How to Develop a Millionaire Mentality? Top 10 Secrets
It’s no big secret that we live in a material world. Most of us want to make the most of life and live at a level where we stop struggling to make ends meet. So many people look on in envy as only a small percentage of the population makes it into the realm of the wealthy. They drive what they want, live where they choose and have money for all the modern luxury conveniences in life.
But the biggest gap between a rich life and a moderate, mediocre, or even poor life is not always about money. Often, it has more to do with our mindsets. Many of the richest people in the world today, started with nothing. I mean, Elon Musk got off to a rough start in life but he is now the richest man in history. What separated this man from his peers? What gave him the ability to succeed? It was his millionaire mindset! In fact, in his case, it was his billionaire mindset.
The Secrets of the Millionaire Mentality
There are so many articles out there about the millionaire shortcut. These get-rich-quick schemes and ideas need to be put to bed once and for all. Yes, there are stories about the odd lucky cryptocurrency investor who may have hit it big with the Bitcoin boom of 2017. Or the fortunate son that inherited tons of cash when a loved one passed away. Or even a lucky lotto winner who struck the jackpot. But these are exceptions!
When you speak to most wealthy people, they’ll stress to you that a lot of wealth comes primarily from a bunch of work. Much of that work includes grooming your millionaire mentality. So, if you want to get in on some of the secrets of the millionaire mind, join us as we explore 10 habits that separate the rich life from the poor.
1. Be Goal and Strategy Orientated
Setting goals is probably the most important starting platform when grooming your millionaire mindset. Without something to aim at, you will lose direction and flounder. They serve as a guide to keeping you on course when times get tough, so don’t say you will just wing it. Set both short-term and long-term goals and then build a strategy to help you get there.
For instance, your long-term strategy could be to put the first million in your bank account in ten years’ time. That’s all fair and well, but what are you going to start doing tomorrow to get you to that goal?
You need to set a smaller more achievable goal for the short term. For instance, you may want to put an extra $10,000 away by the end of the year. While ten grand is way off a million, learning to achieve that smaller goal will teach you vital principles that aid you in achieving the next milestone in your journey.
The goal-making and strategy planning forces you to think differently, slowly changing your expectations and molding your millionaire mindset. Once you reach your smaller goal, you’ll have hope for the next one, which in turn will prepare you for an even bigger one. What does this do to your brain? It teaches you that it’s always possible to grow just a little bit more. That’s why, as the old adage goes, “the rich get richer.”
2. Step Up and Be Confident
Timidity never got anybody anywhere. If you want success, you must charge at it and take it. You must believe that it is an achievable aspiration for you. If not, forget about it! This is one of the biggest challenges when shaping your millionaire mindset, but it’s the key to locking a poor mentality away.
Sike yourself up, build your self-confidence and be bold in your plans. Hold onto the hope that others have gone before you, so it’s possible for you to do the same. Your language should change from, “I can do that” to “I will do that,” from “I might make money” to “I will make money!” I am not saying that you must become overbearing in your approach, just assertive and confident. It’s the way winners speak.
You can build your self-confidence by challenging yourself to do the things that intimidate or frighten you the most. Once you realise you can overcome those obstacles, bigger obstacles will be easier to hurdle in the future.
3. Throw Away the Clock
Clock watching and timestamping have no place in the millionaire mindset. Go speak to the owner and founder of a big company and ask them how many hours they put into their business when it was growing. You’ll realize that you may need to put a little more effort into chasing the rich life. There really are no millionaire shortcuts.
Having said this, rest is also good for the mind. As such, always reward a heavy work week with a relaxing weekend. There are so many ideas and thoughts on time management and productivity in the marketplace, but one thing is sure – the degree of effort you put in will ultimately determine the level of success you get out.
4. Never Stop Learning
If there is one thing we can glean from the richest man in the world, it’s that we are never too old to learn new things. That’s why Elon Musk has an insatiable hunger for reading educational books. A 2018 article in Forbes magazine listed reading as Elon’s foremost secret to success.
Never get to the point that you know it all. If one of the most successful people in the world thinks they can learn more to improve themselves, so should you. Knowledge is another tool to unlock the mindset of the millionaire inside you.
This applies to your mistakes too. Always learn from them. That way, you become a stronger and more well-rounded individual. As such, don’t be too hard on yourself for making them, so long as they teach you something and make you more successful in the long run.
5. Aim for the Sky (No Limits)
It’s always better to push for the limits and fail than to sit around and do nothing and fail by default. At least you learn something when you try. In fact, if you learn something, can it really be called a failure?
However, have you ever thought about what would happen if you succeeded when aiming high? Is it not worth the risk in the end?
A practical approach would be to plan for success and prepare to fail. The simple truth is, that failure may come along, but it’s what we do with it that makes all the difference.
6. Fortitude – Keep Going
This goes hand in hand with the previous point. The millionaire mindset does not give up when things get rough. While it may sound like a cliché, there is an old saying that states, “when the going gets tough, the tough get going.” There is a lot of truth in that statement. There are so many respected people today that have encountered upsets along the way to success:
- Thomas Edison was told by his schoolteachers he would amount to nothing.
- Walt Disney was told that he lacked imagination.
- Einstein didn’t speak till he was four.
- JK Rowling was broke, depressed, and divorced when she wrote Harry Potter.
- Jerry Seinfeld got stage fright the first time he ever appeared on a stage, and he was booed off.
- Oprah was fired from her first TV job.
- Elon Musk was fired from PayPal.
- And the list goes on.
So, what’s the key to their success? Stickability! They didn’t creep away into a hole when adversity came along, they saw it as a challenge. The millionaire mindset sees obstacles as challenges and not deterrents. Each challenge should make you more determined to succeed than the last.
7. Hang Around Successful People
Humans are social beings. As such, we generally become like the people we hang out with. We see the effects of peer pressure on adolescents. The sheer drive to be like our friends can be either a downfall or an advantage. It all depends on who you associate yourself with.
If you are seeking the secret of the millionaire mind, it may serve you well to associate with those who already have the millionaire mindset. According to Rich Habits research, self-made rich people made an intentional and conscious effort to only forge relationships with individuals they aspired to be like, i.e. other rich and successful people.
This makes so much sense. Who better to help you navigate the journey ahead than those who have already walked it?
8. Patience without Passivity
Success is rarely an overnight occurrence. It will most often take you years and even decades to attain. As such, patience will be needed on your part. Pace yourself like a long-distance runner.
But remember that patience does not mean passivity. Just like a long-distance runner realizes that the race will take a while to run, they keep their legs moving and control their breathing. Likewise, you may not be rich now, but you should constantly be working towards it until the goal is achieved.
Impatient people are prone to make many mistakes and errors along the way because they are not prepared to wait for the right opportunity to dive in.
9. Savings and Investments
Learning to control your spending is probably one of the most important steps to cultivating the mindset of a millionaire. There is no chance that you will become rich if you keep spending the money you make.
You will need to learn to start saving money early and invest it in various places where it can earn you interest. This way, you are passively increasing your wealth without working hard at it.
There are various avenues for investment, including unit trusts, retirement annuities, cryptocurrencies, stocks, bonds, property, and more. It would be best to hire a top financial consultant to help you set up your portfolio. Be sure to do your homework well and choose a broker that exhibits the millionaire mindset.
10. Prioritize Your Life
Be sure to keep your head in the game by prioritizing your life in order of importance. It’s best to narrow your interests down to only a handful of priorities that you expend all your energy on. Too much clutter provides far too much opportunity for distractions to creep in.
Like you would do for any successful business, create a mandate for your life and stick to it. This way, you will find it easier to concentrate on your goals without added pressures taking up your time and your efforts. Do not be afraid to say no to things that do not fit with your mandate.
You’ll find that people with the millionaire mindset are focussed individuals who know exactly what they want. Stay true to your wants and make them the driving force for your life.
Business Insider conducted a study that showed that rich people most commonly defined their three most important priorities as family, health, and financial security. So, stick with these values and you are in good company.
Our Round-Up of the Millionaire Mentality
We did some in-depth research into providing the secrets of the Millionaire Mind in this article. It, however, is not an exhaustive list at all. You’ll find that as you walk the journey, you’ll be able to add many points above, but this is a good place to begin. Start getting your life in order and start molding your millionaire mindset without delay – there is no reason to wait.