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10 Signs You’re On the Right Track to Being a Millionaire

10 Signs You’re On the Right Track to Being a Millionaire

Getting rich and becoming a millionaire may seem like a fantasy, but it’s not so far-fetched. There are a lot of key habits that millionaires have that attribute to their success. We did a little research on how millionaires live their everyday lives and compiled a list for you.

Here are 10 signs you’re going to be a millionaire, even if you don’t feel like you are.

1. You always shoot for the moon.

You know how the saying goes, “Shoot for the moon. Even if you miss, you’ll land amongst the stars.” If you’re the type of person to strive for an A when you only need a B to pass the class, you have the mindset of a millionaire. On a mission to become rich, shoot for $10 million, not $1 million. Continue to think big.

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2. You maintain an open mind.

You are not afraid of new ideas and know that closed minds do not inspire faith, courage, belief and active imagination. Successful millionaires change their psychological approach to money, success, and happiness.

3. You use your time to harness effective results.

You understand that time is more valuable than money itself. You are more likely to hire people for things that you are not good at so you can use your time on things that you excel in. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.

4. You enjoy setting and reaching goals.

If you’re a chronic goal-setter, you think like a millionaire. Peter Voogd, founder of the Game Changers Academy, who made his first million before turning 26 once said, “You don’t make a million by accident. If it’s not a goal you sure as hell won’t hit it.”

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5. You remain optimistic in the face of adversity.

There are plenty of millionaires who have lived the “from rags to riches” narrative, including author J.K. Rowling. She was a single mother on state benefits and attributes her achievements to her ability to focus all her attention on the things that mattered to her the most. Rich people believe: “I create my life.” Poor people believe: “Life happens to me.” 

6. You are aware of what’s going on in the world.

If you are the type of person to start your morning off catching up on current events rather than the happenings on social media, you possess a habit of a millionaire. Entrepreneurs like Bill Gates and Warren Buff start their day off with news publications such as The Wall Street Journal and The New York Times.

7. Being poor makes no sense.

You eliminate any and all excuses that being poor is justifiable. Bill Gates once said, “If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”

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8. You work with or a seek a successful mentor.

You understand that it is important not to limit yourself to ideas of unsuccessful people. You study what millionaires do and consider a mentor to be a vital resource to your success. Sixty-eight percent of the 400 Americans on the Forbes 2013 Billionaires List are considered “self-made” billionaires, meaning they did not inherit their fortune. Chances are, a lot of them had mentors to help them think outside of any possible limited thought processes.

9. Avoid debt that doesn’t pay you.

Make it a rule that you never use debt that won’t make you money. If you borrow money for a car, it should be guaranteed to increase your income. While the rich use debt to leverage investments in order to grow cash flows, the poor use debt to buy things that make rich people richer.

10. You save to invest.

You understand that the only reason to save money is to invest it. Put your saved money into secured and untouchable accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to increase your income. You believe in investing your surpluses into ventures that you cannot access.

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Featured photo credit: Nathan Congleton via flickr.com

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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