Oooh, I love to talk about money! Not how much money I have, but how you too can have money. You need to know the money secrets of the rich so that you too can build your wealth and become a self-made millionaire! Yes, it’s possible, but you do need to know the money secrets that all wealthy people follow.
First, let me say that self-made millionaire status is not just for men. Women have the power to build their wealth and become self-made millionaires too. Let’s bust those myths about women and money and start creating more self-made millionaire women.
Women are starting new businesses in higher numbers these days, and we want to ensure that these women-led businesses not only stay in business for the long term but that you create wealth through your business.
Self-made millionaire
The self-made millionaire status is no longer for the boys’ club. Women are making strides in business ownership, and it’s all about profitability now. I believe that the most efficient way to build your wealth from nothing is through business ownership. Yes, there are other effective ways to build your wealth, but I focus on helping business owners build their wealth through their business.
I know that every business owner can become a self-made millionaire if they really want to; it all comes down to a money mindset and having those business financial literacy skills. It’s the Pareto effect where it’s 80% behaviour and 20% knowledge to master becoming a self-made millionaire.
When you think like a millionaire, you start forming positive habits that will help you on your journey. How to become a self-made millionaire does not happen overnight, and it won’t happen for everyone because most people are looking for instant gratification over hard work and consistency.
Anything worth having does not come easy.
You can read more about my vision for business owners and why I love to help business owners step into the wealth that their businesses can create for them. If you want to build wealth for yourself, it’s so important that you believe you are worth having money.
Money is such an emotional topic. We measure our self-worth by how much money we have. People want to buy the latest and greatest of everything to show the world they have value. But our value comes from the inside, not through what we wear or have in our bank accounts.
Money does not make you happy, but the reality is that money does provide a lot of opportunities. But having money does buy financial security and financial peace. It’s comforting to know that you have a large sum of money in your bank accounts and investments and that you will be ok financially. It’s a great feeling to no longer be stressed about a lack of money or fighting with your spouse over money.
Money causes a lot of emotions. We all have a money story that can hold us back if we let it. Don’t let money control you. Set yourself up for financial peace by knowing how to become rich from absolutely nothing.
Secrets people don’t know
There is a formula to creating wealth for yourself through your business; unfortunately, many business owners are unaware of this formula. When building your wealth, you want to invest your money into financial vehicles that will produce passive income for you.
The idea behind that strategy is that you are preserving your capital. When you invest your money and get your money working for you, you will begin to earn income on those investments. You will want to build up your capital through investments such as rental properties, stock market investments, or investing in any financial instrument that will not only appreciate over time but offer passive income over the years. You can reinvest that passive income into your investment principles until you reach an amount comfortable living off that income.
Rich people know this and practice it.
When you want to become a self-made millionaire, you cannot use your money to buy all the fun stuff that seemingly rich people seem to have, like expensive cars, taking expensive vacations, or wearing expensive clothing.
It is not how much money you make that makes you rich, it’s how you invest your money and live off the passive income that makes you wealthy.
You can bring in millions of dollars each year, but if you spend every penny that you make on things that offer no value, in the end, you’ll just be broke. It sounds crazy to be broke when you bring in such a high amount of money, but it happens. When that money stops coming in you need to support yourself in other ways, and if you have nothing to show for it, all that money was literally wasted.
This is where having a strategy in play to become a self-made millionaire is vital. Knowing HOW to manage your money will make you wealthy.
Follow these millionaire secrets to build your wealth
1. Don’t look rich to be rich
You don’t need to keep up with the Jones and look like you are rich. Rich people know they are rich and don’t feel the need to flaunt it. Rich people understand the value of a dollar and respect their money. They thrive off building their wealth and understand that you don’t need to look the part of being rich. Most people who look the part are often the ones who don’t have a high net worth.
2. Gratitude
Rich people know that when you are grateful for what you have, you usually attract more abundance. Happiness attracts good things, and gratitude is the key to happiness. Building your net worth is a continual process, and when you can enjoy what you have at the moment while building your net worth, you attract good things for yourself.
3. Healthy lifestyle
Rich people know they need to take care of themselves to live long and prosperous life. Maintaining a healthy lifestyle reduces medical costs and gives you a quality of life where you can enjoy the wealth you’ve spent years building. It’s important to keep your brain sharp and your body healthy.
4. Kindness
Don’t be a jerk to others. Everyone has value, and showing kindness and respect to everyone will return to you. Because you know that rich people don’t always look the part you know, you never know who you will meet. There are always others who can help get you where you want to go, and you understand that your network contributes to your net worth.
5. Stay out of debt
Rich people also know that carrying debt erodes your net worth. It costs money to carry debt so you know that if you need to carry debt, it must be done strategically.
6. Invest in yourself
When you invest in yourself and your education, that investment will stay with you for a lifetime. You must invest in lifelong learning and be committed to growing your knowledge. You can read books, and articles, follow financial influencers and listen to podcasts. There are so many ways you can invest in learning and expanding your knowledge.
Secret millionaires
There are many millionaires all around you. The funny thing is that most millionaires don’t look the part. They aren’t driving the Bentleys or living in Beverly Hills. These are likely your neighbours; it could be Joe down the street who cuts his own lawn, Sally, the VC manager, or the grandma who habitually clips coupons.
Rich people don’t need to know let others know how much money they have. They have built wealth for themselves and are happy with their life. So, the next time you go to a grocery store, look around – are you standing next to a millionaire?
The bottom line is that your net worth makes you rich, not how much money you make each year. You can build your net worth through good money management skills. Your net worth considers all the assets you own and subtracts all the money you owe, and what you are left with is your net worth. This is what you would have left over if you were to sell all your assets today.
The higher your net worth is, the wealthier you are. You never want to have a negative net worth. If you do, you owe more money than you have. The idea is that your net worth should grow month over month and year over year.
Do you want to start tracking your net worth? Register for the Personal Net Worth Calculator Mini-Course for $7, where I will teach you how to track your net worth. This mini-course offers video instruction and templates to get you on your way to building your net worth!
