How To Become A Millionaire From Absolutely Nothing
It feels like everyone wants to get rich and know how to become a millionaire. It’s one of the top googled topics.
Money is a complicated issue. Think about why you want to become a millionaire. Is it for financial security? Is it to spend money like crazy? To no longer feel financial constraints? Money is emotional and complicated, and knowing why you want to become a millionaire will keep you motivated on your journey to becoming a millionaire.
Winning a lottery will help you become a millionaire, but the odds are against winning. Besides, you need to be mentally prepared to take on money. Otherwise, you will stand a chance of losing the money.
Secrets of the wealthy
What are the secrets of the rich? How did they get to be so wealthy? The common thread that long-standing millionaires have is that they learned to invest.
Follow these tips to ensure you are on the right path to building your wealth:
1. Money mindset
Having the right money mindset to become a millionaire and thinking like a millionaire will help you prepare and make space for wealth. Becoming a millionaire is 20% knowledge and 80% behaviour, so having the right money mindset to manage your wealth is more important than having the skill to manage it.
2. Create big financial goals
It can be scary to dream big because you may fear it not working out. Don’t let that fear hold you back from creating big, audacious goals for yourself. Think about what would happen when you do realize your goals. Don’t sell yourself short and think small. You deserve all you want, as long as you aren’t afraid to get out there and claim it.
3. Create a plan on how to get there
The first step is owning your big financial goals, but you must also create a plan for them. How are you going to get rich? Are you investing money, starting a new business, or accelerating your existing business? These goals require a well-thought-out plan and strategy to help you attain them. A goal without a plan is just a wish, so make sure you have a strategy to help you reach your goals.
4. Multiple streams of income
Millionaires don’t rely on just one income stream; they set themselves up with multiple streams. It’s smart to diversify, so that market conditions don’t dictate whether you receive an income that month or not. Diversifying into multiple income streams ensures that you have a steady amount of money.
5. Invest
Learning how to invest your money is important, but you also need to know how to invest in yourself to have the skills to manage money and your business. Know the strategies for investing and protecting your wealth, and make it a point to live off the income those investments produce.
6. Be in good company
Surround yourself with others who support your vision and carry similar goals and values. When you create a lifestyle of a millionaire, it helps you become a millionaire. Millionaires think differently and still understand the value of a dollar. And believe it or not, millionaires still live within their means and budget.
How long does it take to become a millionaire?
That will depend on how much work you are prepared to put into it. Millionaires know that you need to preserve your wealth through investing and live off the income your investments produce, so you’ll need to create a variety of investments that produce an income.
Remember, when it comes to knowing how to become a millionaire, it’s not about how much money you make, it’s about your net worth.
Books on how to become a millionaire
There are so many great books on how to become a millionaire, but there are some fluff ones.
I have put together a list that may help you in your journey to becoming a millionaire. This is a list of books I have read and used in my wealth-building strategies, and you can use them too. If you have more to add to the list, drop us an email and let us know which ones you read and have enjoyed!
T Harv Eker – Secrets of the Millionaire Mind
T. Harv Eker states: "Give me five minutes, and I can predict your financial future for the rest of your life!" Eker does this by identifying your "money and success blueprint." We all have a personal money blueprint ingrained in our subconscious minds, and it is this blueprint, more than anything, that will determine our financial lives.
Thomas J Stanley - The Millionaire Next Door
The Millionaire Next Door identifies seven common traits that appear repeatedly among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door.
David Chilton – The Wealthy Barber
This is my all-time favourite. Although a Canadian book, the principles can be applied to everyone. I read this book when I was 19 and recommend it to everyone looking for advice on getting wealthy.
The bottom line is that it is possible to become a millionaire from absolutely nothing. Investing in yourself and building your money management skills are key to becoming a millionaire. It takes discipline to build your wealth, but when you gain momentum, it becomes so much easier.
How to become a millionaire is a lifestyle, not a race to the finish line. Once you maintain that lifestyle, you must continue healthy and wealthy habits. There is no instant gratification; you just continually build on your wealth.
The Cash Confident Course For Business Owners and Entrepreneurs
Do you want to get out of debt, build wealth, and create financial stability for yourself and your family? Are you interested in a step-by-step approach to creating that life for yourself? Check out my Cash Confident Course that I created just for you! It outlines the steps you need to take to create wealth for yourself through your business.
