There now that I have your attention! With this catchy title and this Conor Mcgregor picture, you'll know what 90% of this article is about! Let's face it you're here on Steemit because you want to get rich and make money. I get it. We all want to get there. This platform is very entrepreneurial, but let's study the people that actually did it and their habits...
Option 1 - Become A Pro Athlete
Option 2 - Become a Movie Star
Option 3 - Win the Lottery
Option 4 - Be Broke Your Whole Life...
Just kidding guys...we know only .001% of people end up in categories 1-3. Does that mean you should give up? Contrary to popular belief, it is actually attainable for anyone through hard work to become a millionaire. There are 11 million millionaires in the United States. So good news you don't have to choose Option 4 ;)
I’ve studied American billionaires like Jeff Bezos, Bill Gates, Donald Trump, and Mark Cuban. They all have very similar bits of advice that I have compiled and worded in my own terms. In addition to them, I plan on writing my own experience and my experience with some older millionaire friends and family members I know.
1. Become an Entrepreneur > Employee
Most self-made millionaires develop their wealth through owning their own business or forming a business with other partners. It’s hard to get rich being a millionaire as an employee. Your greatest asset is your time – and as an employee you have a fixed amount of time. You sell your time to employer for a fixed price, and guess what – employers never pay you what you’re truly worth.
Let me give you an example of a millionaire and a non-millionaire I know in the same line of business – consulting. Let’s name them Consultant A and Consultant B. Consultant A has a list of clients he works with and knows how to offer solutions to all the companies he works with. Consultant A gets paid $90/hour by the client, instead of working on the client's project he hires another consultant and pays the consultant $60/hour to do it. Consultant A pockets the difference - $30/hour. He has multiple consultants working for him on several different clients. Consultant B is just as knowledgeable as consultant A, but spends all his time on one client and makes $90/hour. Can you guess which one is a millionaire? Yeah you guessed it – Consultant A – and he doesn’t even work as much! He uses his brain and strategy and chooses what to do with his time. Hopefully this example can give you guys some ideas.
2. Become Insanely Passionate
Entrepreneurs and successful people pursue fields that interest them. If you don’t have passion in a field you are working in, and you are just doing it for the money, you will likely quit. From all of the stories I have read of entrepreneurs they didn’t make anything their first 1-3 years in business. If it weren’t for their passion, they wouldn’t persevere through the hard times. Personally for me I like blogging, working out/fitness, and my finance job (will soon outsource). If it weren’t for my passion for all three, I would likely quit if I encountered obstacles. The fact that I love what I do constantly pushes me through the ups and downs!
3. Find A Millionaire Mentor
I have many millionaire friends that I have interacted with. I noticed something in common with all of them. All but one of them had a millionaire mentor. Millionaire mentors help to keep you accountable on your road to riches, but also they give you specific guidance relevant to your situation. My uncle is my personal millionaire mentor, he has been invaluable to me. I attribute a lot of my financial success to him thus far. If you can’t get a millionaire mentor, then consume as many auto-biographies of millionaires as you can. I recommend Think and Grow Rich! by Napoleon Hill
Surround yourself with a millionaire mentor and other people who aspire to be so. You're the average of the five people you hang most around. If you hang around five millionaires, you'll be the 6th.
4. Read Every Day
According to Fastcompany.com, “85% of millionaires read at least 2 books or a month. “ You need to be reading biographies of self-made millionaires, so that you can gain insight into their brains and ideas. Read self-help articles like this from time to time to also motivate and inform you. Also, if you are pursuing success in a particular industry - you will want to read as much as you can in that field to gain industry knowledge. By reading you are getting a great workout for your brain, you want to be as sharp and creative as you can be at all times.
5. Spending and Investing Habits
According to conventional wisdom, 80% of millionaires are self-made. How did they get that way you say? It comes down mostly to habits. Either you have habits that make you rich everyday or habits that make you poor. Are you spending a large portion of your income and spending time looking to buy things online, or are you working hard and putting away money to invest? Most millionaires I talk to made decent money, budgeted, and saved at least 30% of their money over at least a 10 year period. The disciplined savers took that money and then bought rental properties and other income producing assets. Everyone who I talk to who is broke lives paycheck to paycheck, gets Starbucks Mocha Mint Frappuccinos everyday, and they all own Iphone 10s.. As you can tell, most people don't have the discipline over their money to get rich, you have to put in small, consistent efforts every day.
Building wealth is exponential, not linear. Warren Buffett is an American billionaire known for his frugal habits and his knack for investing in value appreciating assets. For most of his life he steadily built his net worth. You can see the power of compound interest shown below.
Conclusion:
So there you go guys. Some quick tips I have encountered from studying my rich millionaire friends and rich billionaires popular in the American Media. Yes, you may of found my article amusing and hopefully informative. I hope it was different than the junk you read on Business Insider or Buzzfeed every day. Hopefully some of the pointers in my article will give you some motivation – because let’s be honest whether you try to get rich through Steemit or any other e-commerce venture , it will take diligence, persistence, and a long time.
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