Do you want a million dollars? Have you ever had a million dollars of cold, liquid, hard cash? Let’s face it, a million dollars won’t get you as far today as it used to. Fidelity Investments recently did a survey of multi-millionaires and found the following 7 secrets to be true.
1 – Secret No. 1 is that you first have to decide that you want to be a self-made multi-millionaire. To be financially free you must make a decision to be so. This is a decision that only you can make for yourself. No one else can make this decision for you. Don’t worry about figuring out the ‘HOW TO’ make the millions at this point. You simply make a decision first. Decisions come first, then the answers. Not the other way around. Once you make your firm decision to be a multi-millionaire, then the answers will come.
This decision should be a firm, unshakeable one that does not allow turning back when you face obstacles. Not a hope, or wish, or affirmation, but a firm stick-to-it decision.
2 – Secret No. 2 is to rid yourself of poverty thinking. If you come from a not so well off, or poor background, this may be a lot more difficult for you than others. Think about this for a second. There is no shortage of money on this planet. Only a shortage of people who feel they are not entitled to abundance or wealth. Real wealth and abundance is not created from an attitude of lack, or not enough to go around. You do have a choice in your thinking. If you want multi-millions, then let go of the lack mentality.
Poverty thinking comes from a lower income attitude, where fear runs your life. Keep in mind that the FEAR is simply a made-up story based on a past experience. We take this made-up story based on a past experience and project it into the future with the anticipation of it happening again. This poverty mindset has got to be changed. Your mind will drive you toward whatever it is you focus on. So if you focus on lack, you will get more lack.
There is no shortage of opportunity in this country, only a shortage of vision. Your attitude about money can be different from where you are currently regarding your finances.
Your thinking must change first, then the money will find a way to you. It does not happen the other way around. The thinking like a multi-millionaire always comes first.
3 – Secret No. 3 is to treat having money like a duty. Multi-millionaires not only have a desire for wealth but also to contribute to other people’s lives. They have a desire to contribute to the marketplace as a whole. They see the difference they can make to the families, to the community and to charities.
4 – Secret No. 4 is to surround yourself with mega-millionaires. The old saying that your income approximates the ‘average of your 5 closest friends’ holds true. After all, you can’t learn very much from someone who doesn’t have much. If you desire to be wealthy, then learn from the already wealthy and follow their example. What do they read? How do they think? How do they invest? What drives them? How do they stay motivated and excited?
5 – Secret No. 5 is to work like a mega-millionaire. Rich people treat time differently than poor people. Rich people buy time. Poor people sell time, or even worse, they give it away. To the wealthy, time is more valuable than money. You can always make more money, but you can’t make more time.
Would a mega-millionaire hire a $20 per hour housekeeper, or do the work themselves? They value their time much more than $20 per hour. They would hire someone to do that work while they are making millions with their time.
6 – Secret No. 6 is to shift your focus from spending to investing. The rich understand that tax laws favor investing over spending. When you invest, you are loading your guns for future profits with substantial tax advantages. For example, your home business write-off, your vehicle used in your business, your rental property that produces income, to name a few. When you spend, that money is gone forever.
7 – Secret No. 7 is to create multiple streams of income. The rich never depend on one flow of income. Why? What would happen if that flow of income dried up? You wouldn’t be able to maintain. Creating multiple revenue streams can be tricky however. You must be careful not to lose focus by creating several streams all at once. Give undivided attention to one stream of income and once that is successful, then look for another.