Millionaires aren’t your average guys. Lucky as they might appear, their achievements can be credited to their well-balanced temperaments, sheer hard work and uncommon insight. They may make more money than the average person, but they all possess distinctly identical attitudes and characteristics that have helped them attract unlimited opportunities for wealth creation to themselves.
So if you’re that keen on becoming the next millionaire, I’d advise you pick up these attitudes all millionaires have in common and you’ll be well on your way to achieving that objective. You’ll find five of these mindsets of theirs below.
(1) Pursue A Legacy Not Money
“If your only goal is to make money, you’ll never make it”
– John D. Rockfeller
“You can only become truly accomplished at something you love. Don’t make money your goal, instead, pursue the things you love doing and then do them so well that people can’t take their eyes off you”
– Maya Angelou
“I’d like to be a millionaire someday” is a wish nearly every one of us has uttered and gone about pursuing with relentless gusto. Surprisingly, only a handful of us have managed to pull off this millionaire dream. Often, we tend to chalk it down to luck, but in reality, it all comes down to our approach, really.
You don’t achieve financial prosperity merely by wishing it or making that your only goal. You have to make helping others achieve their goals your focus. And this is where many have lost it. Quite often, many aspiring millionaires selfishly fantasize about the trappings of affluence; the exclusive private jets, fleet of flashy cars, the high rise mansions and the procession of body guards to boot, without really being interested in whether society benefits from their success.
And it’s this very flaw of omission that keeps them from their Holy Grail. But real millionaires know better. While they might want to get rich, they see that as the deserved end product of making their own contribution to the world. For them, wealth is not about having more money, but about creating a legacy generations will remember them by. And the fortunes they make is just the side-effect.
(2) Knowledge Isn’t Just Power, It’s The Difference
An average person spends more on leisure and entertainment, but, as you might guess, the wealthy don’t share this mindset. In this highly stratified world where one’s social class and ultimate fate is assessed solely on whether one belongs with the haves and haves nots, knowledge seems to account for the ever widening chasm in fortunes between these groups.
It’s no coincidence then, that the richest people in the world are consumed by an unquenchable thirst for knowledge. They spend big on acquiring knowledge far more than they do entertainment. And in spite of their somewhat busy schedules, they still make out time to read up books on a variety of subjects that interest them. Bill Gates is reported to read 50 books per year.
Once when asked about the key to success, Warren Buffet pointed to a stack of nearby books and said, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I can guarantee not many of you will do it”. Dreaming of being a millionaire? Then take a cue from these wealthy men and voraciously read up on educational books you can find.
(3) See Opportunities Everywhere
In an era of stock market crashes, unprecedented corporate downsizing, and unfavourable economic predictions, many have embraced negativity and allowed a sense of negativity to envelop their lives. But the wealthy have trained their minds to be positive amid all the negativity that’s going on around them.
They aren’t stricken with panic, nor are they overtaken by a sense of lack. They see opportunities everywhere and expect good things to happen because theirs is a mindset of abundance. And it’s this mindset that is the reason they have attracted wealth into their lives while everyone around them seems to be living from paycheck to check.
Of course, this doesn’t mean they’ll never be broke some times, but you can be sure they won’t let this fact have a bearing on their future. They believe being rich is a good thing, desire it for themselves and are comfortable spending their money when they have it. And worrying about running out of money is just not something you might find with them. So if you want to be rich, this is a mindset you should cultivate.
(4) It’s About Taking The Calculated Risk
The Longman Dictionary defines the law of averages as “the probability that one result will happen as often as another if you try something often enough.” In simple terms, this law posits that you’ll increase your odds of success in any pursuit if you just try enough times.
When it comes to wealth creation, this same law holds good. Putting all of one’s eggs in one basket may sound like a superb piece of life advice against unnecessary risk-taking, but as a financial principle, it probably won’t lead anyone to affluence.
But taking the calculated risk is a way of thinking nearly all millionaires share. They see the same potential in their money as a farmer might in their seedling – growth. Both often aim to grow “a forest of trees from a just a single tree.” But unlike the farmer, the millionaire doesn’t plant their seeds in just one soil, they put their money into multiple investment vehicles only to reap its “multiplier effect” down the line. The net result is the doubling of their net worth.
(5) It Pays To Trust Your Guts.
“To succeed means that you may have to step out of line and march to the sound of your own drummer.”
– Keith Degreen.
An average person lives by seeking the validation of others and will most likely see nothing wrong with blending in with the crowd. For them, not trying too hard to be oneself is a safe bet to gain social acceptance. They are more likely to take the beaten path to success even if this means ignoring their gut feelings.
They are firm believers in following that worn-out conventional wisdom of gaining wealth through formal education. But these mainstream sentiments are hardly things you’ll ever find with the truly rich and successful.
In comparison, the wealthy often appear to be the “misfits” in almost every society, with perspectives and lifestyles that are so radically different from those of the larger community in which they live. These non-conformists aren’t big on following the beaten path either. They are trailblazers who would rather develop their own blueprints for success and stick to it than follow in someone else’s footsteps however successful.
And it’s this very bold and independent thinking that’s helped them build their financial empires. If you ask billionaires like Richard Brandson and the other roughly 35% who make up the list of the world’s billionaires why they had taken such an unlikely gamble to quit college and launch their first start-ups. They would probably tell you they were following their gut feelings. And did it work? You answer that!
(6) It’s About Not Giving Up
“If plan A fails, remember there are 25 more letters.”
– Chris Guillebeau
There are more millionaires in the world now than you can count. A lot them went from rag-to-riches – some didn’t even have a dime to their name when they first started out. Even so, their achievements are hardly what you’d call “overnight.” It’s a well-known fact that being financially independent involves a very long, arduous, and time-consuming process.
Getting rich therefore requires some combination of spirit and a never-say-die attitude. Millionaires today have had to be relentless in their pursuit of wealth in the face of daunting challenges and countless setbacks. They do all owe their successes to a certain virtue – perseverance. “I’m convinced that half of what separates successful entrepreneurs from non-successful ones is perseverance” was how Steve Jobs put it. This spirit of perseverance is hardwired into the psyche of nearly every successful millionaire. Begin cultivating yours.
(7) Execute Ruthlessly.
We all know that the world doesn’t owe us anything. That we don’t deserve a better life than we create. We are also aware that a sense of entitlement doesn’t help us attain wealth either. So, what then does? The sudden flash of something rather impalpable. A glorious spark of something imaginary. And we call it a million dollar idea.
We say “Mighty oaks from little acorns grow,” and in the same way, nearly every conceivable accomplishment in world history has sprung from small beginnings. They have also been the result of people imagining a future different from their present, and taking small strides towards achieving it. Fortunately, all humans are gifted with this unique power of imagination. But sad to say, many dream and yearn and yet still fall short of their realization. Their dreams go unrealized for no other reason than for want of execution.
We can “talk the talk”, but when it comes to “walking the walk”, we chicken out. This is how many have passed up the chance to get in on their prosperous dream lives. But wherever you find them, the prosperous people of this world are equipped with an action-oriented attitude that drives them to execute their ideas, however ridiculous they may seem. All millionaires know that the sudden flash of an idea maybe worth a million bucks but that without execution they might as well be worthless.
To be a millionaire, you need to learn to take decisive action on your most important ideas as soon as they come to you. Don’t wait, or someone will beat you to it.