9 Keys to the Millionaire Mindset
Wouldn’t it be great if we were taught in school the keys to the millionaire mindset?
There were no college classes designed to teach you how to become a millionaire.
There were no professors writing down the proven formula on the blackboard that you would need to memorize to pass the final exam.
Instead, you were taught to seek out a degree to a profession that was in the most demand and had the most job growth when graduating so you can obtain a work position as quickly as possible. Then you were left on your own with your degree underneath one arm, massive amounts of student debt hanging over your head, and nowhere to live.
WE HAVE ALL HAD THAT DREAM UNTIL GOING TO COLLEGE. IT WAS THERE THAT THE DREAM DIED.
I doubt there is anyone in this life that didn’t dream about making millions of dollars in their career.
Sometime in your life, you imagined owning dozens of expensive cars and of sailing in your luxury yacht as the company you built from the ground up comfortably lined your bank account with enough profits so you never have to wear another business suit again.
Harnessing the Millionaire Mindset
The millionaire mindset is not a taught profession.
It is instead seen as the end result or reward after decades of endless, tireless work as an employee.
You might have at one point, thought of millionaires as trust-fund babies who have inherited a successful family business. Yet neither mindset is correct if you are truly serious about becoming a millionaire.
You don’t have to put your nose to the proverbial grindstone and, after years of enduring adversity and hardships, you finally can begin accumulating wealth at a late age in your life. You also don’t have to be born wealthy.
I teach people on how to become a millionaire. The people who attend my seminars, and go through my trainings have one thought on their mind: they want to be financially well off for the rest of their lives.
Yet there are two separate groups with different attitudes: Group A has the employee attitude and Group B has the entrepreneur attitude.
Group A: Employee Attitude
These people want to become millionaires. They can taste it when sipping their expensive mocha lattes while smoothing the wrinkles from their designer clothes. They came to the seminar hoping to find some get-rich-quick scheme where they can learn to work at their current employee positions at some company while gaining another income source.
They are talking with like- minded people about the latest sport shows and favorite restaurants where they like to hang out. When the seminar begins, they are jotting down a few sentences here and there that peaks their interest on how to become a better worker, which will lead them to make a higher salary and save money so they can eventually become a millionaire.
Group B: Entrepreneur Attitude
This group is assessing the people in the room. With a notebook and business cards in hand, they went directly toward the people who were established business owners who are attending the seminar to learn how to create better decisions with their investments, resources and time.
The people in Group B are introducing themselves, making business connections, and intently listening to the knowledge, advice and experiences that the business owners are sharing. They will leverage the business owners’ information and the details gleaned from the seminar to take the necessary steps to grow their own businesses and change their own personalities so it aligns to their goal outlooks in becoming millionaires.
You probably know which group will have better success: Group B.
They are thinking like business owners rather than employees looking for a salary bonus at the end of the year.
The people in Group B are constantly looking for opportunities where they can seek out personal and professional development by entrepreneurs and investors who have already walked the same path. They have developed the right mindset to understand how to become a millionaire.
Which one are you? A or B?
9 Keys in Cracking the Millionaire Mindset Code
Anyone can become a millionaire. This is just a basic fact. Every person can become a millionaire if they go into it with the right mindset.
THE EMPLOYEE ATTITUDE WON’T ALLOW YOU TO GET AS FAR AS YOU DREAMED BECAUSE THERE ARE TOO MANY LIMITATIONS IN YOUR PATH.
There is no way to leverage the employee position because you can’t have someone else do the work for you while reaping in all the profits. There is no self-sustaining business system in place. It just doesn’t work out that way.
Only a person with an entrepreneurial attitude will have the skills and knowledge to develop the millionaire mindset.
Here are 9 ways for you to develop this mindset.
1. Really Understand Your Finances
You can’t reach your end goal without understanding the path you are following.
So if you want to become a millionaire, you have to understand your present finances to make the best decisions. Most people never get over this first hurdle. They are afraid of what they will find, or they see such dismal numbers that they become discouraged and give up before even trying.
Yet if you want to build on your finances, you need to take the magnifying glance to your income, investments, savings, expenses and debts.
You have to see how your money is flowing into and out of your bank account. By gaining the full financial picture, you can start making the best decisions to have more money moving towards you.
2. Fall in Love with Learning
Millionaires are learners.
They are constantly reading for personal pleasure and for better professional development. If there is something that they don’t know, such purchasing financial securities or becoming an angel investor, they gather as much information that they can so they can make an informed decision.
They will watch podcasts from industry experts, register for webinars, purchase books, listen to audiotapes and take online classes.
Millionaires always strive to improve themselves and their learning opportunities, which then transfers over into making the wise money choices.
3. Find Mentors Wherever You Can
When you read interviews with millionaires, they always mention someone they looked up to for support and guidance. They talk about someone they admire based on their business smarts and positive attitude.
Finding a mentor isn’t hard.
There are people out in the world right now doing the things that you want to achieve and they are willing to share information on how they reached success.
FIND MENTORS AND ASK FOR THEIR GUIDANCE.
Listen to the tips they offer and take them to heart by creating an actionable plan that you can implement immediately.
Perhaps that is the most important tip to keep in mind. Don’t just hear the mentor’s advice. Listen to what they say so you can act on it.
4. Surround Yourself with People Sharing the Entrepreneur Attitude
We surround ourselves with people who are like us. That is the basis of rapport. They share our opinions, our views and our ideals. In fact, you can look at the circle of people you keep close and, by watching their personalities, you can often figure out who you are as a person.
Yet being surrounded by our peers can be a two-edged sword. They can be supportive of what you do, yet they can also hold you back from the person you want to become.
They can fuel self-doubt or not believe in your desires on becoming a millionaire because they hold onto the employee attitude.
Millionaires surround themselves with friends who have also attained financial success. Think about who you want to be, personally and professionally, and surround yourself with the right type of people who can offer you the best support.
5. Diversify Your Income Sources
You will rarely find a successful entrepreneur who has all of his or her investments in one income stream.
Instead, millionaires have diverse portfolios where they may operate a business, be a partner in another business, be an angel investor in a start-up company, own several investment real estate properties and have invested in financial securities in the stock market.
Having multiple income sources provides for more stability in their financial outlook. Even if something happens with one income stream, the financial impact may be minimal because of the other income sources.
Of course, this strategy doesn’t mean to throw money all around and see where it sticks to the wall. Millionaires perform their research and aggressively focus their time, work and resources on a single income stream until it becomes stable and self- sufficient. Then they can comfortably pursue the next investment ventures.
6. Go for Meaningful Pursuits Versus Empty Goals
Having goals are great, but figuring out meaningful pursuits are even better.
When you want to become a millionaire, it is easy to say. “I want to make as much money as I can.” Yet that goal doesn’t tell you anything. It doesn’t delve deeper into the why or how of the matter.
WHY DO YOU WANT TO MAKE MONEY, AND HOW WILL YOU GET TO THAT POINT IN YOUR LIFE?
Instead, you want to figure out a meaningful pursuit that will help you reach the main goal.
One meaningful pursuit might be that you want to get involved with real estate properties to diversify your investment portfolio, or that you want to seek out more professional development to become a better corporate leader who can put your business systems in place so operations run themselves with minimal effort.
These pursuits hone and define what you want to do. They can give you actionable steps to making more money so you reach the goal of becoming a millionaire.
7. Financially Prepare for Big Life Events
Becoming a millionaire is not without pitfalls.
Big life events can have a significant impact on your financial stability. Purchasing a home, getting married, having a baby, sending the kids to college or paying for funeral expenses for a family member can all impact your finances in a big way where it might take time to build up your money again.
You can plan out your finances ahead of time for certain life transitions.
Consider the financial implications these big life events will have, and then figure out the best choices to take while creating the right plan of action.
8. Write Down Your Experiences
“Write a journal? You are kidding me, right?”
No. I’m not kidding.
When speaking with successful entrepreneurs and millionaires, many of them have said that they write in journals, blogs or memoirs about their life experiences.
It is an incredible useful tool to find inspiration in successes, and reflect on issues that may be holding you back in pursing your dreams. The introspective writing process oftentimes allows you to be honest about what has truly happened in your life, and can be illuminating about how you have grown as a person.
9. Don’t Let Failure Hold You Back
Telling you that millionaires can’t fail would be a lie. I have had my share, and learned a lot. We are all fallible to a wide range of circumstances that may or may not be in our control.
It’s what you do after you fail that will determine your outcome.
True millionaires recognize the risks and perform the appropriate damage control so that they can get back up from the ground, dust their pants off, and keep charging ahead at full steam.
There will always be obstacles in the path. You need to grow as a person, grow your business, and grow your professional development to knock those obstacles away.
And as always, let us know how Digital Altitude is working for you; and how we can help you further.