When it comes to having a millionaires mindset and studying the behaviors of millionaires (specifically self-made millionaires) who are regular everyday people and have built their wealth over time, how they got wealthy and how they've stayed wealthy, there are a few things that come to mind. For instance:
Characteristics of millionaires
- They have well thought out financial plans. Their plans include the short term, mid term, long-term as well as unforeseen emergencies they might encounter.
- They are super careful when it comes to spending - they do not overspend and are huge fans of budgeting via a method that works well for them.
- They focus on earning more by cautiously investing their earnings or through businesses they own because they know this is how you build real wealth.
However, a lot of times people tend to minimize the most important characteristics of millionaires which is that they have the right mindset. In other words, they never doubted that they could accomplish building wealth and they've done it based on having this mindset. They have had challenges and set-backs, but because of their beliefs about becoming financially successful, they always found a way to overcome their challenges.
The millionaires I'm describing here are not lottery winners. They are not celebrities. They did not get big inheritances handed to them and they don't necessarily have high incomes. They are simply people that decided they were going to build wealth and who went ahead and did it. These folks, I'm describing are not that different from you.
So how do you develop a millionaire's mindset?
The first step is the most important and it's pretty simple too - You have to first and foremost decide that you can. That debt that seems so massive - you can pay it off. That savings goal that seems so out of reach - you can get to it and surpass it. The business idea that seems like you can't possibly succeed at, you can do it. Once you decide you can, you will be motivated to create your plans and put in the effort.
You'll have to come up with ideas to make things work. You'll have done things that might not necessarily be your ideal situation (getting a second job, working late, packing lunches, giving up vacations, cutting back drastically on your expenses etc) to reach your financial (and life) goals and it won't always be easy.
There will be slip-ups, down-times, and failures but as long as you are not afraid to fail, and as long as you understand that within every failure is a lesson that can propel you as long as you keep going, you can do whatever you put your mind to.
If instead, you decide that you can't do it and continue to tell yourself that you can't it, then every day will be the same with you thinking, wishing, dreaming, lamenting, complaining and over time it will eventually be you regretting what you could have done but you didn't do in order to build wealth.
"Which would you rather be? broke or wealthy?"
Once you are fully committed to the idea and fact that you can accomplish anything including becoming financially free, you can harness your mindset by -
- Surrounding yourself with the right influences
- Learning as much as you can about money and how to manage it well
- Ditching procrastination and instead of taking action on the things you want to achieve in your life
- Creating goals and a solid plan to guide you towards what you want to accomplish
- Creating a routine to keep motivated and inspired every day
"Adjusting your mindset can change your entire life."
Your challenge now is to go off and develop your own millionaire's mindset (because it really all starts in your head) and over time, combined with solid wealth building plans, the payoff will be well worth it!