[More and more people are realizing their dream of becoming a millionaire. According to the Spectrem Wealth Study, an annual survey of America’s wealth, the number of millionaires nearly doubled in the last decade. If so many people are able to reach the magic million-dollar mark, why can’t you? If you have in your heart the desire to become a millionaire, we will help you by giving you the best 10 advices that people who have made it to millionaire status said were most critical in their pursuit of their million-dollar dream.
Here are the 10 best advices on becoming a millionaire from people who have done it:
1 – Have a Strong Desire
Wanting to be wealthy is a crucial first step in becoming a millionaire. If you don’t have a burning desire to be wealthy you probable won’t have the required motivation and discipline to go after it. Like many things in life, you will only get it if you want it bad enough. You probably will find many roadblocks in your journey to becoming a millionaire, but you have to embrace the concept that each roadblock is there for a reason. It is there to test your will. It is there to make sure only people who really want it will get it.
2 – Know Your Motivation
This may seem counter-intuitive, but the people who have made it to the millionaire club are not motivated by material possession. They have a strong desire to be wealthy, but what motivates them is the freedom to make choices, and to live life the way they choose. Here is what T. Harv Eker, author of Secrets of the Millionaire Mind has to say about this subject:
“For the rich, it’s not about getting more stuff. It’s about having the freedom to make almost any decision you want”.
This is extremely important. If you are the type of person that is motivated by material possession, you may be inclined to spend your money, which may prevent you from accumulating enough wealth. On the other hand, if you are looking for financial freedom, you are more likely to become a millionaire.
Know what motivates you and stay guarded against an unchecked need to obtain material possessions. This does not mean you shouldn’t want the best things in life – many of us do. It simply means that you have to prioritize your needs and have the discipline to live below your means.
3 – Believe in Yourself
Jeff Harris was a college dropout who struggled to support his wife and three kids. He worked as a grocery store clerk and at a junkyard melting metal. Now here is a multi-millionaire. It all started when he met a stockbroker at a Christmas party which sparked in him a great desire to learn more about investments. Here is what Jeff had to say about this extraordinary experience:
“What got me through it was believing with all my heart that I would succeed.”
Eker puts it more boldly:
“The biggest obstacle to wealth is fear. People are afraid to think big, but if you think small, you’ll only achieve small things.”
4- Understand Money
The other big obstacle to becoming a millionaire is not understanding money. In order to become a millionaire you must become financially literate. This does not mean you necessarily need to have an MBA from an Ivy League school. Read as much as you can about money management and investing. Get the magazines, buy the books, and read about wealth from the many high-quality free resources that are available to you such as the Worldwide Success site.
5 – Be Persistent
Building wealth does not happen overnight. It takes time and persistence. Right now you may not think that being a millionaire is possible, but many others just like you have done it. If you have the discipline to live below your means, and get educated on how to manage and invest your money you too can become a millionaire. But be careful with get-rich-quick schemes, as they simply do not work. Worse yet, they will do tremendous damage to your motivation and willingness to keep going. Instead, put together a long-term plan and stick to it.
6 – Stop Spending
Most millionaires have one thing in common. It's not intelligence. It’s not education. It’s not family background. It’s not skills. The one thing they have in common is that they spend their money wisely.
According to the 2007 Annual Survey of Affluence & Wealth in America, some of the richest people “spend their money with a middle-class mind-set.” They clip coupons, wait for sales, and buy luxury items at a discount.
7 – Be Passionate About What You Do
It’s been said many times before that the key to success is to do what you are passionate about. If you do what you love, you will do it well, and the money will come. According to research by Thomas J. Stanley, author of The Millionaire Mind, over 80 percent of millionaires say they never would have been successful if their work weren’t something they cared about.
8 – Break the Paycheck-to-Paycheck Cycle
You need to pay yourself first, and you need to invest your money in order to achieve financial success. If you live in a never-ending cycle of going from paycheck to paycheck, you must stop this pattern immediately. Here is what Loral Langemeier, author of The Millionaire Maker has to say:
“The fastest way to get out of that pattern is to make extra money for the specific purpose of reinvesting in yourself.”
9 – Make a Change
Einstein once said that the definition of insanity is doing the same things over and over again and expecting different results. If you are not making any progress towards accumulating wealth, you must do something different. Try different things, experiment with different ideas. Just don’t expect things to change if you don’t do something different than what you are doing right now. Dave Lindahl, who at age 29 was living in a small apartment and twelve years later owns apartment buildings worth $143 million decided to do something different and start a landscaping business after realizing he was not getting anywhere in a local rock band:
“I looked around and thought, if I don’t do something, I’ll be stuck here forever.”
10 – Take Action
Nothing happens until you take action. Take a step in the right direction, no matter how small. The most important thing is to take action. Star saving, start investing, start learning more about money management, start a business. Just start. Take that first step today… and keep moving towards you millionaire dream.
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