If you want to become a self-made millionaire then it is essential that you understand that the road to successful wealth creation doesn’t involve any fancy maneuvers or shortcuts. It’s important to know how to become a millionaire with no money in order to successful in your financial endeavors. The keyword here is patience, because if you are investing in yourself and your own future, it will pay off immensely.
If you are looking for some life changing information, you’ll find it. It is no secret that there are multiple ways to become a millionaire with no money; however, this article digs deeper and helps you understand the keys to becoming a self thinking millionaire with no money!
Focus and Discipline
Rather than focusing on money, focus on your goal to achieve success, and money will follow. If you know what you want, and then have the discipline to go after it, don’t get sidetracked by less important matters. You may cut expenses or, better yet, look for ways to increase your income to meet your goal, but you must have to stick with your goal to become a millionaire.
Put your skill to work that you love to do, and chase your dreams
If your aspiration to start your own business or work is motivated just because you don’t like to work for someone else or are not getting enough pay, then it’s highly likely that you will not go too far in life. To get success, it is crucial to focus on your passion, choose something that you are passionate about and love to do. To get success you must have dreams and goals of your own, and being driven to see them through. Self-made millionaires have ambitions and are willing to take risks to make those happen. They are passionate and relentless in their mission to succeed. Set highly defined short-term and long-term goals with strict deadlines and you have to frame out exactly what you want and how to get there. While most of the common people ultimately want to lead a comfortable life, self-made millionaires push beyond the average, they believe in creating their own opportunities. Be ruthless with your vision and be clear about what you want to eliminate from your current life, and what you need to add over the next few years.
See the Big Picture
Expand your focus from the short-term success to the bigger picture of how you want your life to be shaped. Keep your eye on the biggest, most motivating reward and let yourself be continually driven and inspired to achieve that. Set bigger goals for yourself, choose something that is not easily achievable, something that will make you stretch your faculties to the maximum.
Take calculated risks, and persevere through failures
While the middle class lives in fear of risking too much, often content to stay in their lane, millionaires strive to move out of theirs and know when to go for it. Ordinary folks do not go beyond their comfort zone so as not to upset the milk bowl, but the fact here is that without taking calculated risks and overcoming fear, you would never become a millionaire.
You need to take calculated risks to be a self-made millionaire. When deciding whether or not to take a risk, ask yourself what is the worst case scenario? Evaluate the costs versus reward probabilities before jumping in with both feet. If you can anticipate the worst outcome, you can survive the odds. Millionaires overcome fear with knowledge, and educate themselves before taking risks, and then they consider the consequences of failing. They calculate the intensity of the risk versus the power of the reward. If you can survive the worst that could happen and if the most likely thing to happen will get you closer to your goals, then go for it.
Keep your thirst for knowledge lifelong, be more innovative and embrace change
One of the main secrets of self-made millionaires is that they are passionate learners and their learning curve actually has been shown to go up after formal schooling, rather than flattening. They are voracious readers and always remain eager to know about the world around them. They reinvent themselves and their business on a regular basis as the market and technology changes. Invest in yourself first, even if you know nothing right now. Instead of resisting every change, figure out what caused it and move forward by creating a solution that capitalizes on the new opportunity.
Shift Focus from Spending to Investing
You can never build wealth if more money is leaving your wallet than what is coming in. This is especially true for a salary earner who aims to become a millionaire. You don’t need to earn a lot of money to become wealthy; it’s what you do with that money that matters.
The rich don’t spend money; they invest, they count every penny and put in somewhere productive. The worst you can do in your drive to become a self-made millionaire is to spend your earnings. You have to develop the habit of buying what is an absolute necessity of life instead of spending on pleasures. You have to draw up a plan of what percentage of your profits to plow back into your business, and what percentage to invest into other things.
Surround Yourself With Supporters
Often, we surround ourselves with naysayers and people who keep you down because they’re familiar. But if you’re wanting to become something you aren’t, you need to surround yourself with people who are closer to or on their way there themselves.
These people will be supporters to you instead of discouraging your ideas, no matter how improbable they sound right now. Ambitious people feed off each other’s energy and can help drive you to action.
If you don’t have anyone in your life or near you who fit this then do the next best thing – read about them. Reading biographies of people who have done something similar to what you hope to accomplish keeps you motivated and in the right mindset.
You may even pick up glimpses of their business savvy that gives you ideas of your own. Focus on people who had an average life before their success; not someone who was born into wealth and privilege.
How Do You Build Wealth from Nothing?
Another thing you’ve got to do is, every time you make money, put a portion of it into a savings account to not be spent. Even if you work a minimum wage job, it’s important to do this.
Saving one dollar is better than not saving anything. Being a self-made millionaire takes time. Even if you can save only a little bit out of each paycheck, that’s your first stepping stone to work your way up to saving even more.
Most financial advisors recommend that you save about 10 or 15 percent of the annual gross income you bring home. If you start early enough, you could retire at 60 years old with 1 million dollars.
Therefore, it’s important that you determine when you want a net worth of $1,000,000. If it’s primarily for retirement, you can easily attain that goal.
However, if you want to become a millionaire earlier, then it’s time to start saving every penny you can. The goal is to stop wasting so much money on little things (like that trip to the coffee shop every morning).
Analyze your purchases for the month to determine what you’re spending and find ways to lower them. This takes no money at all, but it helps you in becoming a millionaire.
Eliminate your high interest rate debt
If you want to learn how to get rich, then one of your goals will probably be eliminating your debt. For the average person, this probably means any high interest debt, debt that may be giving you stress, and so on.
Paying off your debt can lessen your stress levels and allow you to have more money to put towards something else (such as retirement). Just think about how much more money you will have to put towards your goals when you stop paying high interest fees alone.
The first step to eliminating debt is to realize why you have debt in the first place. I believe that if you don’t understand where your problem with debt stems from, then it will be hard to make a positive change.
Yes, it is great to just start attacking your debt, but you don’t want to fall into the same cycle of going into debt over and over again.
After you realize why you are in debt (or why you keep going back into debt), the next step is to figure out how you will eliminate it. There are many different ways to attack your debt, and I think you are the most successful when you do all of the following.
To pay off your debt and learn how to get rich, you should:
- Quit adding more debt to your life. You may want to cancel or freeze your credit card(s), think harder before each purchase, and avoid spending temptations like the mall.
- Be realistic with your income and spending. If you have debt, then you either have an income or spending problem. You may need to start earning more money and/or start spending less if you want to learn how to become wealthy.
- Decrease your spending and expenses. Depending on how quickly you want to get rid of your debt, there are different things that you may want to cut out. You could cut out Starbucks (I know, I know), lower your restaurant spending, find a cheaper way to workout, sell your car for something cheaper/more affordable, cook from scratch, and so on.
- Make more money. By earning more money, you will have more money to pay off your debt, and you can usually do it even faster.
- Pay more than the minimum. If you have debt, you should always be paying more than the minimum so that you can lower the amount you are paying towards interest.
- Put little amounts toward your debt. For example, whenever you get an extra $25 (such as by selling something), then you should just throw that extra money towards your debt. You probably won’t even miss those small amounts of money.
Conclusion:
If you’re like me, you’ve always had a thing about money. It’s something that we all dream about and can’t seem to rein in our thoughts about. It’s that one thing that we keep wanting but never seem to be able to build it in our life, and its what we feel like we need to be happy and content with what we have.