First, understand that
you no longer want to be just a millionaire. You want to become a
multimillionaire.
While you may think a
million dollars will give you financial security, it will not. Given the
volatility in economies, governments and financial markets around the world,
it's no longer safe to assume a million dollars will provide you and your
family with true security. In fact, a Fidelity Investments' study of
millionaires last year found that 42 percent of them don't feel wealthy and
they would need $7.5 million of invest-able assets to start feeling rich.
This isn't a how-to on
the accumulation of wealth from a lifetime of saving and pinching pennies. This
is about generating multimillionaire-dollar wealth and enjoying it during the
creation process. To get started, consider these seven secrets of
multimillionaires.
No. 1: Decide to Be a Multimillionaire -- You first have to decide you want to be a
self-made millionaire. I went from nothing—no money, just ideas and a lot of
hard work—to create a net worth that probably cannot be destroyed in my
lifetime. The first step was making a decision and setting a target. Every day
for years, I wrote down this statement: "I am worth over
$100,000,000!"
No. 2: Get Rid of Poverty Thinking -- There's no shortage of money on planet
Earth, only a shortage of people who think correctly about it. To become a
millionaire from scratch, you must end the poverty thinking. I know because I
had to. I was raised by a single mother who did everything possible to put
three boys through school and make ends meets. Many of the lessons she taught
me encouraged a sense of scarcity and fear: "Eat all your food; there are
people starving," "Don't waste anything," "Money doesn't
grow on trees." Real wealth and abundance aren't created from such
thinking.
No. 3: Treat it Like a Duty -- Self-made multimillionaires are motivated not just by
money, but by a need for the marketplace to validate their contributions. While
I have always wanted wealth, I was driven more by my need to contribute
consistent with my potential. Multimillionaires don't lower their targets when
things get tough. Rather, they raise expectations for themselves because they
see the difference they can make with their families, company, community and
charities.
No. 4: Surround Yourself with Multimillionaires -- I have been studying wealthy people
since I was 10 years old. I read their stories and see what they went through.
These are my mentors and teachers who inspire me. You can't learn how to make
money from someone who
doesn't have much. Who says, "Money won't make you happy"? People
without money. Who says, "All rich people are greedy"? People who
aren't rich. Wealthy people don't talk like that. You need to know what people
are doing to create wealth and follow their example: What do they read? How do
they invest? What drives them? How do they stay motivated and excited?
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No. 5: Work Like a Millionaire -- Rich people treat time differently. They
buy it, while poor people sell it. The wealthy know time is more valuable than
money itself, so they hire people for things they're not good at or aren't a
productive use of their time, such as household chores. But don't kid yourself
that those who hit it big don't work hard. Financially successful people are consumed
by their hunt for success and work to the point that they feel they are winning
and not just working.
No. 6: Shift Focus from Spending to Investing -- The rich don't spend money; they invest. They
know the U.S. tax laws favor investing over spending. You buy a house and can't
write it off. The rich, in contrast, buy an apartment building that produces cash flow,
appreciates and offers write-offs year after year. You buy cars for comfort and
style. The rich buy cars for their company that are deductible because they are
used to produce revenue.
No. 7: Create Multiple Flows of Income -- The really rich never depend on one flow of
income but instead create a number of revenue streams. My first business had
been generating a seven-figure income for years when I started investing cash
in multifamily real estate. Once my real estate and my consulting business were
churning, I went into a third business developing software to help retailers
improve the customer experience.
Lastly, you may be surprised to learn that
wealthy people wish you were wealthy, too. It's a mystery to them why others don't
get rich. They know they aren't special and that wealth is available to anyone
who wants to focus and persist. Rich people want others to be rich for two
reasons: first, so you can buy their products and services, and second, because
they want to hang out with other rich people. Get rich by
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