The best way to become a millionaire is to make a decision to become one and stick it out until it happens no matter how long it may take you. If you ask most people if they would like to have a million dollars, most of them will tell you yes. However, most people may really like to have a million dollars but will not pay the price to become a millionaire. Sure it may be possible to make a million by winning it in a lottery but the odds are really stacked against you in the long run. Millions of people play the lottery regularly in hopes of striking it rich but only do so because the upfront cost of the ticket is relatively cheap and it takes absolutely no effort at all to purchase one.
If someone actually wins the lottery (and most will not), they still have to deal with a common problem. Most people who become a millionaire by winning it do not keep it for very long. Many lose their money and end up broke within a few years. This happens because most people truly can’t handle money. Yes you may be one of the few who can but most people can not handle more than they are used to earning per year.
Most people are not taught how to raise their financial IQ’s in school. They teach you how to establish a good career and become a good employee in school. School does not teach you how to become financially wealthy. Now back to the lottery topic. If you were actually one of the few who won a million, and ever lost it, most likely you will not know how to create another million again.
On the other hand, if you made it and lost it for any reason, most likely you will be able to make another million. Donald Trump made billions of dollars. Later things took a down turn and he lost everything. Within a year he was able to make it all back. Once your mind learns how to make a million, it can always create it again.
Here are 14 tips to help you become a millionaire:
1- Your Why: What is your reason for making this kind of money? Have you had a life long dream of achieving something, living some way or have you gone though a lot of pain in the past as a direct result of lack of funds? If your why is big enough and strong enough, you will make it. If they aren’t, you will not. Use any pain or grief that has been bottled up inside you for years. This will be your fuel.
2- Passion: Come up with a money making idea that you are passionate about. If you are passionate about it, then it will not be work and it will give you pleasure building it. If it gives joy in the growth periods, things will move along at a faster pace for you and prosperity will come a lot quicker.
3- Don’t Quit Your Day Job: Keeping your job will allow you to leverage the income that you are already earning. You must keep earning what you are earning right now in order to keep the financial strain off your shoulders while you build extra wealth in your spare time. You can not attract more money if you are under strain.
4- Passive Income: Look for ways to increase your income by leveraging passive income streams. Passive income is an income stream that keeps growing without your constant work and effort or direct supervision. Examples of passive income are: real estate, Laundromats and Stocks and Bonds. Try to be creative in finding ways to make passive income.
5- Live Within Your Means: Yes you will still have to learn how to remain conservative even while making your first million. You must first learn how to keep and then grow your money. You may have a taste for exotic or finer things in life but you will have to put a cap on your spending for now. Put off buying that sports car or buying that dream home for now. Most people first buy the car and home then end up being trapped paying for these things for the rest of their lives.
6- Learn How to Budget: Make your hard earned money last longer and go farther. Cut off spending on things that you really do not need right now. Prosperity will not come if you do not make the best of what you already have. This is one of the laws of the universe.
7- Appreciation: Learn to appreciate everything that God has already given you in life. Thank God for everything that you have especially if you never gave thanks for receiving them before. If you do not appreciate what you already have, it will be hard for you to receive any more.
8- Set a Deadline: Set a date when you expect to receive your first million dollars. This is very important. This date must be something that your conscious mind can believe. Once a deadline has been set, the work (action) will expand to create the money by that time. This is another phenomenon.
9- Overcome Obstacles: Once you make any commitment especially something as big as making your first million, there will be Goliaths in your path. Basically once anyone makes a big commitment to themselves, they will be tested. Just keep steering towards your road blocks and you will eventually find a way around them or even through them. These road blocks are just put in your path as a test to see if you really want what you asked for. Most people will quit at the sign of the first road block. Do not make this mistake. If you really want it, you can overcome obstacles and receive the fruits of your labors.
10- Patience: It may take sometime for your first million to be made or manifest. You must learn how to become patient as it is well worth the wait. The amount of time it takes is different for everyone.
11- Perseverance: There will be days that you will want to quit and pack it in. This is the biggest mistake that you could ever make. Most people quit just before they actually make it.
12- Faith: You must have faith that you will achieve your goal. No one is denied what they have asked for if they truly believe that they can actually get it. Know that creating your first million is possible especially since millions of people have done it before (According to the research made by CapGemini and Merryl Lynch published in the World Wealth Report in 2006, there are 8.7 plus million millionaires throughout the world).
13- Model Wealthy People: Read biography’s of the rich and famous and learn what they went through to make their first millions. Learn how they went around their obstacles and how they dealt with pressure.
14- Personal Development: Take some time everyday to build yourself internally. You must grow from the inside before your prosperity can grow on your outside.
This concludes my 14 tips to assist you in learning how to become a millionaire. It may seem like a very big undertaking and most people will quit long before they earn or manifest their first million. That doesn’t have to happen to you if you stick with it and believe in yourself. No matter what limitations you may think you have right now, you can overcome them. Imagine what your life will be like if you do.
Isn’t it worth it?
By Jean Charles