It’s a title you may have never dreamed you could ever give yourself. What if you could? What if?
I want you to envision yourself as a millionaire. Imagine all the good you could accomplish in the world. Dream of the possibility. Believe you can become one. It actually could be simpler than you think.
Once you have a millionaire mind, you can’t lose it, no matter what financial or business mistakes you make along the way.
Jaime Tardy, author of Eventual Millionaire who has interviewed hundreds of millionaires has this to add, “One of the main traits of a millionaire is perseverance. The ability to KEEP GOING in the face of adversity even when the finish line is very far away.”
A few simple steps can make all the difference
Evaluate your current financial status
You can’t grow if you don’t know where you currently stand, so it’s time for you to put everything on paper. By physically seeing where you stand, you can make the appropriate changes to achieve your financial goals. You need to be clear about the amount you earn versus the amount you spend and create a financial plan that will help guide your next steps.
If creating this plan has made you realize you aren’t satisfied with both your income and your spending habits, don’t get discouraged. This is a step towards making positive changes.
Develop Your Career and Expertise
Learning is about more than enabling you to do your current job properly; it’s a way for you to become an expert in your chosen field.
Many millionaires are millionaires because they worked hard and found a way to earn a lot of money. They earned degrees, professional designations, and certifications to increase their knowledge, and they were often willing to spend time doing low-paid internships and apprenticeships to learn their craft. As they became experts, they began to earn more.
Think about new revenue streams
Millionaires rarely have only one form of revenue. In fact, many of them have more than two. Start small and find a side job that can generate more money for you on a monthly basis.
Firstly, look at opportunities with your current employer. Maybe there is a promotion up for grabs or a new position within your company that would suit you better while offering you a higher income. Secondly, consider a side hustle that will allow you to regularly generate more money.
After studying the very wealthy for five years, author Thomas Corley discovered that 65 percent of self-made millionaires he studied had three streams, 45 percent had four streams and 29 percent had five or more streams. This could include starting a side business, working part time, making investments and renting out everything from your home to your car to household items.
Save Diligently and Invest for Growth
You can become wealthy by spending less than you make, saving diligently, and investing appropriately.
The biggest mistake people make that keeps them from reaching millionaire status is they upsize their lifestyle when their income rises. When your income goes up, the first thing you should increase is the amount you contribute to savings.
Have an emergency fund available so that you don’t have to dip into savings. What’s more, have a focused plan for how much you’ll save every pay check
Opportunities aren’t just going to land on your lap as you sit at your desk during your usual routine. You have to go out there and get them. You also have to make your name heard so that others think of you as the perfect person when jobs pop up.
I know quite a number of dudes that are making cool money as social media influencers but sadly, there are others on the same platform, wasting data and time without earning anything.
If you’ve got a business idea you’ve been sitting on for a long time because you have to keep your day job to pay the bills, invest your spare time developing it until it starts generating a side income for you. Once it’s up and running, it could even become your million-dollar baby.
The best way to become a millionaire is to avoid debt at all costs. If you can’t afford it without a credit card, don’t buy it, cut out unnecessary spending habits.
A mortgage is an investment into yourself and potentially your family. A credit card bill, on the other hand, is an expenditure you have made without considering whether or not you could pay it back in the first place.
Being bored is fine. In fact, being bored actually means that you have spare time on your hands, which is a good thing. Aside from stopping you from filling every void with an activity that costs you money, it’s also a great way to focus your efforts on more productive matters.
When you are bored with nothing to do, you could: Start meditating to enhance your concentration and clear your mind, Read a book, Exercise and Cook a nice meal at home. It is a sacrifice you have to make to avoid unnecessary expenditures
Invest in Real Estate
Real estate millionaires put in a lot of hard work early on, but it pays off later in the form of residual rental income, not to mention rising real estate values over time. Those who develop real estate projects also take on significant risks; some pay off big, and others create losses. Be prepared for ups and downs with your real estate ventures.
Identify credible property companies and make investment. Buy a plot of land that you can spread payment for a year is a wise investment. The property will likely appreciate in no distant future. You don’t have to look for the most expensive or ‘choice’ properties.
The phrase “it’s not what you know, but who you know” couldn’t be truer. You’ll often find that successful people associate with equally as successful peers, whether or not they are in the same field. As a result, it is key that you start networking with people that have the way with which to catapult you to success.
Learn from your mistakes
Learn from your mistakes and move on.
Everyone makes them. I do, you do, we all do.
And believe me, I’ve made some pitiful mistakes.
Mistakes are difficult to swallow. I think our first gut reaction as human beings to the realization we messed up is to shift blame – to others or to circumstances.
The very best way forward is to admit we fumbled the ball. Are you willing to admit when you make mistakes?
Some people, when faced with their own inadequacies, beat themselves up. And you know what that does? It paralyzes them from making the decisions they need to make to achieve success.
As soon as you accept that you’re not going to become a millionaire, you probably won’t – you’ll settle for the ordinary.
Your beliefs about your future matter a whole lot, and will – in part – help determine your future.