It’s common knowledge that you need to make money to become a millionaire, but most fail to address the need to think like a millionaire to achieve millionaire status. Does that sound strange to you? It used to sound strange to me, but after working through my money mindset and with clients who have their money mindset struggles, I believe you need to think like a millionaire to become one.
Before I continue, let me be clear. I am telling you to think like a millionaire, not act like one. This doesn’t mean you need to look the part or spend your way to millionaire status because if you use that strategy will get you broke! Exactly opposite to where you want to be.
Thinking like a millionaire involves thinking strategically about how to build your wealth. The secret success of all rich people who maintain their wealth for generations is not in how much money you make but in how you manage your money.
Secrets of a millionaire mindset
Millionaires share a common secret, and that is that it’s not how much income you have coming in that makes you rich. You could be making a million dollars a year, which won’t make you rich because if you spend all that money on things, you will have nothing to show for it.
The secret of a millionaire mindset is in how you manage your money. There are steps that wealthy people take to protect their wealth. Wealthy people invest their wealth than spend the income they receive from those investments. That is the key to preserving your wealth.
But the trick here is that money management is 20% knowledge and 80% behaviour. The 80% behaviour is where the money mindset comes in.
But the good news is money mindset is a learned behaviour. There are many courses and books on money mindset, but the key is not only learning about how to manage your thoughts around money; it’s about implementing money management strategies as well.
Millionaire mindset books
There are many valuable millionaire mindset books that you can read to help you adjust your money mindset in learning how to think like a millionaire. My personal favourite is T Harv Ekar’s book, Secrets of the Millionaire Mind.
How to think like a millionaire
Knowing how to think like a millionaire and manage your money like one is key to you achieving millionaire status. Learning how to think like a millionaire takes a strategy and it will be through trial and error until it becomes habitual.
It’s like everything else in life – you must make space for it and be willing to accept it to make progress with it. Having support to work through this is beneficial. You can work with a business money mindset coach or join a good program that helps you work through your money mindset issues.
In the meantime, for immediate action, you can follow these recommended steps:
1. Understand money mindset
Knowing what money mindset is will help you identify yours. Money mindset is your attitude and belief system around money. You can have either a positive or negative money mindset, and each of those are equally as powerful. You need to work towards a positive money mindset.
2. Know your money story
Everyone has a money story, and our money stories can be formed as early as our earliest childhood memory. Identifying how your thoughts, feelings and emotions were formed in your childhood and checking in to see if you carry any negative money stories is powerful. In identifying these patterns we can help eliminate them.
3. Identify your relationship with money
Knowing how you feel about money will help you change your relationship. Does money stress you out, do you feel like there’s never enough money, or does the idea of having lots of money make you feel guilty? These are some of the examples of the stories that we carry that interfere with having a positive relationship with money.
4. Recognize the emotions and money
Money is very emotional for most of us. We relate money to self-worth, we use money to fill our wants and needs, and we often abuse money and get ourselves into debt. This is all emotions based. When you take control of your money and your feelings around money, it’s much easier to see money for what it is – a tool we use to exchange for products and services.
5. Reframe old stories
When you look at old stories that you still carry around but are bringing you down, you need to reframe those stories into stories that will serve you more positively. Positive lessons can be pulled out of the most negative stories if you look hard enough. Reframing those stories into stories that will better serve you today is key.
6. Move to growth and abundance
Healthy mindsets are those that are willing to grow. Life is about constant growth, and we learn life lessons every day. When we choose to see the world as having lots to offer us, and we can have want we want, then we are in a healthy mindset.
7. Welcome wealth into your life
For many welcoming wealth into your life requires change, and change can be scary for many. But when you want to welcome wealth into your life, you must prepare yourself to receive that wealth. Be open to receiving.
8. Have a plan to get wealthy
When you learn to think like a millionaire, you need a plan for becoming a millionaire. The secret to wealth is through money management, so find yourself a good business finance coach to work with to strategize and make your business as profitable as possible.
9. Start now
The more you delay, the longer it will take to achieve results, so stop with excuses and start now.
The bottom line is that nothing worth having comes easy, and it may require you to work to achieve your goals, but that work will be rewarding. Knowing what to do is the first step, and implementing action repeatedly will help you reach your goals.
Grab your free 5-Step Roadmap to a Profitable Biz to get planning for profit in your business today!
