Published by Selby Webb
Co-founder, Editor and Head of Marketing of SuccessField
2 years ago
Successful entrepreneurs all posses certain mutual qualities. If you want to become one of them or perhaps be even better, you’ll have to find out which positive attributes you’re missing. To surpass the elite, one has to learn from them. Here are 5 skills one has to acquire to become a millionaire.
It’s not about how much you earn, but how much you have got left after paying your bills and other necessary things. People rarely become millionaires just by buying objects which lose value. Acknowledge the fact that most enjoyable objects lose value, so they are a liability. Example: Let’s say you’ve accumulated wealth during the past 10 years. $500’000 to be accurate. If $80’000 out of the $500’000 are in form of paper currency in your bank account and you use the money to buy a car, you’re no longer sitting on a 500’000$ fortune. Your car is worth 80’000$ and your other assets bring up 420’000$, but this is where wealth management takes over. As soon as you buy a new car, it’s no longer worth what you paid for it. The car has lost some of its value. However, this example doesn’t apply on real estate.
What do a person without goals and a race without a finish line have in common? Both of them are just a waste of time. As a future millionaire, you have to set goals. It’s not about the size of the goals you set, but the fact that you can see your progress and learn from your mistakes. If you know where you want to be in a few years, focus on how you want to get there. Follow the 5 P’s: Proper Planning Prevents Poor Performance.
A day has 24 hours for every one. So how can it be that some people do so many things within those 24 hours while others barely progress? The answer is very simple. The successful ones know what time management is. People waste most of their time doing stupid things. Arguing about irrelevant topics, not working smart, investing time in the wrong people etc. Calculate how much time you want to invest in your business daily and always do your best to stick to that plan. Even if it means staying up 1 hour longer than you’re used to.
No poor man has ever taught another poor man how to become rich. I’m not saying that you should stop associating with you current friends, but use wisdom in terms of business. Your party friend probably can’t give you good advice concerning your investment. Try to learn from successful people. If you can’t beat them, join them.
In terms of business, there are many “bad” mentalities. It’s true that you have to work hard for money, but that alone won’t make you rich. Invest and let money work for you! Put investing money ahead of paying bills. In other words, when you get paid, the first thing you should think about is investing your money and growing your capital. Don’t only depend on your education. Quote:”“If you want to be an employee, go to school. If you want to be rich, you don’t need school.” – Robert Kiyosaki