Tag: how to be rich

7 Important Lessons About Money The Millionaire Next Door Taught Me

Without having the conversation I had with the millionaire next door, I may still not have had the right perspective about money to this day. In this post, I shared with you 7 important lessons about money the millionaire next door taught me.

Have you ever thought of how a millionaire came to achieve the financial wealth that they have? I have always wondered that and this was a curiosity of mine from a young age. Luckily enough, I had a neighbor almost 7 years ago who was a millionaire. Best of all, he was happy to answer every question I had about financial success.

It is no secret that millionaires have different habits, qualities and ways of thinking than the average person. The habits that millionaires practice are most prevalent when it comes to managing their money. Their thinking is extremely unique, which in turn helps them earn more money and make wise financial decisions.

When it comes to building wealth, there is no complicated formula: save more and spend less. But aside from that conventional way of thinking, there are more tips and lessons that you can learn from successful millionaires. I will be sharing with you 7 important lessons about money the millionaire next door taught me:

1. Anyone Can Make Money As Much As They Want

Whether you were born poor or extremely rich, that has nothing to do with what your earnings may be later on in life. Anyone can make money. It does not require you to have a fancy degree to earn a lot of money, especially if you’re living in a free market economy. Self-made millionaires have taken advantage of this opportunity for centuries. Never set a limit or a cap on how much money you want to make, the sky should be the limit.

2. Background, IQ, And Degree Are Irrelevant

Another lesson from millionaires; your background, the highest level of education and IQ is irrelevant when earning money. Money comes from hard work, perseverance and capitalizing on the right opportunities. Neither Bill Gates nor Mark Zuckerberg finished their collegiate degrees, but today they are one of the wealthiest people on the planet. Where you come from, how intelligent you are and what college you graduate from don’t determine you future. They can play a role in your future, but if you hustle hard enough, you can get rich without any of that stuff.

3. Solution To A Problem Means Money

People who made money are those who give solutions to problems. This was the most important thing I learned from my neighbor. He kept repeating and grinding this idea into the back of my mind. The more problems you solve, the more money you make. The more important the problem is to people, the wealthier you will get. To get truly rich in the world today, you have to isolate problems and come up with creative problems with through products or services.

4. Don’t Believe That Life Is A Struggle

Life is never a struggle. There will always be naysayers that will tell you that life is a struggle. They will tell you that you should just settle and be grateful for what you have. Being grateful is a must, but don’t let gratefulness limit how successful you can be. A millionaire is restless, they are never fully satisfied with where they are at and they’re always seeking to be greater. You will experience difficulties along the way to become successful, but don’t treat life as a struggle. Instead, deal with it as a challenge that you can overcome to be successful.

5. Expect To Make More Money

You might have heard this a million times – think big! Nevertheless, people still forget about how important it is to think big. Don’t worry, I was the same way. When I first got started, I would go around telling everyone I just wanted to make $1 million dollars and that would be amazing. However, why should I settle for $1 million when there are others who are making $10 million or $100 million? Never stop and never settle. Think bigger and surround yourself with people who are achieving amazing things so that you never feel limited in what you can achieve.

6. Don’t Wait For The Money To Come To You

If you want to earn a lot of money and become a millionaire, then you should do something to make it happen. No one will hand you money and the only way to get rich by sitting and being patient is to win the lottery. You have a better chance of getting struck by lightning than you do winning the lottery. If you really want to be wealthy, you need to work your ass off to achieve it. No millionaire became a millionaire just by getting handed a ton of money. You need to get off your ass and do something to get rich!

7. Getting Rich Is Within Your Control

Many people become discouraged to earn a lot of money because they believe that they don’t control how much money they can make. I’ve seen this to be the case with many college graduates who think that their degree has already determined the maximum amount of money they can earn. If you’re degree is limiting you, follow an industry or a path that your degree isn’t involved with. A lot of people think that getting reach is out of their control and only the fortunate ones achieve this. The truth is, you control how much money you can make. If you really want to be rich, you have to make sacrifices, seek opportunities and put in more hours than others are willing.

Conclusion

Without having the conversation I had with the millionaire next door, I may still not have had the right perspective about money to this day. In this post, I shared with you 7 important lessons about money the millionaire next door taught me.

15 Things Wealthy People Do Differently Than Others

From masterminding with individuals worth hundreds of millions of dollars, I learned a lot about money. Here are 15 things wealthy people do differently than others.

 

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” – Ayn Rand

 

 

When I started my first business at 17, I knew nothing about money. I made some money and ended up spending it poorly. I bought fancy clothes, a car and wasted it on items that seemed to me give me zero return.

 

 

At a networking event, I was lucky enough to meet a group of wealthy individuals. They thought I was a great businessman, but they knew I was horrible with money. They wanted to show me the ropes and invited me to join their mastermind sessions for a month.

 

 

I reluctantly accepted this offer without knowing what was to come. The knowledge I learned from them during my mastermind sessions were very valuable. 

 

 

In this article, I’m going to share 15 things wealthy people do differently than others:

 

 

1. Rich People Create Their Own Destiny

 

The first rule they taught me was that we all had the power to create our own destiny. We have the same amount of hours as Michael Jordan or Jay-Z in a day. They don’t wish on stars or wait for things to fall in their lap, they make things happen.

 

 

2. Rich People Stay Away From Satisfaction

 

If your goal is to just ‘live comfortably’, you will never be wealthy. Rich people don’t let off the gas easily. Instead of being satisfied with the first chunks of money that come in, they use that initial push to relentlessly motivate themselves to make more.

 

 

3. Rich People Take Risks

 

Ever heard of the phrase, go big or go home? Wealthy people live and die by this. They understand that in order to be financially secure, you have to think big. With thinking big, it’s natural to take huge risks.

 

 

4. Rich People Get Motivation From Other Successful Individuals

 

If you see a fancy sports car on the street, do you ask yourself how lucky that person is? Wealthy people know that luck and jealousy don’t exist. They only believe in motivation. When they see other successful people around them, they use that for inspiration and motivation to better themselves.

 

 

5. Rich People Spend Time With Other Wealthy Individuals

 

Write down the names of the 5 people closest to you. Write down their incomes, add those incomes up and divide that number by 5. It turns out that people have the average income of their 5 closest friends. Wealthy people know this secret to success and make sure they spend their quality time with other wealthy individuals.

 

 

6. Rich People Build Personal Brands

 

A business can be taken from your hands at any point of time. You can sell a company, go bankrupt or simply not be useful in the marketplace. However, a personal brand is something that will carry on with you for the rest of your life. Wealthy people build businesses and their personal brands simultaneously.

 

 

7. Rich People Take Criticism 

 

Wealthy people don’t shy away from criticism. They aren’t fearful of what others have to say. They are on a mission to constantly better themselves and if taking criticism will help, they are game!

 

 

8. Rich People Never Say Never 

 

Take something to a wealthy person and ask them if they want to buy it. Instead of saying “I can’t afford it”, they say “I will afford it”. They have a mentality to life that is different than the average person. They don’t get disappointed by the things they can’t have, instead they get motivated.

 

 

9. Rich People Understand How To Make Their Money Work For Them

 

The biggest principle I learned from my wealthy mastermind group was the idea of making my money work for me. Instead of trading hours for dollars, I learned to trade dollars for more dollars. You have to find investments that are passive in nature, but provide a return so that you can continue to grow your wealth.

 

 

10. Rich People Teach Themselves

 

Graduating from college doesn’t mean that you can stop learning for the rest of your life. Wealthy people constantly educate themselves and try to stay ahead of their market in order to be successful in the future.

 

 

11. Rich People Take Massive Action

 

Wealthy people understand that in order to be successful, you only have to be right once. Instead of letting fear rule their lives, rich people take massive action. They know that they won’t successful unless they try so they put their ideas into action.

 

 

12. Rich People Hold Themselves Accountable

 

We all have problems in our lives. However, most wealthy people are so happy and successful because they take accountability for things in their lives. Most of us are focused on playing the blame game, but wealthy people understand when they are wrong and try to make themselves better for the future.

 

 

13. Wealthy People Don’t Let Their Circumstances Define Them

 

Whether you’re born poor or don’t have enough money to attend college, you cannot allow your circumstances to define you. Wealthy individuals understand that their circumstances can be challenges, but they can change their situation with plenty of hard work.

 

 

14. Wealthy People Outwork Others

 

In order to be successful, you have to work hard. Whether it’s putting in long hours or balancing multiple jobs, wealthy people are willing to do whatever it takes in order to be successful.

 

 

15. Rich People Follow Their Passion

 

It’s very hard to be wealthy and successful doing something you don’t love. Your heart isn’t there and you find it a chore working extra hours. Wealthy people follow their passions because it makes them happy and they have no problem spending hours at their job.

 

 

Conclusion

 

I am extremely thankful that I got to spend a month of my time with a group of wealthy individuals who were all worth hundreds of millions of dollars. These are 15 things wealthy people do different than others.

 

 

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