1. Choose to be a self-made millionaire.
The first step to becoming a self-made millionaire is to want to be one. Before you do anything else, you need to give yourself a goal and decide to start working toward it right away.
Every self-made millionaire knew they wanted to be where they are now years before they got there. They worked hard to get where they wanted to go because they knew what they wanted.
Instead of looking forward to the annual raise, they were excited about being their own boss. They wanted more than the way things were. If you want to make a million dollars on your own, you need to think about that goal every day. Think of every opportunity as a chance to learn something.
To get there, you should never stop learning, whether from books, the Internet, or a mentor. Start putting money into yourself, because you are the best investment you can make on your way to getting rich.
2. Treat the journey like a duty:
Have bigger goals, not just for yourself. Self-made millionaires want to make a difference in the world.
Even though money, success, and wealth are all part of that goal, your main goal should be to help other people. You have grit because you worked hard to become a millionaire on your own. When things get hard for other people, they lower their goals, but you raise your own.
Sharing the habits, strategies, and skills you used to become a self-made millionaire should be part of your bigger plan. Try to make a difference not just in your family but also in your neighborhood and through charities.
3. Stop Poverty Thinking:
“Money doesn’t grow on trees” is a sample expression of what’s called “poverty thinking.” One secret of the rich that most people don’t know is that they get rid of them. If you want to be wealthy, it makes sense that you should get rid of thoughts that make you feel afraid and like you don’t have enough. Self-made millionaires don’t have any fears.
Even though there’s nothing wrong with the above phrase, it focuses on the wrong thing—fear of being poor—as the reason for doing something. From this point of view, you won’t get rich or do well. They start with people who want to help feed people who are hungry.
4. Build a Network of Mentors:
The fourth step to becoming wealthy is to surround yourself with people who already are. Find out about them by reading about their lives, observing their habits, and asking them about their plans.
By doing this, you don’t just meet a lot of interesting people from different backgrounds. Along the way, you also meet a few people who help you. Don’t forget that you can’t learn how to make money from people who don’t have any. Pay attention to what these rich people do that helps them get rich.
5. Work Like There’s No Tomorrow:
Make the most of your time. Millionaires who made their money on their own worked hard to reach their goals. They know what it means to make a sacrifice and feel pain, and they are not afraid of it.
Rich people come up with plans for long-term financial freedom and then put those plans into action. Because they can see the big picture, they know how to make sacrifices. Some self-made millionaires used to work two jobs or sleep in their cars just to get the education they needed to build their businesses. They appreciate your time.
Rich people know that their time is more valuable than their money, so they use it well. People like this never stop looking for money, and they work until they feel like they’re winning.
6. Don’t Just Spend; Invest:
Wealthy people don’t just spend. They focus instead on investing. People buy cars for style and comfort, but the rich buy cars because they are reliable. People buy houses, but rich people invest in apartments that bring in money all the time.
Millionaires who got there on their own are often the cheapest. They understand that you need money to make money. You can’t make an investment if you don’t have enough money to do so. Instead of spending money on things you don’t need, be smart about how you spend it.
Find out how to put money aside for investments and other costs. Don’t spend money on things you don’t need right now, so you’ll have more money to use tomorrow.
7. Take smart, calculated risks.
People who have made a million dollars on their own know how to do this. “High risk, high reward” is a phrase you’ve all heard. Millionaires know that you have to learn how to deal with risk if you want to make more money.
Whether you’re starting a business or putting money into the stock market, there are always risks. What’s important is how you face it and deal with it.
You need to know how to take risks in a smart way. You should figure out how likely you are to succeed and make sure that the benefits far outweigh the risks.
8. Create Multiple Flows of Income:
Have different sources of income. Rich people don’t depend on just one way to make money. Instead, they come up with different ways to make money that can help them get rich.
This is why investing is worth it. If you have a job, for example, you could put your money into a flat. This is a good investment because it can bring in money on its own. Start a business after that. Keep doing this until you have several ways to make money that you can count on.
9. Avoid bad debt:
Self-made millionaires hate debt. Millionaires know how bad debt can be, so they do their best to stay out of it. They save, invest, and even lend money instead. They don’t have to pay interest because they earn it on their own.
10. Become a leader.
The qualities that made self-made millionaires what they are today—grit, drive, and persistence—also make them natural leaders. They had to go through pain and give up things to get where they are now.
They know that if you want to be better than everyone else, you have to go your own way. Self-made millionaires have been there and know what it takes to help other people do the same.
11. Give Back:
This goes back to the idea that making a million dollars on your own should be seen as a duty. When you finally get where you want to be, don’t forget that you have a responsibility to help others. Helping others get to where you are is a better way to make a difference than giving money to charities. Tell them about your life and what you’ve learned from it.
Help other people learn what it takes to become millionaires on their own. Help other people make a difference to make a bigger difference yourself. A lot of drive, grit, and passion are needed to become a self-made millionaire. But if you want to become a self-made millionaire, these 11 secrets should help you get there.
Courtesy: One Percent Better