To become a millionaire you must first learn how to think, feel and act like a millionaire. Once you have achieved that mindset, you will have access to the riches of the world.
Photo: Unsplash | Source: Medium
If you want to be rich; have a million dollar fortune and feel financially free then you should start with the millionaire mindset.
6 Steps to the Millionaire Mindset
Invest in yourself
Invest in learning
Don’t work for money, work to learn
Don’t learn for entertainment, learn for value
Invest in vehicles that will generate income.
Shift your motivation from getting to giving.
Follow these six steps to get the millionaire mindset and start to change your fortunes today.
1. Invest At Least 10% Of Your Income In Yourself
The basic lesson of this rule, is if you want to be a millionaire you need to be committed.
If you just have dreams and plans, you will never really be driven to make the kind of changes needed to have the type of life you want.
Also, if you want to be earning millions, you need to have the skill to earn millions. You need to be worth it. To become worth it you need to invest in developing yourself and you need to invest real dollars so you take it seriously.
2. Invest At Least 80% of Your “Off” Time into Learning
We all think that we work hard then we got to enjoy your time off.
I used to work my full day then come home, go to the gym, have dinner, then relax — which usually meant watching TV, going out with friends, drinking, eating and so on. Basically, all my free time was about consuming what I earned during my work time.
I started to realise what if there's one hobby that I'd pick which will eventually make money. So I started learning stock trading - instead of bingeing on Netflix, I studied stock trading with a simulator app and guess what, I never thought learning about stock market is for me until I see gains.
3. Don’t Work For Money, Work to Learn
By this stage we were starting to develop a millionaire mindset. We were starting to invest our savings and feeling very grateful that we were in a situation where we could afford to make substantial investments every month. We were making modest gains from the stock market and feeling very good about our decision to become investors.
However, the dream of being financially free and living blissfully every day was not yet a reality. And it was starting to become frustrating dragging myself into work every day.
How to have a millionaire mindset when you have an average job?
In my dreams I was rich, not dragged by the daily micromanaging of my businesses — I was making the world a better place with my great wealth and amazing company. But in reality, I am still working day to day.
However, when I decided to change my mindset and decided to see work as a process of learning and not just a process of trading time for money, I discovered much more purpose and passion for it. I came to see that I had skills. I am happier investing in real estate and helping people build their own property portfolio.
Don’t Focus on the money.
So, I decided not to focus on money. Work was now a possibility to learn and develop skills. Where possible, I guided work to fit my new needs.
Alongside this, I became more conscious of learning how to become more effective yet happy. I was learning more skills and purposefully becoming smarter, stronger, and better.
Don’t simply work to make money. Work to learn the skills you need to take your life in the direction you want to go to.
4. Don’t Learn For Entertainment, Learn To Create More Value
If you want the millionaire mindset, you need to make everything add value. You don’t have time to master hobbies and interests that don’t add value. But at the same time, if you take a million-dollar-mindset to your hobbies, you can turn waste of time activities into a true path to success.
5. Invest At Least 10% Of Your Income Into Vehicles That Will Generate More Money
This is central to the millionaire mindset. You can never work your way to free. You need to leverage your time and money and make money flow to you.
The obvious streams of wealth creation are stocks and property.
We plan to do both, but at the start, with minimal capital, we started with the stock market. I will cover more on this at a later stage, but basically, the more you can invest and the earlier you invest the better.
If you can start early and put away at least 10% of your income every month, then through the power of compound interest you can create a revenue stream that will one day let you retire before you’re old and allow you to live well.
Also, by being invested, we watch our money working for us every day.
6. Shift Your Motivation From Getting To Giving
All of these lessons turned me on the millionaire mindset, the kind of purposeful thinking and living that is needed if you want to go for massive success. However, there was still one massive question that bugged me:
Why do I deserve to make millions?
I was raised with a Christian ideal for money — the message very clearly was “rich don’t go to Heaven”. So for me it was difficult to say I deserved to be a millionaire. It was something obscene to want to live lavishly and to have more than others. But rule number 6 gave me the answer.
Ethics of the Millionaire Mindset
If you want to make millions and you want to be a big success, you need to provide value to others. If you want to have a big successful company, you need to provide something your customers need.
Also, if my motivation is solely to be rich so that I can have a lot of stuff, then I won’t make it. Right now I have lots of stuff and I don’t really need much more — it would be nice but I don’t need it and it makes it hard to work extra hard for stuff you don’t need.
Make your life a gift to the world and your life will become a gift to you and let you live like a millionaire regardless of the money in the bank. I try to inspire people to invest and build your portfolio while you are young and able. I am on my 60's and I was able to do it.