I’ve always been a fan of the adage, “If you want to be the best, you should learn from the best.” It’s a simple yet effective way to accomplish the goals you’ve set for yourself. Today, we use the same mindset to help fulfill your financial dreams.
The millionaires we highly regard and look upon as role models were once average Joes who admired and copied the millionaires before them. Now, it’s your turn to emulate habits and behaviors until you can boldly and proudly say, “I’m a self-made millionaire!”
1. Self-made Millionaires Set Goals
Goals give people a sense of direction. Without goals, there’s no direction; without direction, there’s no progress. According to AES International, 81 percent of millionaires follow to-do lists. They put into writing the destination and come up with a detailed list of steps to get there.
Author of best-selling book Wealthy Habits: The Daily Success of Wealthy Individuals Tom Corley narrates the story of a man who wished to add $150,000 to his income. To achieve this goal, he added 10 more marketing goals per day. Corley writes, “he blew past $150,000 to $300,000. The stuff wealthy people told me about goal setting really works.”
2. Self-made Millionaires Execute
Ideas are dime a dozen. Many people think that coming up with an innovative and unique idea is sufficient to make them millions. Purge this mindset out of your system.
Millionaires act. They wake up every day to work passionately on the tasks at hand. “Execution is worship,” says Dr. Eric Thomas. While dreamers are satisfied ruminating on their ideas, millionaires get out of their heads, hustle, and make it happen.
3. Self-made Millionaires Dream Big
They don’t look to compete with their office rival for that next promotion or raise. Why would they? Rather than fighting tooth and nail for the next step in the corporate ladder, millionaires desire to run their own companies.
Norman Vaughan writes, “Dream big and dare to fail.” Look beyond your office cubicle and contemplate on the value you can offer to the world.
4. Self-made Millionaires Follow a Frugal Lifestyle
We often see on TV wealthy people drive the most luxurious cars, throw expensive parties, and wear the finest jewelry. What you see on TV is rarely the case in reality.
Toyota is the brand most millionaires buy. According to Dr. Thomas Stanley, author of The Millionaire Next Door, cars purchased by millionaires are not usually luxury vehicles. Only those who wish to be perceived as wealthy buy luxury vehicles.
Billionaire Warren Buffett is the perfect example. The world’s greatest investor is worth $72.3 billion but he still lives in his Nebraska home which he bought for $31,500 in 1958.
5. Self-made Millionaires Earn Interest
“Compounding interest is the eighth wonder of the world. He who understands it earns it. He doesn’t, pays it,” says Albert Einstein. Most people see money as something that could get them what they want, nothing more. Millionaires, on the other hand, perceive it as an instrument to save, invest, and make more of it.
If you are to become a millionaire anytime soon, start by stashing away at least 10 percent of your income every month. According to Nerd Wallet, the average millionaire saves or invests 20 percent of their wages. They also avoid debt at all costs. With this strategy, they don’t pay interest; they earn it.
6. Self-Made Millionaires Network
Millionaires surround themselves with people who have the same mission. They know full well that their network determines their net worth. Research reveals 79 percent of wealthy people commit at least five hours each month to networking. Only 3 percent of the less wealthy or those who make $30,000 or below do the same.
Author of 10X Rule Grant Cardone writes that millionaires wish to learn from others genuinely. Cardone said, “You can’t learn how to make money from someone who doesn’t have much. You need to know what people are doing to create wealth and follow their example.”
7. Self-made Millionaires Find Time for Personal Development
Millionaires are aware that increasing value is the surefire way to increase income. According to Rich Habits Institute, 88 percent of wealthy people read for no less than 30 minutes a day for self-education and career growth, while only 2 percent of the less wealthy do the same.
Take time to learn every day and improve yourself. Discover new ways how you can become wealthy until you can boldly and proudly say, “I’m a self-made millionaire!”
This article was first published here: Fortunehub.net