11 May 5 Steps to Achieving the Money Mindset Required to Become a Millionaire
Money doesn’t grow on trees.
It not only takes strategy, but the right “money mindset” to free yourself from the deeply-rooted way of thinking instilled in us by society, media and our upbringing; and create multi-million-dollar wealth.
But before creating your money strategy, you need to diagnose what your major problems are and where your biggest opportunities lie. If you don’t have a fantastic financial strategist on your team who knows how to lay out a roadmap to multi-million-dollar success, schedule a free, guided Gap Analysis strategy session with one of our experts. The Gap Analysis not only diagnoses your weaknesses and your strengths, but also helps you devise a killer strategy tailored to that.
The key to a killer money strategy is having a “money mindset”—so what is a money mindset?
Most people have a mindset that is focused around stashing all that they have away—but this is totally the wrong way to handle money. You should be compounding your money and growing it through investments, constantly moving it and using it to build more wealth; instead of just keeping it safe and secure. That’s how you become a millionaire.
But how do you change your current mindset, which is deeply rooted and hard to get rid of, and replace it with a money mindset?
Let’s go through each of the 5 steps in turn.
1. Make the decision.
First, you have to understand the potential you have. You can do anything you set your mind to. It just comes down to a decision. Many people are afraid to get out of their comfort zones of what they’ve always known and done, and take the first step, because they are scared that they might fail. But when you realize that you really can do anything as long as you want it bad enough, your mindset will change. You will look at investing strategies with no fear, and make your money work for you instead of working for money.
2. Prepare for a marathon.
Second, remember that you don’t have to be great to start, but you have to start to be great. The journey to becoming a millionaire is not a sprint, but a marathon. You need to understand what you need to learn, why you need to market and what type of business you should really be in. Once you learn this, you can survive in the long-term and know how to compound your money.
3. Put your own mask on first.
Next, help yourself first. Look out for number one before anyone else. You are not going to create ultimate wealth by staying where you’re at, hanging out with the same people, and always focusing on others’ problems instead of your own success. Before you try to help somebody, you have to help yourself first. Take some time away from your current friend group if they are unsuccessful and negative, and zap your energy or bring you down—don’t forget, you directly reflect your peer group.
4. You are who you hang out with.
Change your social circle or you’ll never grow. Having bigger conversations with the right people will bring up the right answers for you. If you don’t change the people who are influencing you, giving you the answers that you need and supporting these answers, then you’re making a huge mistake. You’ll never grow by having the same conversations with the same people who are broke. Consider joining a millionaire mastermind community like Big Table here at Live Out Loud.
Lastly, invest in more education. If you’re going to change your life, you need a strategy. If you’re unwilling to invest in the change, it will be impossible to move forward. There are several ways to invest in education, but the easiest right now is online education. In fact, last year, $200 billion was spent on online education, and 50% of companies prefer to invest in online education than live education.
Becoming a millionaire isn’t hard. There’s just a system you have to follow. And learning these 5 steps is the first step.
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