5 Ways Self Made Millionaires Earn More Money Than Others
From growing my network and communicating with numerous wealthy and highly successful individuals, I’ve been able to develop a solid mindset over the years. Part of my network, I’ve met tons of self made millionaires that have given me great advice as well.
Through my personal experiences and interactions with self made millionaires, here are 5 ways self made millionaires earn more money than others:
1. They have multiple income streams.
Majority of the self made millionaires I know have numerous income streams that provide them with revenue and income on a monthly basis. Most people I know have one major business that they focus on and then they have a handful of other passive income opportunities that provide supplemental income.
Self made millionaires know and understand that life is a roller coaster. Anything can happen at any time. You can’t put all your eggs into one basket and you need to plan for the future. Your business should always be your main focus and your main stream of income, but having income from side projects and passive projects are crucial to building long-term wealth.
2. They make their money work for them.
Self made millionaires understand how powerful money is. Instead of taking their cash and stuffing it in a bank earning ridiculously low interest on their money, they put their money to work for them. Not sure what that means? Well, let me explain.
By investing your money, you have the greatest opportunity to grow your income. Whether it means putting your money into rental properties, stocks or investing in other business opportunities, money is the best substitute for time. By leveraging your money, you don’t have to spend time and you can still earn residual income from your investments.
3. Chase success instead of money.
Every self made millionaire is so successful because they are chasing success. I quickly learned in my entrepreneurial career that chasing money is the biggest mistake you can make. Money is one of the hardest objects to obtain, but if you chase after success….the money will just come to you.
Have a passion and a massive goal that is way bigger than money. My goal has always been to leave an impact and a legacy that will outlive me when I’m gone. As a result of that, success to me requires me to accomplish a massive amount of things. Never chase money, chase something bigger.
4. Surround yourself with people who are extremely successful.
Your net worth is your network. You’ve probably heard that statement a ton of times before, but it’s actually very true. If you surround yourself with people that push you to become better and motivate you to achieve your goals, you’ll end up being more successful as a result of the character of the people around you.
Seeing other people around you achieving success and accomplishing big things is a great inspiration on its own. When I created my own network of young entrepreneurs who were constantly achieving big things, it was a constant reminder to myself that the grind and hard work will eventually pay off.
5. Create a belief and mindset when it comes to money.
You can earn millions of dollars, but you still may not be a millionaire if you spend all of it. Lot of athletes deal with this struggle on a regular basis where they earn so much money and spend so much money, they still end up going bankrupt once their professional careers are over.
Create a mindset when it comes to your own money. How are you going to invest? How are you going to spend? What is your monthly budget? What are you willing to spend money on and how frugal can you really be? The wealthiest individuals aren’t always the ones flaunting fancy cars, it’s often times the guy driving a regular that doesn’t show it off.
In this post, I shared 5 ways self made millionaires earn more money than others. What are some ways that self made millionaires earn more money than others?