Only 20% of millionaires have inherited their wealth. 80% have made it on their own and are first generation millionaires.
I firmly believe that anyone can become a millionaire if they follow a formula that I am going to share.
Yes, you, I am talking about you, even you can become a millionaire if you follow these 7 steps:
1.) Millionaires Mindset –
Mindset is frame of mind or you can say a direction in which your mind is set , your mindset determines your destiny.
In order to become wealthy in financial terms, the very first step is to unlearn everything about money that you have learned so far in your life.
If you are brought up by the mindset that you only need enough to be comfortable then you need to eliminate it right now because the middle-class concept is based on myths and formulas that worked for our parents.
As once said by Adam Corolla on his podcasts,”50 years ago the middle class was a desirable group to aspire to, today, it is just a risky, painful, economic condition fairly for millions of people”.
After unlearning, focus on developing millionaire’s mindset.
9 hidden psychology of millionaires :
1. Develop a habit of success.
2. Believe in wealth making.
3. Don’t allow anyone to tell you that what you are dreaming is not possible.
4. Start thinking like a game changer.
5. Populate your mind with best books.
6. Be the most confident working in the room.
7. Stand on the shoulder of other giants i.e. learn from them.
8. Have absolute clarity of what you are doing and why.
9. Have a burning desire.
Though adopting this mindset will not happen overnight but constant reflection leads to change in the belief which eventually change your mindset.
Once your mind is set in the right path and you are mentally prepared to achieve financial success in your life, you got to transform your thinking into gold and that can only be done by pondering over a pragmatic idea, designing a plan and doing some maths.
While choosing an idea you have to focus on nine points as mention by Dan Norris in his book 7-day startup –
1. You should enjoy doing it daily. If you don’t enjoy working on your idea, someone who does will beat you.
2. Choose an idea where you have basic knowledge and skills so that you can work on it.
3. Scalable business model – your idea must be scalable, something that you can expand to any extent.
4. Operate without founder – your idea must be such that after reaching a certain level it can operate without you(founder).
5. Build an asset – the idea should be such that using it you can build some sort of asset that you can sell later.
6. Market potential – make sure there is a need for such a product in the market.
7. Top pain pleasure – In order to differentiate yourself from others you have to lessen the pain of your customer and give them pleasure.
8. Unique lead Generation – grab the attention of people by making your idea different and unique.
9. Launch quickly – the idea that can be launched quickly and modified quickly according to the customers.
3.) Have a thick skin
You gotta be hard as a nail to become a millionaire because it will be in a process of suffering, failure, pain and agony. You may lose everything but no matter what come just go right through it. Only strong mind can take you through pressure, stress and adversity because it’s going to be hard, you going to fail, stumble, you going to fall on your face.
Ability to persist when times are tough and refusal to quit when others give in are few traits of millionaire that you have to learn .
“Strong mind suffers without complaining, weak mind complains without suffering”
4.) Energy management
I am not even mentioning Time management as this is an obvious one and you cannot reach any where if you will not learn to manage your time.
Time management will not alone serve the purpose, you also got to manage your energy because if you are not doing your work with full energy and focus then you are not utilizing your time in a most effective way.
Most people quit after 2-3 years of going all in, most people don’t go for a long time so energy management is important for you to keep going. Figure out how to manage your energy so that you can stick long enough.
5.) Master millionaire’s skillset
You need skills to pay the bills. Millionaire possesses dozen of skills to become the people they are. The difference between who you are and the person you want to be is your skills. If you want to become millionaire then you have to master these 7 skills –
Your communication skills play a huge role in your financial success as your communication skills determine your relations and your relations determine your wealth. Extraordinary communication skills can create a path to riches.
2.Networking skills –
Networking creates a long and lasting relationship with others. You can leverage each other’s knowledge and contacts for personal gain.
Your network is your net worth.
Those who have solid circles around them can easily rely on them and rest don’t have this luxury. So work on your networking skills if you have lofty goals.
3.Leadership skills –
You need to gain influence over the people that need to take actions. Leadership allows you to do more in less time. In World full of followers be a leader.
4.Money game –
You have to master the money game if you want to be a millionaire. Almost everyone knows how to earn money but very few know how to keep and expend money.
If you want to be a millionaire you have to master to the art of learning, Unlearning and relearning
Persuasion skills will take you far because you have to pursue your parents, partners, clients, employees. So this is a must have skill for a millionaire.
The journey to your 1st million dollar will be filled with insane number of problems and you have to deal with all those situations like a pro if you really want to make your fortune.
6.) Work ethics –
“There is nothing you can’t accomplish in life with the right amount of work. The challenge is are you willing to do the work.”
If you want to be a millionaire you must have an insane work ethic. You have to work overtime, you have to work all the time. Everyone tries but millionaire takes it to the next level, they sacrifice and they are relentless with their practice.
Well said by Robin Sharma –
” Reality is reading a book, going to a conference or having a great conversation where you get this golden information, that’s all is fantastic but what makes you mastery is execution on ideas and not the ideas.”
7. ) Scalability –
After following all the points mentioned above you will be able to create a business with decent revenue you have made halfway across the path of reaching 1 million dollars but this is not enough because there must be many businesses around you that have reached the level where they generate the revenue of 100k dollar per year but very few reach to the level of 1 million dollars a year because of just one factor i.e. scalability.
Reaching from $100k to $1million can seems to be a 10X scale but it requires more than 10 times the skills.
It’s not harder to scale, it just requires more skills. Probably 30 times more skills. Majority of people fail to acquire more skills and as a result, they never reach $1million benchmark.
What you have to do is to focus on training, you got to commit to train because scalability comes from skills and skills comes from training. A good place to start your training is to read more. As Harry S. Truman said,
“Not all readers are leaders but all leaders are readers.”
There are many ways to train yourself like –
•attending conferences, networking events and training sessions.
•listing to podcasts, YouTube videos and audiobooks.
•pay to mentors and consultants.
•buy paid courses.
Scaling comes naturally if you will absorb all the information present out there. People think scaling is very hard but no, scaling is the repercussion of having trained correctly. Training brings skills and skills to bring scale effortlessly.