The Secret To Becoming A Self-Made Millionaire

The thought of having a million dollars has lost its mystique in the past decade. No longer does a million dollars offer you the security of a lifetime of security and endless possibilities. Living in a culture fueled by materialism and excess, entrepreneurs are exposed to luxury lifestyles that afford $1,000,000 for a single vacation.

Let’s face it, no one wishes to be a millionaire — everyone who aspires for greatness and success wants to become a multimillionaire.

Given the volatility in economies, governments and financial markets around the world, it is not realistic to assume that a million dollars will provide you with a lifetime of security. In fact, a Fidelity Investments’ study of millionaires in 2011 found that 42% of the surveyed demographic don’t feel wealthy and would need $7.5 million of liquid investable assets to start feeling “rich”.

The Elite Daily would never promote a get rich overnight tactic, but rather we aim to provide the secrets in the mentality of multimillionaires. This is about generating wealth and enjoying it during the creation process

No. 1: Make the decision that you will be a multimillionaire

There is not a single person on this planet that does not hope and wish for success to come their way. Aside from these well wishes, you need to make the firm and conscious decision that you WILL be a self-made millionaire.  Hopes and aspirations are nice, but bridging the gap between the thought process and forming a concrete idea is critical to your eventual success. The first step is to make a decision and set a target. Continue to re-evaluate and adjust your goals each day to ensure that your progress towards your goal is up to par. You will be amazed at how simple it is for your goals to come to fruition.

No. 2: Stop thinking like a pedestrian

How many examples of self-made millionaires have you read?  From Jay-Z, to Richard Branson and Larry Ellison, to Steve Jobs, modern moguls who have redefined success have exemplified time and time again that it is absolutely possible to overcome adversity.

There’s no shortage of money on planet Earth, only a shortage of people who possess the knowledge of how to attain it. To become a millionaire from scratch, you must end the pessimistic and impoverished thinking patterns that you may have become accustomed to. Many of these self-defeating lessons have been ingrained in your mind since childhood and have created a sense of urgency and sheepishness in you that must be promptly deserted. Real wealth and fruitful abundance aren’t created from such detrimental thinking.

No. 3: Be your own motivator

Don’t ever chase success for anyone else but yourself. Attempting to motivate yourself for the wrong reasons will only lead to disappointment and will limit the longevity of your drive. Why does Richard Branson continue to work so hard even after he has reached such unbelievable success? 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: You are what you surround yourself with

This couldn’t be any truer, especially in relation to attaining success. You can’t learn how to make money from someone who doesn’t possess it. 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?

No. 5: Work Like a Millionaire

Elite individuals recognize that time is the most valuable commodity in the world. They buy it, while poor people sell it and function as wage-laborers. 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 assuming 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–not just working. That is to say, the road to success becomes a challenge they must overcome–and this furthers the motivation.

No. 6: Investments over frivolous spending

The fundamental understanding of how your money should be utilized must be retaught. The rich don’t spend money; they invest.  Making intelligent purchasing decisions now will allow you buy cars for comfort and style in the long run. Financial savvy, like comprehending that purchasing cars for your company will be a useful deductible because they are used to produce revenue is important.

No. 7: Create Multiple Flows of Income

Lets face it—many Americans are in dire straits at this epical moment in our history. Making one check will only pay for one bill. Diversifying your portfolio is among the most important things one can do to assure continued wealth acquisition. The wealthy Elite 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.

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 — it’s Elite.

Elite.