are definitely willing to share information on how they had reached success.
FIND MENTORS AND ASK FOR THEIR GUIDANCE.
Listen to their tips and leverage them to create an actionable plan that you can implement immediately.
Perhaps that is the most important tip to keep in mind. Don’t just hear the mentor’s advice. Listen to what they say so you can act on it.
4. Surround Yourself with People Sharing the Entrepreneur Attitude
We surround ourselves with people who are like us. That is the basis of rapport. In fact, if you can look at the circle of people you spend most time with, and watch their personalities, you can easily figure out who you are as a person.
Yet being surrounded by our peers can be a two-edged sword. They can be supportive of what you do, yet they can also hold you back from the person you want to become.
They can make you doubt your desires in becoming a millionaire because they have the employee midnset.
Millionaires surround themselves with friends who have also attained financial success. Think about who you want to be, personally and professionally, and surround yourself with the right type of people who can offer you the best support.
5. Diversify Your Income Sources
You can hardly find a successful entrepreneur who just has one source of income.
Instead, millionaires have diverse portfolios where they may operate a business, be a partner in another business, be an angel investor in a start-up company, own several investment real estate properties and have invested in financial securities in the stock market.
Having multiple income sources provides for more stability in their financial outlook. Even if something happens with one income stream, the financial impact may be minimal because of the other income sources.
Of course, this strategy doesn’t mean to throw money all around and see where it sticks to the wall. Millionaires perform their research and aggressively focus their time, work and resources on a single income stream until it becomes stable and self- sufficient. Then they can comfortably pursue the next investment ventures.
6. Go for Meaningful Pursuits Versus Empty Goals
Having goals are great, but figuring out meaningful pursuits are even better.
Having goals is great, but figuring out meaningful pursuits is even greater.
When you want to become a millionaire, it is easy to say “I want to make as much money as I can.” Yet that goal doesn’t tell you anything. It doesn’t delve deeper into the why or how of the matter.
WHY DO YOU WANT TO MAKE MONEY, AND HOW WILL YOU GET TO THAT POINT IN YOUR LIFE?
Instead, you want to figure out a meaningful pursuit that will help you reach the main goal.
One meaningful pursuit might be that you want to get involved with real estate properties to diversify your investment portfolio, or that you want to seek out more professional development to become a better corporate leader who can put your business systems in place so operations run themselves with minimal effort.
These pursuits hone and define what you want to do. They can give you actionable steps to making more money so you reach the goal of becoming a millionaire.
7. Financially Prepare for Big Life Events
Becoming a millionaire is not without pitfalls.
Big life events such as purchasing a home, getting married, having a baby, sending the kids to college or paying for funeral expenses for a family member can impact your finances in a big way where it might take time to build up your money again.
You can plan out your finances ahead of time for certain life transitions.
Consider the financial implications these big life events will have, and then figure out the best choices to take while creating the right plan of action.
8. Write Down Your Experiences
“Write a journal? You are kidding me, right?”
No. I’m not kidding.
When speaking with successful entrepreneurs and millionaires, many of them have said that they write in journals, blogs or memoirs about their life experiences.
It is an incredible useful tool to find inspiration in successes, and reflect on issues that may be holding you back in pursing your dreams. The introspective writing process oftentimes allows you to be honest about what has truly happened in your life, and can be illuminating about how you have grown as a person.
9. Don’t Let Failure Hold You Back
It would be a lie to tell you that millionaires can’t fail. I have had my share, and learned a lot. There’s a saying goes like this, “ To err is human.” Yes, we all make mistakes and are all fallible to a wide range of circumstances that may or may not be in our control.
It’s what you do after you fail that will determine your outcome.
True millionaires recognize the risks and perform the appropriate damage control so that they can get back up from the ground, dust their pants off, and keep charging ahead at full steam.
There will always be obstacles in the path. You need to grow as a person, grow your business, and grow your professional development to go beyond those obstacles to move toward the future.
Nguyen Long Son
Unlimited Lifestyle Project