A lot of people like to think that most millionaires are rich because they had things handed to them on a silver platter, or because they were born with a silver spoon in their mouth. The reality is that most millionaires are self made, and had to work hard to get where they are. The book “The Millionaire Next Door” says that fully 80% of millionaires are first generation affluent.
So what are they doing to become millionaires, read on. If you are already one, do share some pearls of wisdom in the comments for us to learn from. Thank you.
- They think in Abundance. There is no shortage of money on this planet, only a shortage of people who think correctly about it. As you are reading this, there is $2.3 trillion dollars circulating around the globe every day, and that amount is destined to grow throughout time.
- Surround yourself with like minded Individuals. You are the sum of the 5 people you spend most of your time with. At the risk of being portrayed as arrogant, rich and successful people value their network of friends because rich people build rich networks.
- Shift focus from spending money to making money. Instead of becoming a consumer, become a producer. Instead of buying more, sell more. Instead of buying books, sell books. You get the idea? Not that there is anything wrong with consuming, it is simply that rich produce more than they consume.
- No television. Did you know why you don’t see ads for Lamborghinis on TV? It’s because the people who can afford them don’t waste time sitting on the couch.
- Multiple streams of income. You will make your millions much faster and less risky than depending on just one source of income (And it better not be your day Job!).
- Be Generous. The truly rich people think about serving others and giving back to the community. The currency of real networking is not greed but generosity.
- Have an exit strategy. Every time you hear someone seemingly become a success overnight, it is actually backed by effort and turmoil. Ultimately all the multi millionaires and even billionaires get their biggest breaks when they sell their business away, which is actually the ultimate exit strategy. WhatsApp was started in 2009 and sold for $19 Billion in 2014.
- Get into properties. Also known as Wealth 1.0. This is the most time tested vehicle to creating and protecting your wealth since centuries. If you really don’t know what to do with the excess of your money, you cannot go wrong putting them in properties.
- Leaders are Readers. For the rich and successful, learning never stops even after graduation.
- Always be hustling. All the tips, tricks and trade secrets in the world won’t amount to anything if you just sit around. As you can see, successful people are not necessarily smarter or more talented, they simply hustle more and don’t despair easily when the going gets tough.