Do You Have "The Millionaire Mindset"?
In addition to giving you my take on the markets and how to invest your money, I like to keep reminding my readers on "habits" you can easily embrace that will systematically bring you closer to building and retaining wealth.
With various theories in this world we live in, I'm sure there are some who think the rich are born with some sort of a "millionaire gene", something inherent in their DNA that makes them better adapted for wealth creation...
but...
I don't think such a gene exists!! And even if it did exist, I think your chances of getting wealthy would be significantly higher if you focused on a few tried and true steps towards building wealth than hoping you'd won some sort of genetic lottery.
The investing world is full of common folk who have gotten rich through simple behavioral changes they've deeply embedded in their mindset and lifestyle...
simple, regular people who don't earn phenomenal sums of money but still have millions in overall net worth So today, I plan to outline a few traits that are commonly seen in millionaires that we can all learn from...
by the way, these traits have also been nicely outlined in an article titled "Are You Millionaire Material?" by Serena Kappes at DailyWorth.
com.
People focused on wealth building see opportunities instead of obstacles.
They don't let excuses stymie them, and become adept at getting past obstacles.
For example, if they have shortcomings, they will look for simple ways to overcome them by leveraging outside skill sets, like selling their ideas to those with better sets of skills, getting outside investors or bootstrapping their resources to get the job done.
People with the millionaire mindset believe strongly in themselves and have the strength to overcome odds and win.
And as we all know, while saving heavily may get you money in the bank, it may not - by itself - make you a millionaire.
The millionaire mindset focuses on investments - on using money to make money.
They know that money in the bank earns close to nothing and loses buying power over time, to inflation.
It's not something they want, so they learn to leverage the power of investing and compounding.
Millionaire minds also constantly spend time and money on increasing their knowledge, skills and capabilities.
They invest time in learning new things so they're professionally ahead of their peers; they read a lot so they can foresee emerging trends and they keep themselves fit and taking care of their health as investments that make them stronger and better.
The millionaire mindset dares to be different and is open to being wrong - it can stomach "reasonable" risk and understands that risk inherently includes the risk of failure.
Millionaires also hone their risk taking over time.
As Frank McKinney, a maverick real-estate millionaire known for building luxury spec homes, advises "Exercise risk like a muscle...
take a calculated risk and then see whether it pays off and then take another calculated risk and see whether it pays off, you start to trust your judgment better and your analysis of what you're doing.
" So the millionaire-mindset is comfortable with taking reasonable risks...
but to be clear, they don't gamble or put themselves or their families in harm's way for a dream but assess the situation and are willing to take a chance if it seems like a reasonable risk could deliver a worthwhile return.
Millionaire mindsets are also programmed to quickly bounce back from adversity and move in continuous forward motion where failure and setbacks happen all the time but they're willing to ride the unpredictable wave of setbacks without getting overly discouraged.
In other words, they're really good at "trooping-on".
And, as I have often repeated, millionaires have strong discipline over their spending and often live below their means which means they save more, have more to put away early and benefit from compounding.
They realize that building wealth is more important than accumulating material things.
Millionaires also tend to choose professions based on their passions and strengths, not just on how much money they'll make.
They go into things they love, work hard at them and success often naturally follows.
Millionaires work hard for their lifestyles and are typically in control of their own professional destiny.
So, the millionaire mantra boils down to picking a profession you're passionate about (even if that passion is just about being secure and independent), working hard at your job while constantly upping your skills and abilities.
It also includes watching your expenses carefully, focusing on savings and investments, being comfortable with reasonable risk and failure, and bouncing back from failure to keep "trooping-on" towards their goals.
This is a far cry from the "Get Rich Quick" schemes you hear about, but who ever said getting rich was easy?
With various theories in this world we live in, I'm sure there are some who think the rich are born with some sort of a "millionaire gene", something inherent in their DNA that makes them better adapted for wealth creation...
but...
I don't think such a gene exists!! And even if it did exist, I think your chances of getting wealthy would be significantly higher if you focused on a few tried and true steps towards building wealth than hoping you'd won some sort of genetic lottery.
The investing world is full of common folk who have gotten rich through simple behavioral changes they've deeply embedded in their mindset and lifestyle...
simple, regular people who don't earn phenomenal sums of money but still have millions in overall net worth So today, I plan to outline a few traits that are commonly seen in millionaires that we can all learn from...
by the way, these traits have also been nicely outlined in an article titled "Are You Millionaire Material?" by Serena Kappes at DailyWorth.
com.
People focused on wealth building see opportunities instead of obstacles.
They don't let excuses stymie them, and become adept at getting past obstacles.
For example, if they have shortcomings, they will look for simple ways to overcome them by leveraging outside skill sets, like selling their ideas to those with better sets of skills, getting outside investors or bootstrapping their resources to get the job done.
People with the millionaire mindset believe strongly in themselves and have the strength to overcome odds and win.
And as we all know, while saving heavily may get you money in the bank, it may not - by itself - make you a millionaire.
The millionaire mindset focuses on investments - on using money to make money.
They know that money in the bank earns close to nothing and loses buying power over time, to inflation.
It's not something they want, so they learn to leverage the power of investing and compounding.
Millionaire minds also constantly spend time and money on increasing their knowledge, skills and capabilities.
They invest time in learning new things so they're professionally ahead of their peers; they read a lot so they can foresee emerging trends and they keep themselves fit and taking care of their health as investments that make them stronger and better.
The millionaire mindset dares to be different and is open to being wrong - it can stomach "reasonable" risk and understands that risk inherently includes the risk of failure.
Millionaires also hone their risk taking over time.
As Frank McKinney, a maverick real-estate millionaire known for building luxury spec homes, advises "Exercise risk like a muscle...
take a calculated risk and then see whether it pays off and then take another calculated risk and see whether it pays off, you start to trust your judgment better and your analysis of what you're doing.
" So the millionaire-mindset is comfortable with taking reasonable risks...
but to be clear, they don't gamble or put themselves or their families in harm's way for a dream but assess the situation and are willing to take a chance if it seems like a reasonable risk could deliver a worthwhile return.
Millionaire mindsets are also programmed to quickly bounce back from adversity and move in continuous forward motion where failure and setbacks happen all the time but they're willing to ride the unpredictable wave of setbacks without getting overly discouraged.
In other words, they're really good at "trooping-on".
And, as I have often repeated, millionaires have strong discipline over their spending and often live below their means which means they save more, have more to put away early and benefit from compounding.
They realize that building wealth is more important than accumulating material things.
Millionaires also tend to choose professions based on their passions and strengths, not just on how much money they'll make.
They go into things they love, work hard at them and success often naturally follows.
Millionaires work hard for their lifestyles and are typically in control of their own professional destiny.
So, the millionaire mantra boils down to picking a profession you're passionate about (even if that passion is just about being secure and independent), working hard at your job while constantly upping your skills and abilities.
It also includes watching your expenses carefully, focusing on savings and investments, being comfortable with reasonable risk and failure, and bouncing back from failure to keep "trooping-on" towards their goals.
This is a far cry from the "Get Rich Quick" schemes you hear about, but who ever said getting rich was easy?
Source...