10 Habits That Will Get You from 6 Figures to a Million Dollars
Here’s the big misconception…
You’re generating six figures. You’re over that grueling, first one-hundred-thousand revenue hump, and you’re scaling—but you want to hit a million a lot sooner than your stats are telling you. Or maybe you’ve hit a plateau—and the climb to a million is looking like the most difficult part of your journey to your financial freedom day. Right?
The most common misjudgment on how to become a millionaire is to prepare for the hardest part in your wealth building journey. Once you’re over that first six figure climb, getting to seven is easy. It’s smooth sailing from here on out.
There are ten habits that almost all millionaires share in common—and are necessary to emulate in order to generate seven figures. If you remove any of these ten from the equation, you’re playing Jenga with your wealth building. Without all of these pieces of the puzzle, your path to a million is going to be a shaky one.
Tip: Number 7 is critical to utilize before the end of 2017.
Let’s look at each essential habit in turn…
1. Their peer group is comprised of other successful, wealthy people.
You’ve heard it before—you are who you hang out with. You are in fact a direct reflection of the five people you hang out with the most. The peer group you surround yourself with directly correlates to your success in life—this is a game changer to hitting seven figures.
2. They have or have had at least one mentor.
Everyone should have a mentor—especially anyone who wants to generate a million dollars without working their whole life to achieve it. Your mentor (or your coach) must be a wealth-building expert who has already navigated the waters from rags-to-riches with a roadmap to success. You can't learn how to become a millionaire from a broke person. Ask any millionaire if they have modeled after their mentors throughout their financial journey, and they will say yes. Note: It’s never too late, or too early, to start.
3. They join masterminds.
The secret to success is not about going at it alone. Mastermind groups don’t just provide knowledge and education, they provide a community of successful, high-achieving, smart and persevering peers—who could potentially be not only your close friends but your next JV, business partner, client, or even mentor.
This brings us back to number 1 on this list. You are your peer group. Joining a mastermind community, like Big Table, will completely change the trajectory of your wealth.
4. They move their money.
Millionaires don’t have a pile of savings that they never touch and keep stashed away for a rainy day. They move their money—they are constantly making investments and growing their wealth. Wealth building is ever-flowing, never stagnant.
5. They have a ninja tax strategist.
Your tax strategist is one of the most crucial aspects of keeping and building your wealth. The wrong tax consultant will be the Jenga block that brings everything crashing down year after year on your climb to a million in revenue.
6. They have multiple streams of income.
They don’t put all their eggs in one basket. And many of their income streams are residual—you must have passive income streams aside from your active income.
7. They don’t operate as an individual; their business owns everything.
2018 is right around the corner, and you have only one month to clean up the mess you’re in. If you’re still operating as a sole proprietor, you file taxes as an individual, and your vehicle and your credit cards are all in your name, then yes, you have a mess to clean up before January.
Millionaires don’t operate as individuals. Their corporations own everything. Until you’re on this bus you’re going to be standing at the bus stop wondering why everyone else is miles ahead of you.
8. They are constantly self-educating and expanding their knowledge.
Many, many self-made millionaires did not go to college. They self-educated themselves. They read books, articles, attend seminars, join masterminds, listen to podcasts—they never stop learning and broadening their knowledge.
9. They get up early.
More hours in a day means more time to build your wealth. Millionaires don’t sleep in late.
10. They take risks.
Playing it safe will only keep you where you are right now. If you want to change your results, you have to change your actions—and that means getting out of your comfort zone.
Just like a low-risk investment may be safe, only high-risk investments have the potential to produce high returns. Play big; not small.
If you're interested in taking your revenue from six figures to a million dollars, learn more about Wealth Training with Loral and Live Out Loud.
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