Business owners sometimes forget to work on themselves when they are developing their business. Tomorrow is May 20 which is officially millionaires day. To honor that day, we are going to share some insights about the millionaire mindset. Put these into practice and next May 20, you may be a millionaire.
First let’s start with a famous quote from Napoleon Hill.
“What the mind of man can conceive and believe, he can achieve.”
I am not going to get into this too much, there are thousands of articles about it. I just want to point out the basic thought: You have to believe you can be a millionaire! It is that simple. Let’s look at some qualities that most, if not all, millionaires possess:
- You are responsible for your wealth. It does not matter if you parents gave you money, if you don’t know how to use it, you won’t keep it. Look at the many lottery winners. Most are broke shortly after winning. Why? Because they did not know how money works. They did not earn it and grow with it. If you want to be a millionaire, learn about money. Take time to spread your education wings.
- Be ready for opportunities and take calculated risks. If you are so busy looking at only what you do, you may never see what is around you. Take time to learn things outside of what you do for your business. The more you know about the world around you, the better you can invest your time, talent and money into things that build your wealth. Then, when an opportunity comes along, you will have the knowledge to make a calculated decision. Remember, investing is not the same as gambling. Make sure you are investing.
- Be positive, not just for positive’s sake. I don’t mean be so positive that you don’t see reality. I mean when tough times hit, focus on what is coming next. If you can focus on what you want and keep your mind moving forward and growing, you can get past anything. Take time each day to be thankful and allow yourself to be happy.
- Be around people who inspire you to greatness. It is said that if you look at the income level of your five closest friends, you will know where you are headed. I know this one sounds harsh, so don’t go dropping all your non-millionaire friends. Lady Bird Johnson said, “Great minds discuss ideas; average minds discuss events; small minds discuss people.” Millionaire people talk about things they want to accomplish, most people just talk about the weather or TV shows. Get around people who inspire you.
- Invest for the future, not the now. Budget your money and live below your means. You would think that millionaires spend all their money. Many do. But truly rich people live within their means. This is where we come back to the lottery winners. They get some money and spend most of it. They are not thinking about how to invest what they have and make it work for them. Millionaires basically have more of their money working for them than most people do.
- Being a millionaire is more than a social status. If you are trying to increase your social standing, you will end up in a game of keeping up with the Joneses. And the Joneses will always be winning. Your mindset for becoming a millionaire needs to be focused on legacy. What are you leaving behind? What difference are you making in the world? If you focus on social status, you are self-centered. You want people to look at you. I don’t think there is anything wrong with hanging around the ‘right’ crowds, but make sure your ego knows why you are there.
I have read books and books about mindset and money. Trying to trim it done to a few simple points is hard. I am sure I missed something, so please share your thoughts in the comments. We created an infographic if you want suggestions on celebrating May 20th as Millionaire Day.
