The Millionaire Mindset
Let’s face it – no one goes into business to lose money and the dream of becoming financially wealthy is one so many of us share. For most people though, the dream remains just that – a dream. Why is that, you ask? Simply put, it boils down to the mind and where the focus lies. A lot of people, whilst they are happy in their current situations, are comfortable. Comfort, however is the eternal burial ground for growth and progress. So how does one make the cross over from unhappy comfort to millionaire? It’s all in the mind….
- Focus on it then grab it!
The truth is, a large number of people are afraid to say what they want and then pursue it. When you want to accomplish something, thinking, ’I could never do that will keep you stuck. Think, ‘I COULD do that and I WILL do that!’ Millionaires play to win, not to avoid defeat. Does that give you licence to become selfish and obnoxious. Not at all. IT simply means becoming more self-assured and honest with yourself. The idea of walking all over people to get to the top is antiquated and unnecessary. If you get the right mindset, there really is a big pot of gold that you have a right to grab hold of. You deserve it!
- Spending v Investing
Millionaires tend to and need to be frugal people. After all, they understand the true value of the money they are investing. Being self-employed tends to go hand in hand with becoming a millionaire and at some point you may need to look at reducing your regular work hours or even quitting your regular job to make your money work for you. So instead of splurging on that new phone or wardrobe, you could use that money to invest in the stock market. By finding the right shares, that money could easily double itself in a year. And the stock market isn’t the only place to invest – there’s always property and of course, your own education.
- Goooooooooooooaaaaaaaaaal!
Getting rich quickly sounds attractive but a more sustainable way of getting rich is by becoming goal orientated. The truth is, only lottery winners become millionaires overnight. BY setting yourself feasible goals, you will get there eventually. An example of this would be that you’re making enough to pay the bills and avail of a few luxuries. Your first goal may be to have €10,000 saved in a year which is not easy but doable. You then need to work out the steps you need to take to achieve that goal. Those steps should primarily favour growth over cutbacks. You may have skills outside your workplace that you can monetise to boost your bank balance. Liquidating unnecessary items can be another way of earning capital to reach your goal. If these don’t raise enough capital to help you reach your goal, then it’s time for those spending cutbacks. Think making your lunch instead of buying it and cutting down on the luxury spends.
- Keep your head in the books
Invest in yourself – it is the best thing you can do. Leaving the educational system does not mean that your learning days have ceased. 100 books – that is how many books Warren Buffet estimates he read on investing before he turned 20 in comparison to zero…which is the number most people read after they leave school. The question is, who would you rather be? Learn as much as you can. Learn everything you can about how economics work, the stock markets and how they trend. If it’s a new skill, learn as much as you can about it. More often than not, you would be surprised at how often skills that seem useless can become extremely useful in the right situation.
- Bigger is better
Small goals are always a great starting point and are advisable but there is no doubt that you should have a big goal in mind. If it’s a business, start it and make it a success. Alternatively, your big goal may be to invest your way to millions and do little outside of research. And remember, not achieving your big goal is not a shameful thing. If you have a business and your goal for the year was to make 1 million Euro profit and you ‘only’ made a profit of €500,000, then you are till streets ahead of most people. Reach for the stars (excuse the song quote!) and if you happen to miss them, you’ll still be over the moon.
- Make friends with the attention
Self-promotion is a large part of becoming a success. And by self, we don’t necessarily mean you personally – it could be drawing attention to your brand. Wherever it is directed, it is true that attention attracts money. So never shy away from getting your name out there. Find your spotlight and be gutsy enough to step into it. Remember: you ultimately control your destiny. Fight hard enough for anything and you’ll get it.
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