10 Things Self-Made Millionaires do to Become Wealthy

setting a visionThere are two sets of millionaires. The first set includes those who inherit their wealth. The second set includes those who worked hard to get their wealth.  It means that to be a millionaire, either you have to inherit or you work for it.

The simple truth is, unless you’re from a wealthy family, you’d have to work to become a millionaire, giving you the title “self-made millionaire”. And to say the least, the adventure that comes with becoming a self-made millionaire makes people respect self-made millionaires more than the second set.

I’ve put together a list of 10 things self-made millionaires do en route to becoming who they are. Here you go.

1. Start their own business

Perhaps this is obvious since you’d certainly need an avenue to generate money, but it’s still worth discussing. The thing is self-made millionaires don’t just start any business. Starting a business that leads to becoming a millionaire starts with being creative.

It starts with the ability to be able to spot the needs within an environment, needs that many people don’t even know exist. It starts with a desire to make a change.

Let’s examine Elon Musk, Tesla’s CEO, for example. You’d say “but he’s a billionaire”. Of course, he is a billionaire. However, I’d like to point out that it is a straight-line journey to becoming a zillionaire. It starts with a first business, then the first one million dollars, then the first one billion dollars and so on.

Before Elon founded Tesla, he had written video games, written content publishing software, founded and sold the world’s biggest online payment company, PayPal. At present, Elon is also a part of the set up at SolarCity. In all of these businesses, it’s easy to see that Elon exhibits the attributes I mentioned above.

2. Learn the art of persuasion & selling

It wouldn’t matter how awesome a business is, it would only remain a potential game-changer if the owner doesn’t possess the skill of persuading people to buy. After all, businesses generate money from what they sell. If you take a look at most of the self-made millionaires you know, you’d find that they all possess the ability to persuade people.

As a rule of the thumb, how good you are at persuading people to buy your goods and services determines how long you’ll travel from starting a first business to earning your first million dollar.

3. Set goals that lead up to a vision

This is a different type of goal setting, which is also called vision goal setting. As explained by a psychologytoday contributor, “Vision goal setting (VGS) provides you with deliberate steps toward fulfilling your job responsibilities and career aspirations. It can increase your commitment and motivation to planning, preparation, and action.

VGS can enhance your feelings of control over your work, which can improve your confidence, reduce stress, and help you focus. Because you have a clear idea of where you are heading and what you are doing, you can increase your efficiency, quality, and productivity.”  Long story short, vision goal setting helps self-made millionaires set their priorities appropriately, which helps increase their efficacy.

4. Ability to Generate Cash Flow on Demand

One thing that differentiates successful businesses from those that aren’t is their ability to generate cash flow. In the same vein, people who eventually become millionaires have the ability to generate cash flow for their business when needed.

This means that they can provide cash to execute assignments at the right time and are also able to provide cash to pay the bills at the right time. This is one of the situations in which they put their persuasion skills to use. For instance, they might need to persuade financiers.

5. Solve a Problem

The passion for solving a problem is one of the underlying things that drive self-made millionaires, which is one of the things that differentiate self-made millionaires from the aspiring ones. While they want to make money, self-made millionaires try not to set their focus on the money. They simply try to enjoy what they do, knowing that, in the end, success would bring in the million dollars they crave.

One truth is solving problems help self-made millionaires get people to invest in their businesses.  Historically, businesses that are set up to solve real problems have more venture capitalist backing than businesses that are not exactly focused on solving a problem. Even in the capital market, investors usually want to invest in businesses that exist to solve problems.

6. Invest in educating themselves

People who eventually become self-made millionaires did not start out with all the skills they needed. They had to educate themselves. Moreover, the vision goals they usually set require skills they do not possess. After all, that’s what setting goals are all about – the desire to achieve something you don’t have.

In essence, after self-made millionaires set their vision goals, they go on to invest in educating themselves so that they can achieve those goals. In addition, the education part helps them enter into new businesses.

For instance, that Elon Musk invests in educating himself is one of the reasons he is able to establish businesses across a wide array of industries. One other reason they invest in educating themselves is that it helps them spot problems they could solve.

Recommended Resource: The Elevation Group

7. Focus without spreading themselves too thin

The truth is, most of the time, self-made millionaires don’t have all the resources required to achieve their goals. This means that they have to set their priorities and focus squarely on a particular thing. They usually think big, start small and then expand.

This is where many aspiring millionaires get it all wrong. They want to start big even when the resources aren’t available, so they crash out.

8. Mindset

Perhaps the greatest asset that self-made millionaires possess is their mindset. At the minimum, they believe that they control their own destiny; hence, they don’t let the situations around them – financial status, social status et al – discourage them. The situations surely affect them, but their mindset helps them overcome the challenges they present.

9. Surround themselves with other like-minded & successful people

Just like the adage that says, “Birds of the same feather flock together”, self-made millionaires usually surround themselves with people who think in a similar way to them. Those people are not necessarily people who are already millionaires; it’s about their mindsets. Such associations help them think correctly and motivate them to take the next big step.

And finally

10. Never make excuses

It looks easy, but excuses are one big reason many people are buried with great businesses when they die. In situations where most people would give excuses to not do something, self-made millionaires instead find reasons to do that same thing. And once they find a reason, they just go for it without hesitating.

Now that you know these 10 things, how many of them will you try to implement to be on your way to becoming a self-made millionaire?

10 Things Self-Made Millionaires do to Become Wealthy by
Craig Adeyanju

Craig Adeyanju

Passionate about writing about financial topics and investing. Have been a contributor on sites like Fool.com and SeekingAlpha.com. My goal is to provide real world retirement investing opportunities for baby boomers and early retirees.
Craig Adeyanju
Craig Adeyanju

Comments

  1. Hi I just wanted to say that finding out what I found out about self made millionaires is intregeing at most & makes me want to strive to do better in my own life

    • Donny Gamble says:

      Christina,

      Becoming a self made millionaire is something that is very rewarding, but takes a lot of persistence, hard work, and focus. My goal is to become one as well.

  2. I think mind powers everyday ,christina. If you think it ,you become it. I played chess for the first time in my life. I was told how to move every piece and to protect the king at all times before i make a move . I treated chess like the king was in business . Couple moves in chess was a battle until my opponent forgot. That his king was down my knights ally. Check mate, i said. No books or anything read .
    What a quiet move…..$

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