4 Secrets Of A Self-Made Millionaire
I was having breakfast the other day with a self-made millionaire friend of mine when he suddenly announced he had just lost everything last week through a bad investment.
Then he casually asked me to pass the butter for his toast.
“I am so sorry to hear that. Aren’t you devastated?” I blurted out.
He looked at me as if surprised by my response and said:
“No, why would I be? I AM A MONEY MAKER. I’ve made fortunes before and I’ll make my next one this month.”
I was stunned at his response. But I saw there was a lesson to be learned here so I asked him what are four wealth-building strategies that someone looking to become a self-made millionaire from scratch could use.
These are his responses:
1. Think Like A Millionaire
You have to think like a millionaire from the start, you need to change your mindset towards money.
Getting rich starts with the way you think and what you believe about making and having money.
By the time we are 7 years old, we are programmed with other people’s thoughts and belief systems – not our own. And if your fundamental programming says that money is bad, then you will never get rich.
You’ve got to train your mind – including your subconscious mind – to believe that money is GOOD that YOU should have it.
This means letting go of all the taboos that surround being rich and training yourself to see money as a tool that can be used for tremendous good in the world.
Once you are open to becoming rich, then your job is to find solutions to difficult problems.
All around you are things just waiting to be solved, invented, overcome and started.
Seeing a need or want and then filling it is the real secret to making money.
And it is possible for anyone who conditions their mind to think this way, and then transform that thought into action.
2. Earn Money Like A Millionaire, Develop Multiple Streams of Income
- For example, you start as a dog walker (first income stream).
- You take your earnings and purchase a doggy day care (second income stream), while hiring someone to take over your dog walking duties.
- You add a pet salon to the doggy day care (third income stream), and
- Then you add on rooms to board cats and dogs (fourth income stream).
- Next, you sell dog and cat supplies (fifth income stream), and
- You start a website dedicated to pets on which you sell advertising (sixth income stream) and affiliate products (seventh income stream).
That’s seven streams of income, with additional possibilities.
3. Earn And Invest Every Single Day
The wealthiest people tend to focus more on earning than on investing.
While the wealthy certainly understand the importance of saving and investing, the bulk of their efforts are directed towards accumulating wealth through serving people and solving problems.
After all, it’s difficult to save or invest money you don’t have.
Break down all of your money goals into daily goals.
This way you’ll try to make as much money as possible each day, so you can invest it.
There might be days when you can only invest $5, but other days when you can invest $100.
Doing this gets you into an investment mindset that will make all the difference in your financial future.
Only invest in assets and only invest if that asset is going to grow your income.
Your business is an asset if it produces income. If it is not producing income then change something and get it producing income first then invest further into it.
4. Pay Yourself First, Invest In Yourself First
I’ve saved this one for last, because it’s the tried and true, never fail method of becoming a self-made millionaire.
Self-education is the key to growing your wealth, the more skilled you are the more you can earn. It is part of the universal laws,The Law of Compensation which states:
The amount of money you earn is always going to be in exact ratio to number one, the need for what you do, number two, your ability to do it, and number three, the difficulty there is in replacing you.
A lot of people suffer from SOS or Shiny Object Syndrome, they think they need the latest and greatest gadget or system to help them earn more money.
Don’t fall into the SOS trap, resist the urge to buy and when you feel that buying urge coming on put that money into your self education instead.
No matter what, always pay your bills and put money in your savings or investments BEFORE you buy anything.
If you can have the money taken straight out of your pay cheque for this purpose, then do it.
Whatever it takes to save and invest automatically is what you should be doing.
You might even get a second job or income stream and devote 100% of that money to savings and investments.
Just have the cheques from your extra income streams deposited into your savings account, and never touch it except for investment purposes.
And remember ONLY invest in assets and ONLY invest if that asset is going to grow your income.
And finally remember YOU are your biggest asset so invest in your own self-eduction.
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