Millionaires were once normal people like you and I, except that they now have plenty of cash with them. How do they create those additional cash and turn themselves millionaires over time? This article presents to you the five secrets of self-made millionaires:
Self-made millionaires set their sights what they want to achieve. Set yourself clear goals. Imagine yourself being a millionaire and what you would do to achieve it. As Robert Collier says, “if you see yourself as prosperous, you will be. If you see yourself as continually hard up, that is exactly what you will be.” Everything has to start somewhere, so make your first step and move ahead!
Self-made millionaires work on their passion. According to a research conducted by Thomas J. Stanley, author of The Millionaire Mind, more than 80% millionaires admitted they would not have been successful if their vocation was not something they cared about. Look at the rich people around – Warren Buffet, Bill Gates, Donald Trump. Don’t they all talk about their work passionately? The question now is, what is YOUR passion?
Self-made millionaires educate themselves. One major hurdle to making money is not understanding how money works. Simple example, do you know how to read your bank statements? How much do you know about money management and investing in bonds? If we have zero knowledge on investment and finance management, how do we expect ourselves to earn big money? As Jim Rohn correctly pointed out, “Formal education will make you a living; self-education will make you a fortune.”!
Self-made millionaires grow their money. Life is a struggle if you live paycheck to paycheck, especially with the forever increasing inflation while your monthly wage stays the same. Self-made millionaires work hard to make extra money for investing, where their money will in turn “work hard” for them, i.e. they grow them by putting them on a side business, stocks, or real estates. If you want to get rich, control and manage your income, just like Benjamin Franklin once says, “He does not posses wealth that allows it to possess him.”
Self-made millionaires are willing to take risks. If you read biographies of self-made millionaires, you would have realised many of them have often gone through countless failures. What makes them who they are today is their persistence and their never-give-up attitude! They try and try and try and then, one success push them up to the top.