The Millionaire Mindset
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Wouldn’t it be great to be a self-made millionaire? I’m not saying this from a greedy standpoint, and I also realize that there can often be a whole new word of issues that come with being a millionaire, but wouldn’t it be great to achieve such a milestone? Unless you manage to get very lucky in some way, you will be forced to achieve this status through hard work, patience, and some serious ingenuity. Did you know that embracing this millionaire mindset is a great step in getting you on your way?
Before I get to the millionaire mindset, I want to also say that it is a commitment to get there. You can’t embrace these principles certain days but not the others, and you also can’t expect that achieving this amazing milestone will come easily or quickly, again unless you get lucky in some way.
The majority of those who are self-made millionaires have made their way there through their own blood, sweat, and tears, often quite literally, but it really does all start with having the right mindset.
Ready to get started? Those who have the millionaire mindset stay focused on these things:
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The advantage to staying busy is that you are less distractible. There is little time for you to see things that get you off track, and you are therefore more focused on achieving your goal. In this case, your goal is becoming a millionaire.
Knowing how to discern the difference between a want or a need
It is so easy to assume things are a need when really they are a want. I have found taking a spending freeze is a great way to jumpstart this process. There is nothing wrong with buying things that are specifically a want, but doing so when you think they are a need is not a wise choice. To do this, you will need to be able to discern the difference in your own mind and in your own life.
Recognizing temptations that can bring about unintended financial results
Think of impulse buying on those few things you really love. For me this is when Vera Bradley is having a sale. This could also be when I find a really cute purse, scarf, or tote of any kind. Because I know this, I don’t seek out the sales on any of these things. If I hear of them, I ignore them from that very moment because if I even look I know that I will be in trouble. You need to recognize your own temptations so you can steer clear.
Not paying attention to trends
The millionaire mindset doesn’t pay attention to the latest trends for the same reason as the before mentioned point. Knowing what the latest trends are easily tempts most people. Don’t pay attention to the latest trends because really, you don’t want to care about the latest trends.
Being wisdom seekers
Those with the millionaire mindset know that there is much wisdom to learn from others. Rather than being envious of others who have succeeded, those with the millionaire mindset want to say, “Show me how you did that.” Most times, people are more than happy to share what they’ve learned. Those who achieve greatness generally want to share their journey with others and encourage them to do the same.
Doing things that build their sense of self esteem
Why do they do this? Because when we feel good about ourselves we are less likely to “fill our tanks” with the things we can buy. When we have a good sense of self esteem we are content, we are happy, we are full. For me it’s racing and doing athletic things that challenge me. The greater the challenge, the more I feel like the king of the world when I’m done.
Being resourceful comes in all kinds of forms, but it is things like repurposing, learning to fix things rather than buying new, becoming skilled in new things, and thinking outside of the box.
Remembering that people, not things, fill their soul
It is so easy to look to things rather than to people for the love and acceptance that we all crave. Those with the millionaire mindset remain focused on this truth.
Building and fostering healthy relationships
Since those with the millionaire mindset recognize the power of relationships, they seek out the people they care about. They pour themselves into nurturing relationships with friends and loved ones because they know the value in doing so firsthand.
Those who have the millionaire mindset give, and they do so generously. They give of their resources, they give of their time, they give of their knowledge and wisdom, and they give of themselves in whatever way they can. You may think that while on the path to becoming financially free you have to tightly grip onto everything that you have, but trust me, you should be doing the opposite.
Staying on top of their finances
In order to become financially free and even a millionaire, it is essential that you stay on top of everything concerning your finances. You must be aware of what money you have coming in, what money you have going out, and where you are in relation to your financial goals.
Aren’t afraid of failing
Isn’t it true that the really great things we accomplish come at an enormous price…which often includes failure? The fear of failing is real, but it doesn’t have to cripple you. Those with the millionaire mindset are not afraid of failing, so they take great leaps, which also means that they often fail. So often we have to fail numerous times before we can succeed.
It seems so basic, doesn’t it. I think we all know that we have to work hard, but do we really embrace it? Those with the millionaire mindset do. Being willing to work hard can mean putting in countless hours for a season, it can mean doing the things that no one else wants to do, it can mean doing things that you don’t want to do. Working hard is simply part of the millionaire mindset.
Making sacrifices isn’t always fun, but I can say that through experience it does get easier. Making sacrifices comes in all forms…sacrificing things, sacrificing opportunities, sacrificing fun, and even sacrificing relationships at times if there are those who are at odds with you and your millionaire mindset.
Creating a budget
Creating a budget is basic, but sometimes even the basics need to be part of really big things – including the millionaire mindset. Creating a budget needs to be thorough, it needs to be fluid, and it needs to be accurate in order to be of value. One of the tools that students have really liked in my e-course is the budget creator template. It includes everything that has ever been part of my budget no matter how minute since these small things all add up to being really big things. They cannot be overlooked. Millionaires are very good at budgets…they know where their money is…or they are paying someone to keep track of that for them. Nice!
Knowing and embracing the millionaire mindset is a springboard to accomplishing greatness as it pertains to finances. It takes hard work, it takes focus, it takes some know-how, and it takes a serious commitment, too. Here is everything you need to know to get started.