What’s keeping you from becoming a millionaire? You may be surprised to learn that it’s not your lack of skills or experience. It’s not your intelligence. It’s not even your connections.
What is it then?
It’s your mindset.
Many people are held back by limiting beliefs and negative thoughts about success and money. One of my favorite books on growing wealth is The Science of Getting Rich by Wallace Wattles. He writes, “If you have not consciously made the decision to be rich, excellent, and healthy, then you have unconsciously made the decision to be poor, mediocre, and unhealthy.” In other words, if you want to achieve financial success, you need to change your mindset and develop a millionaire mindset, and that might not mean what you’ve been led to believe it does. In the following paragraphs, we will discuss the key traits of millionaires and how you can start thinking like one.
What are the key traits of millionaires?
Millionaires have a few things in common when it comes to their mindset. They think differently about money, and they take actionable steps to achieve their financial goals. According to a CNBC Make It article, “A new study from the Socio-Economic Panel (SOEP) at the German Institute for Economic Research and the University of Munster found that millionaires, especially self-made ones, tend to be more risk-tolerant, emotionally stable, open, extroverted and conscientious than everyone else.”
If you want to become a millionaire, it’s important to start thinking like one. Elon Musk, said, “The single best piece of advice: Constantly think about how you could be doing things better and questioning yourself.” Where does that happen? Yes, in your mind.
In my company, Ursula, Inc., we’ve worked with thousands of entrepreneurs over the years. Those who have become the most successful have consistently taken the following steps to grow their wealth. Here are some actionable steps you can take right now to develop a millionaire mindset.
- Create a financial plan that gets you there: It’s important to have an idea of how much money you want to make. I love to say to our clients, “Money loves a plan. You have to tell it where to go.” And, it’s more than just how much money you are bringing in. The real question is, where do you want the money to go? What are your plans for it? Are you going to grow your business with it? Purchase real estate, gold, silver, bitcoin or invest in other assets that will grow? In my experience working with thousands of entrepreneurs and growing my own business, when you “tell” money where to go and have a clear plan, more tends to show up.
- Invest in yourself and create a plan: One of the best ways to become a millionaire is by investing in yourself. This includes taking courses, attending seminars, and reading books that will help you grow as an individual and financially. When you invest in yourself, you’re increasing your chances of becoming successful. When I was writing my book, The Belief Zone, I discovered that only 15% of people write their goals down, but you are 99% more likely to achieve them by writing them down. When you are attending seminars or reading books that inspire you, take notes and ultimately write down exactly what you want to create, and watch it begin to unfold. I’ve had clients attend our courses, write down their goals and then show me their list months or years later when all, or almost all, of their goals have become part of their reality.
- Take Inspired Action: Once you have a plan and goals in place, millionaires take actionable steps daily to achieve their goals. They don’t wait around for things to happen; they make things happen. In our coaching programs, our clients share the top 3 things they are going to complete every week to meet their monthly financial goals. This ensures that they keep doing those things that move their business forward, not just busy work. According to Forbes Magazine, Sara Blakely grew a billion-dollar company starting with $5,000, “has zero debt, has never taken outside investment and hasn’t spent a nickel on advertising.” She was willing to take action in spite of her fear, limiting beliefs or other obstacles that came her way.
- Stay focused: It’s easy to get sidetracked when you’re working towards a goal. There will always be distractions and other things that can pull your attention away. That’s why it’s important to stay focused and keep your eye on your mission and goals. One of the best ways to do that is to have a to-do list. Just by having a to-do list, you become 25% more productive! Update it in the morning and check items off your list as you go. You will be amazed to see how much more you get completed when you do this.
- Be persistent: One of the most important traits you can develop is persistence. Millionaires don’t give up when things get tough, they continue pushing forward until they reach their goal. No matter how many times you fail, always remember to pick yourself up and try again. Bob Proctor said, “You’re going to find the people that make it work NEVER quit, quitting is NOT an option.” Remember, quitting is a decision that you can decide not to make.
Well-known thought leader, Jim Rohn, said, “The greatest reward in becoming a millionaire is not the amount of money that you earn. It is the kind of person that you have to become to become a millionaire in the first place.” In our coaching and training programs, we often ask our CEOs who they need to “be” in order to create the multi 6 or 7-figure business that they’ve been dreaming of. If you desire to be a millionaire, you must begin to develop the mindset of one as we’ve discussed here. With focused attention and dedication, you can achieve anything you set your mind to! Thank you for hanging out here and please add your comments below and let us know how this resonated with you.