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How do I acquire the millionaire mindset?

How do I acquire the millionaire mindset?

This post is a curated version of couple of best answers from Quora to the ineviatble question “How do I acquire the millionaire mindset?” Everybody wants easy and quick money now a days but never understand that it is next to impossible and money earned such is not going to make you happy.

Difference between wealthy and average persons

Even if your fore fathers had left a legacy to enjoy, you always have the responsibility of manipulating and multiplying it. So, what is the ‘X’ factor that makes only few people and their companies serve as index of stock markets?

Start with this book. Read it as many times as you need to until you have internalized its lessons. Some of its important lessons include the following:

  • Start thy purse to fattening
  • Control thy expenditures
  • Make thy gold multiply
  • Guard thy treasures from loss
  • Make of thy dwelling a profitable investment
  • Insure a future income
  • Increase thy ability to earn

The Richest Man in Babylon (The Success Secrets of the Ancients – the Most Inspiring Book on Wealth Ever Written) by George S. Clason

At this point, I have probably mentioned this book in a hundred different answers on Quora. I keep going back to this book because there are few other volumes that contain so much wisdom about wealth in so few pages. There is a reason why the book is still in print now, almost 100 years after it was first published. Its lessons are simple, timeless, and effective – as long as you actually put them into practice.

Courtesy: Dan Kanivas, admirer of the millionaire next door?

How do I acquire the millionaire mindset

Here are some of the mindsets that set millionaires apart from the rest of us:

  • Time does not equal money
    • Most people trade their time for money. Millionaires realize that building assets that work for them is the best way to make money. Often, millionaires own more than one business. They almost build them as a hobby.
  • Opportunity is everywhere
    • Millionaires see opportunity every where. Every pain and problem is an opportunity to build a product or a service. When someone complains, it’s a potential money maker.
  • Action is the best teacher
    • Many get stuck in “student mode.” They read books, articles, and pay for online courses, but they never actually do anything. Millionaires are the opposite. They’ll learn the basics and then dive in. Most of their lessons are learned through experience.
  • Mentors are a life hack
    • Speaking of learning… millionaires often find mentors. They see the value in learning from others that have experience. This is a different quality of teaching than what is provided through a book or a webinar. This kind of learning is personalized, tailored specifically to them by an industry expert.
  • Profit > Revenue
    • Millionaires could often care less about revenue. They care far more about profit. Think about it: 10% profit on $100,000 is only $10,000. 50% profit on $20,000 is also $10,000. Which business would you rather own?
    • (Yes, revenue does matter. A business with a 50% profit margin that only makes $10,000 a month is not a money maker)
  • Money is a tool, not a goal
    • Millionaires do not daydream about diving into a pool of money. It can buy fancy airplanes and cars, but for the most part, it is a tool. It is a tool to build things, repair things, and get things done.
  • Determination
    • Millionaires work tirelessly towards a goal until it is completed. They understand the “art of the finish.”

Acquiring these mindsets is not entirely straightforward. There is no manual for how to do it. The best hack I’ve found is immersion.

By immersion into the millionaire mindset, I mean:

  1. Reading books written by millionaires
  2. Reading biographies written about millionaires
  3. Watching interviews with millionaires
  4. Reading psychological studies about millionaires
  5. Finding a wealthy mentor
  6. Doing what millionaires did (or are doing)

It won’t be easy and you’re likely to fail along the way. Even if you do everything right it is no guarantee that you’ll be a millionaire. But with the right steps you can stack the cards of life in favor of you springing out of the middle class and into a new income bracket.

Cheers!

Courtesy: Michael Crist, Deep thinker, world traveler, prolific reader, doer of many things.