It’s no secret that millionaires have different habits, qualities, and ways of thinking than the average person. Those habits are most prevalent when it comes to the ways that they manage their money.
Becoming a millionaire is no longer an unrealistic dream. Becoming a self-made millionaire has never been an easy feat, but it is certainly possible if you are willing to make the sacrifices and changes necessary to reach this financial goal.
Here are the 10 ways you can model the success of millionaire entrepreneurs,
1. Hard work trumps talent
“Talent is cheaper than table salt. What separates the talented individual from the successful one is a lot of hard work.” — Stephen King.
There is no way around it. You cannot be a self-made millionaire if you are not willing to work hard. Even luck needs hard work thrown in, at the very least so that you can keep your wealth.
2. Diversify income streams
Although millionaires tend to work in accordance with their passions, they also know better than to have all their eggs in one basket. Millionaires tend to have multiple sources of income to keep themselves diversified. Although they may focus on one area such as real estate, they will have several strategies to create income for them through that avenue, such as residential property investments, private equity investments, consulting and property management.
3. Don’t spend your money – invest it
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.
4. Never stop learning
Millionaires never stop learning. According to “Rich Habits: The Daily Success Habits of Wealthy Individuals” by Tom Corley, 85 percent of millionaires read two or more books every month. And not just any type of books but books that promote growth, such as psychology, business, science, leadership and inspirational biographies.
Mark Zuckerberg initiated an online reading book club in 2015 called “A Year of Books” where followers read 2 books a month and discuss them on the Facebook page.
5. Find a mentor
There are many types of mentors but, in a nutshell, a mentor is someone with more experience and knowledge who can guide you to achieve your goals and results. When you are starting out, it’s often the case that mistakes can cost you dearly. This is where a mentor becomes highly valuable. Not only can great mentors provide you with foresight, but they often provide encouragement and feedback.
6. Think big
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.
7. Create clear goals
Millionaires tend to have very clear goals and priorities which helps them stay focused. They know what needs to be achieved and when it needs to be done. They are more willing than others to go the extra mile and do what is necessary to achieve their goals. They not only work hard, but they also work smart and spend considerable time thinking about whether their actions are helping them to get closer to or further away from their goals.
8. Learn to accept failure and persevere
Millionaires tend to have great faith in their dreams which helps them to stay positive and not give up, even when others don’t believe in what they do.
Millionaires realize that failure is a part of growth; it is a great teacher and provides valuable feedback. They don’t fear failure the way some less financially successful people do and they are not afraid to ask questions and to ask for help when needed.
9. Control over your time
You can’t be a millionaire if you have no control over your time. When it comes to the amount of time available, humans are born completely equal in this respect. Whether you are a millionaire or not, you will only have 24 hours in a day. What you do with your time will determine your level of success.
10. 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.