8 Secrets Self-Made Millionaires Know That You Don’t
So you want to be a self-made millionaire? Yeah, you and almost every other person in the world want the same thing. However, only a tiny percentage of people are actually able to accomplish this feat.
Luckily, someone was kind enough to share some secrets of self-made millionaires to me at a young age. Around the age of 15, I met a guy who had all the luxuries of life and was still in his early 30′s. I envied everything about him and wanted to live his life.
I told him this and he gave me some advice, which at the time didn’t make much sense. However, the advice now makes all the sense in the world. It’s been validated and verified by other self-made millionaires I’ve came in contact with as well.
Becoming a self-made millionaire is NOT easy, but these secrets can put you on the right track. Here are 5 secrets self-made millionaires know that you don’t.
1. You Are Who Your Friends Are
How many self-made millionaires do you hang out with? If that number is close to zero, change is necessary. I don’t know what the exact formula is, but it’s been proven that your friends decipher your net worth.
Self-made millionaires learned early on that they need to hang with the people they want to become. Hanging with other self-made millionaires gives you constant motivation, knowledge, and many opportunities others don’t get.
2. Stop Spending, Start Investing
If your goal is to make a million dollars and buy a Ferrari, you won’t be wealthy for very long. Millionaires understand how important it is to invest instead of spend.
I’ve met people who took their high school graduation money and made strings of great investments that enabled them to make millions of dollars. When you make money, your first thought should be, “How can I invest this money to make more?” instead of “What fancy thing should I buy today?”
3. Change Your Mindset
Before you can become a millionaire, you must believe it. Set a target, how you plan to achieve this goal, and then do everything in your power to accomplish it. Millionaires know what they want before they go and get it.
There is no shortage of money in the world for those willing to earn it. Stop thinking negatively and start thinking about how you will be a millionaire regardless of the obstacles you may face.
4. Don’t Put All Your Eggs In One Basket
Millionaires make money from a variety of different income streams. You should do the same. Making millions of dollars from one thing is very hard, but it’s much easier to make a million from many different channels.
As a serial entrepreneur, I know how important it is to create multiple streams of revenue. I understand that my basket can be crushed at any time so I’ve created multiple baskets for insurance. You should do the same!
5. Chase Anything But The Money
The idea of being a millionaire is great, I fell in love with it at 15. However, I knew that chasing money doesn’t get you anywhere. My wealthy friend told me, “Never chase the money son, chase something else and the money will come.”
That’s when I knew that the concept of being a self-made millionaire was amazing, but money couldn’t be my motivation. My motivation was found years later, which was creating innovations that solve problems. Now that I have a purpose, money just comes to me.
6. Work Harder Than Everyone Else
For some reason, everybody assumes that self-made millionaires don’t work very hard. People want to attribute their success to luck or scams, but it’s really not that. Millionaires worked harder than everyone else to get where they are today.
It’s all about work ethic. I’ve talked to millionaires who shared their work ethics with me and made mine look like shit. Not to mention, I work 16 hour days while attending school. Nevertheless, if you want to be a millionaire, work harder at it than everyone else!
7. Make A Plan
Before you can become a self-made millionaire, you really need a strong plan on how you’re going to make that happen. What’s my plan?
Well, I want to create a passive income stream that makes me a couple thousand dollars a month (so that I can stay afloat). From there, I want to build a variety of different tech companies. Once I find success in my tech companies, I want to invest in other startups, funds, and start my own restaurant. I’ve had this plan since I was about 17 years old and have begun executing it ever since!
8. No Guts, No Glory
Self-made millionaires take big boy risks. They probably don’t tell everyone what their big risk was, but almost all of them do it. At some point, you have to take a risk to reap the rewards.
Self-made millionaires don’t just take any risks though. They take calculated risks, which usually end up having larger upside than downsides. Nevertheless, you must take some chances and roll the dice to be successful.
As you can see from the list above, just wanting a million dollars isn’t enough. Self-made millionaires almost live a special lifestyle long before they make all their money. By doing some of the things listed above, you can put yourself on the right path to achieve more!