Today, we're talking about why there are so many self-made millionaires and how it's possible for you to become one too.
It's no secret that becoming a millionaire takes hard work, discipline, and smart financial decisions. But the good news is that it's not impossible. In fact, there are many people who have built their wealth from scratch and achieved financial success on their own.
So if you're wondering how you can join their ranks, I'll be sharing some of the common characteristics of self-made millionaires and how you can adopt their mindset into your own life.
1. They set goals: Self-made millionaires have clear goals and a plan for how to achieve them. They focus on what they want to achieve and take action to make it happen. To adopt this mindset, try setting specific financial goals for yourself and creating a plan to achieve them. You can even use a goal-tracking app like Habitica or Strides to help you stay on track.
Don’t just make goals. Instead, I like to write them down on a piece of paper and put it on my side table to remind myself what I’m working towards each day. When I’m working out, I like to write down some goals with an expo marker on my mirror to make sure I work towards a new PR. And of course, take action today, not tomorrow.
2. They are disciplined: Millionaires have discipline when it comes to managing their money. They are able to resist the temptation to make impulsive purchases and instead focus on long-term financial planning. To adopt this mindset, try setting a budget for yourself and sticking to it. Use a budgeting app like Mint or YNAB to help you track your spending and stay on track. I use Mint and I think it’s a great app. I’ve been using it for years.
3. They are continuous learners: Self-made millionaires are always looking for ways to improve themselves and their financial knowledge. To adopt this mindset, try taking online courses or reading books on personal finance. Websites like Coursera or edX offer a wide variety of online courses, and apps like Blinkist or Audible can help you access financial books on the go. Personally, I read a lot of blogs, articles, and books that I usually find for a discounted price at Goodwill or the Salvation Army. I also learned a lot about investing, marketing, and how to start an online business all on Google and YouTube, which are all free.
4. They surround themselves with successful people: Millionaires understand the value of surrounding themselves with like-minded individuals who are successful and supportive. To adopt this mindset, try seeking out mentors or joining professional organizations or networking groups where you can connect with successful individuals. LinkedIn can be a great resource for finding and connecting with professionals in your field. Or, if this is too much effort, you can follow successful people on social media, like yours truly, so this way you have a feed that encourages you to pursue your financial goals.
5. They take calculated risks: Millionaires understand that in order to achieve financial success, they need to take calculated risks. They carefully weigh the potential rewards and risks before making a decision. To adopt this mindset, try learning about different investment options and finding an approach that fits your risk tolerance. Websites like TD Ameritrade, Charles Schwab, or Wealthfront can help you get started with investing.
6. They are proactive: Self-made millionaires are proactive when it comes to managing their finances. They don't wait for things to happen, they make them happen. To adopt this mindset, try being proactive about saving and investing for your future. Set up automatic transfers to a savings account or use an app like Digit or Qapital to help you save automatically.
Stop stressing out about money. Instead, if you don’t want to think about investing or managing your money each day, you can set up recurring payments and deposits for your credit cards and investments, which is what I do with my wife and it’s worked out really well over the past several years. Your life is so much happier with one less thing to worry about.
7. They are resilient: Millionaires understand that setbacks are a part of the journey to financial success. They don't let setbacks discourage them, and instead focus on finding solutions and moving forward. To adopt the mindset of resilience, try to focus on the long-term when it comes to your finances. Don't let short-term setbacks discourage you, and instead focus on finding solutions and making progress towards your financial goals. Don't be afraid to seek out help or advice when you need it, and use resources like financial advisors or budgeting apps to stay on track.
I hope these characteristics have given you some insight into the mindset of self-made millionaires and how you can adopt it into your life. Remember, financial success is often the result of hard work, discipline, and smart financial decisions. Don't be afraid to take calculated risks, set goals, and seek out resources and support to help you achieve your financial goals.
Have a wonderful week! You got this!
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