There are plenty of misconceptions about the wealthy. One of which is that their wealth has been handed to them–that they were born with a silver spoon in their mouth.
But with a staggering 86% of millionaires self-made, according to a 2012 survey by Fidelity Investments, it’s difficult to hold that position.
It’s true that the wealthy are different, but not for the reasons you would expect. Born into less than perfect circumstances, the strategic choices they’ve made have been key to improving their lives and creating wealth. These choices can be learned and incorporated into your life in order to increase your prosperity.
1. THEY WRITE IT DOWN.
Self-made millionaires know that what gets measured gets achieved, so they write down their goals each day. In fact, 81% of millionaires maintain a diligent to-do list, compared with just 9% of poor people (defined as people earning $30,000 or less a year), according to author Thomas Corley’s research on the habits of the wealthy. Keeping a list of goals and achievements is not just about accomplishment, it’s about focus.
” If you do not write down your goals, you will probably end up working for someone who has!” —Peter Sage
2. THEY HAVE A GOAL, AND THEY 10X IT.
Having goals is not enough. Millionaires are known to set massive goals, even if they don’t know how they will achieve them. The theory is, that a person who sets a goal to make $10,000.00 extra income in a year, might make $8,000.00, but a person who sets a goal to make $100,000.00 (10X the original amount) might actually make $80,000.00. It’s a sort of insurance policy, insuring that even when you fall short you exceed your original expectations and achieve huge success. Have the courage to make ridiculously big goals, and chase them down.
“Massive thoughts must be followed by massive actions. There is nothing ordinary about the 10X Rule. It is simply what it says it is: 10 times the thoughts and 10 times the actions of other people… You never do what others do. You must be willing to do what they won’t do — and even take actions that you might deem “unreasonable.””
3. THEY WORK FOR THEMSELVES.
Two-thirds of U.S. millionaires are entrepreneurs, which means you’re probably not going to get rich typing in a cubicle. Go to work for yourself, so you can capitalize on all of your effort and energy. By giving up your hourly wage, which is inherently limited, and becoming an entrepreneur, where there is no limit to your income and your prosperity, your potential becomes infinite.
“Business is the ultimate vehicle to generate wealth.” —Peter Sage
4. THEY HUSTLE HARD.
There’s no substitute for hard work and if you want to make it big you’re going to have to hustle. While most millionaires are good at making it look easy, chances are they didn’t get to where they are by sipping martini’s poolside. They got up early and worked late. Achieving substantial success is about outworking the competition. In fact, one of billionaire Mark Cuban‘s favorite quotes is:
“Work like there is someone working 24 hours a day to take it away from you.” —Mark Cuban
5. THEY CHOOSE THEIR FRIENDS WISELY.
You know the saying “if you hang out with 10 millionaires, you’re going to become the 11th”? Spending time around people who are where you would like to be will undoubtedly help you get there. But you don’t have to take my word for it, a recent study found that 79% of self-made millionaires spend five-plus hours a month networking, compared to just 3% of people making $30,000 or less a year.
Further, wealthy entrepreneurs are always looking for ways to up their game and are genuinely interested in learning from others who might be more successful than them.
“Show me your friends and I’ll show you your future.” —Dan Pena
6. DON’T SPEND–INVEST.
One of the biggest secrets of self made millionaires is that their money works for them. Instead of simply spending money, they use it as a tool for saving or investing. Whether it’s stocks and bonds, real estate, or angel investing, the rich keep their money where it can grow.
“what matters is that you master money and it doesn’t master you. Then you are free to live life on your own terms.”
― Tony Robbins, MONEY Master the Game: 7 Simple Steps to Financial Freedom
7. THEY GET COMFORTABLE LIVING WITH UNCERTAINTY.
The safe road is not the road to riches and wealthy people know that if they want to succeed, it won’t happen in their comfort zone. That’s why most self made millionaires become rich through strategic risk-taking and flexibility. You have to do something that no one else will do, if you want to achieve what no one else will achieve. Break out from everyday life and mundane routines and do something that scares you a little.
“The quality of my life is in direct proportion to the amount of uncertainty I can comfortably live with.” —Peter Sage
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