Growing wealth is more than just hitting a single number. If you want to get rich, it requires a certain mentality and behavior.
We think of millionaires as those who were born into money and have gold-plated everything around their homes. That may be the case for some; but when you look at the majority of self-made millionaires, you find that they became wealthy through hard work and the right mindset.
Knowing that, I think it’d be very easy not to realize someone is a millionaire because they don’t act in a way you’d perceive a millionaire would act. If you want to get rich and grow wealth, here are nine of the top tips to make it happen.
1. Plan to Become Wealthy.
An old saying suggests: “Say it, believe it, achieve it.”
The 1st step to a wealthier you is to set this goal for yourself, and to believe you can do it
Credit Suisse published a report which states that there are 33 million people with their wealth of more than $1 million.
Nowadays your chances to become a millionaire are better than ever.
A man was once asked, how he managed to get rich.
He replied, “Well, when I was a kid, my neighbor gave me an apple, so I washed it and sold it for 5 cents. Then I bought two apples, washed them, and sold them.
Repeated the same thing over the course of many years, until… my uncle died, and I inherited millions of dollars.”
This is just an anecdote though.
Contrary to the common belief that wealth is usually inherited, 80% of the millionaires are “first-generation rich.”
Now, think for yourself – “Why can’t YOU be the part of this statistics?!”
2. Do What You Like!
3. Rich People Are Not Embarrassed to Start Small.
Successful people focus on their big dream, their vision of the ideal future. It inspires them to take actions even when no one believes in them.
Many people have dreams. However, the majority never really go for it.
“You’re NOT scared to start your dream. You’re embarrassed to be seen starting small”
- Brandon Burchard, motivational speaker
Here is my own story –
About 10 years ago, I started my online chess academy.
Guess with how much?
Just $10 investment! (I paid for the domain name). It’s all I could afford to invest. In the next few years, it grew into a 6-figure business.
Is there any secret here?
Well, can't deny that it was a ton of hard work. But I utilized a common start-up strategy – ‘bootstrapping.’ I invested the money I earned from the customer back into the business consistently.
If you can turn your $100 into $200, then into $400, and then into $800, $1600, $3200…. (You see where I’m going) …you’ll definitely be on the path to becoming rich.
There are several “HUGE” businesses that bootstrapped their start-up, for instance: TechSmith, Braintree, Envato, BigCommerce, AnswerLab, Litmus etc.
If they can do it, you can do it too!
4. Rich People Are Willing To Take Risk
“Life is either a daring adventure or nothing at all.”
― Helen Keller
In order to get big rewards, you should be willing to face big risks.
Data reveals that 80% of new start-ups fail within the first year of existence. Does this scare you to start?
Well, those who get frightened by such statistics will never accomplish anything huge.
“Failure is also a necessary experience for growth… If we’re never tested to our limits, how will we know how strong we really are? How will we ever grow?”
Arnold Schwarzenegger, bodybuilder, actor, politician.
5. Invest In Yourself
“The most important investment you can make is in yourself.”
― Warren Buffett, investor, billionaire
Your main asset is yourself. Rich people continuously focus on bettering their knowledge and skills. Any industry is massively rewarding for the top 10% of best performers.
In fact, contrary to the well-known stories of Bill Gates and Steve Jobs, researches have concluded that most millionaires are NOT college dropouts. Majority of the millionaires have had very good formal education, or have put massive efforts into self-education.
Moreover, the majority of successful entrepreneurs have worked at least 7 years in the industry before starting their own venture.
All in all, ‘skills pay the bills’.
6. Rich People Have an Entrepreneurial Mindset
“An entrepreneur is a problem seeker, a problem solver, and an innovator.”
- Greenberg, CEO of BuildEd
For the 99% of taxpayers making less than $500,000, salaries account for 75% of their gross income.
However, if you look at those that are making millions of dollars, their sources of income usually come from investments and businesses.
In the US, the self-employed people make up less than 20% of the workforce. But they comprise a whopping two-thirds of the nation's millionaires.
7. Pay Yourself First
During a lifetime, on average, one earns from $0.9 to $1.8 million dollars (in the US).
At the same time, According to a 2017 GOBanking Rates survey, 57% of Americans have less than $1,000 in their savings accounts.
Rich people, on the contrary, follow the motto ‘pay yourself first’. Once you get your salary, put aside and invest 10-20% of this amount.
If you discipline yourself to this method – it’s one of the surest ways to make a million dollars.
Not for nothing, Einstein called compound interest the "eighth wonder of the world." Such is its power!
8. Rich People Look For ‘Money’ Instead Of A ‘Job’.
Rich people constantly focus on earning more. Average people look for ways to adapt their lifestyle to their modest income.
Authors of the famous research about millionaires Thomas Stanley and William Danko write:
“Very often those who supply the affluent become wealthy themselves.”
It reminds me about an interesting interview I’ve seen recently. The interviewee is millionaire entrepreneur Balashov.
The journalist: How many real estate units did you sell?
Entrepreneur: Somewhere around 30.
The journalist: Was that in the last month?
Entrepreneur: No, over the course of my lifetime.
The journalist (surprised): That seems so little! How is that possible?!
Entrepreneur: Our real estate products are so expensive that even if we make 1 sale per year, we already can afford a very luxurious lifestyle.
Rich people look where money flows and go there. This helps them in targeting market opportunities.
9. Find A Role Model Who Earns Twice As Much
Sometimes it’s hard to find a way to increase your income. During such times, look around and ask yourself: “Is there anybody in my company (or industry) who earns twice as much?”
Investigate how he/she got there. Get in touch with this person, or find his/her interviews. Scout for information online.
“If you want to know the road ahead, ask those coming back”.
- Chinese proverb