We all strive to be successful in our various walks of life. We wake up every day at the crack of dawn, read personal development books and apply some level of frugality in our spending. All these are good habits to build for anyone looking to grow his/her finances and succeed.
But that’s not all there is. I know quite a lot of people who are good with money yet have worked many years and are still not millionaires.
How do millionaires manage to create a plethora of wealth they own?
What do millionaires do that the middle class doesn’t?
What’s the secret code of millionaires?
There is this story of a young entrepreneur, who was forced to move back home with his parents after many failed business attempts. And one night, while he was sitting at home, wallowing in self-pity, doubt, and frustration, something happened that would forever change his life.
His father was having a night of p0ker. Now his father, who wasn’t a particularly wealthy man, hosted these events on a weekly basis. On that particular night, however, one of the city’s richest real estate businessmen stopped by to play.
After the game was over, and as the rich man was leaving the house, he was stopped by the young lad who asked him this simple question; “How do I become a millionaire?.” The rich man’s response was quite simple and forthright “Do what millionaires do” he said.
Expectedly, the young man needed to find out more, “And what exactly do millionaires do?” he asked again.
Sensing the thoroughness in the young man’s voice, the rich millionaire turned and looked him in the eye, “Son”, he replied placing his hand on the young man’s shoulder, “you’re a smart lad and you need to find that out for yourself as part of the process”. And so the young man set off on a path that would change his life.
He went out to the public library the next day in search of the “Secrets to become a millionaire”. He read countless books, listened to audio programs, and interviewed many successful people. Fortunately for him, he eventually found what he was looking for, and there and then he set to work.
Less than two years later, he closed a fitness equipment retail store he had started from nothing… for more than $2.3 million. And he has since gone on to make hundreds in millions more.
In this story, the young entrepreneur is none other than T. Harv Eker, author of “Secrets of the Millionaire Mind” and a world-renown success and mindset coach.
You might have come across this story a couple of times, but the lesson here is quite simple: You too can become a millionaire if you are willing to do what millionaires do. And that takes us to the subject of this post.
What Do Millionaires Do Differently?
Millionaires do things a little differently from everyone else, and that’s why they are millionaires today. They allocate their time and energy differently, focusing more on growth, thoughts, investments, and work.
Millionaires have an unparalleled positive attitude, they see failure as an opportunity to learn and they factor this opportunity into growth. Billionaires are people who go against all odds and deal head-on with the challenges that life throws at them. They also exhibit heightened levels of certain traits, like frugality, resiliency, conscientiousness, and consistency.
Let’s dig into a few secret things the rich and famous do to create the plethora of wealth they own.
Millionaires Learn From Failure
Everyone has a weakness, and since our early years, we have constantly been working on our weaknesses.
Yet, at this age we still have weaknesses.
So if you aren’t supposed to “work” on them, what in the world are you supposed to do?
Simple. turn your weakness into strengths. That’s what millionaires do.
Identify the abilities and habits you’re strong at and of course the ones you aren’t strong at. And then find creative ways to completely eliminate them, and transform them into strengths.
For instance, if you’re a masterful copywriter but a horrible salesperson over the phone, don’t waste your time trying to boost your phone sales. Hire someone who has the experience and talent and pay for it to complement your weakness.
If you’re a great speaker and video communicator but a subpar writer, forget to employ a writing coach or spend decades trying to write a best-seller for the New York Times. Double your strengths and hire a talented ghostwriter to fix that.
Similarly, if you are prone to distraction and social pressure, do not try to develop your willpower or become a more focused individual. Instead, treat yourself like a little lamb and build a wall around yourself by completely eliminating your distractions. Identify the sources of distractions and the extremes you need to curtail in order to stop them and take control over them. By channeling your weaknesses into strengths through creativity and outsourcing, you will never have to worry about the flaws that hold you back from the success you want.
Millionaires Know How To Sell
More billionaires started out as salespeople than any other occupation, according to a 2017 analysis of the world’s 100 wealthiest individuals.
If you (or someone within your organization) have not mastered sales, whatever the form it takes— copywriting, digital marketing, door to door, etc.— you will never have a million-dollar business. At best, you’re going to have a $1,000 worth hobby. ‘Sales’ is the kind of glue that holds your business together. Without it, you will never consistently generate revenue and create scalability within your company.
New York Times bestselling author, entrepreneur, and businessman, Grant Cardone sees sales far beyond just the business side of things. In his groundbreaking sales book “Sell or Be Sold”, he explained in-depth how sales skills are useful in every situation, and that in fact, how everyone is selling themselves all the time.
Every time you want things to go your way you are in fact selling yourself or that idea. So, the first and most important step of all that he shares with us is:
Meaning you have to be 100% convinced that you, your product, your service is the best thing out there for your client, and there isn’t even a doubt that it’s some other way around.
To be an excellent salesperson, you ought to be unreasonable enough to think that you are selling the best product. Without this, there is just no point, not only will you be a bad salesperson, but your life quality will suffer as well. You won’t have the courage to persist if need be, neither will you have the zeal to follow up with your customers. You will be willing to throw in the towel even before the real struggle begins.
Millionaires Train Their Minds To Focus
In order to achieve your big goals and aspirations, you have to identify your one thing and then focus all of your time, attention and energy on making it come true. Don’t be distracted, No playing around, No procrastinating, No looking over your shoulder, No quitting after 3 months and jumping ship to a new, promising opportunity. Just pure, unadulterated focus on your ONE THING is what’s needed.
Millionaires Make Money While They Sleep
That’s a quote from a billionaire who makes billions while he sleeps and will still probably work until he dies. Warren loves his work that much and would probably never trade anything for it.
The message of this quote is quite simple; strive to build revenue sources that make money irrespective of how you operate every day. If you get sick, take a vacation, get hurt, and so on, your income should still be coming in.
If you rely on trading hours to make money your whole life, it will be hard for you to get rich. You can use a combination of outsourcing and passive revenue streams to become more like Warren and make money while you sleep.
Buffett is one of the richest people on the planet because he makes VERY GOOD decisions about what companies to invest in. And, of course, investment is a form of passive income. If we can build a business that rakes in a good passive income, we’re not going to have to work that much. We would spend our time doing other useful things like Warren who they say spends most of his day reading.
Millionaires Take Responsibility
Want to know the easiest way to stay broke and poor?
It’s quite simple.
Keep blaming everyone for all your failings.
Everything you currently have in your life and everything you do not have in your life (that you’d like)… It’s your fault.
No one has responsibility for your life and results except for you.
Not your parents. Not your second-grade teacher who called you “shallow”, not even the Professor who marked you a straight F even though you thought you performed above average.
The fact of the matter; People will disappoint you. Friends will let you down. Your family will fail you.
Not necessarily because they’ve conspired to see you fail. But because they’re humans, and humans aren’t perfect.
By blaming others for your shortcomings and having the mindset that they are trying to sabotage your success (even if it is true) – you have surrendered the keys to your success and future.
If you accept full responsibility for your life, then you can start making the changes required to achieve the results you desire.