How to Become a Millionaire: You Need To Think Like One

Title-1.jpg

Have you ever wondered how rich people got to be where they are? I know I have and strive to be one. After years of trial and error, I became more intentional about my goal. I started doing extensive research on how to become a millionaire. My short answer is you need to think like a millionaire. How to think like a millionaire? Take a look at my findings on how you go about doing that.

1 ) Believe In You!

According to a psychologist, Julian B. Rotter, there is what is called a Locus of control. Which is the idea that there is a varying degree of influence that one has on their outcomes? There is two schools of thought are: a) there are other forces that control your outcomes or b) you have more influence over your outcomes. Let's take a look at two different people with opposite outlooks on life that create a business that failed in hopes of becoming a millionaire:

Person A: This person with the external locus says "Well, I tried and I failed. I guess it just wasn't meant to happen for me".

Person B: This person with the internal locus says "My business failed, I need to re-evaluate my strategies and try again."

It is much more likely that millionaires are going to believe in themselves enough to think they can have influence over their destiny. According to an article in The Verge regarding the creator of KFC, Colonel Sanders he failed on numerous occasions. At the:

  • Age 16: He quit school
  • Age 17: He lost 4 jobs by this time
  • Age 20: He got kicked out of the army and his wife left him with their baby and become a cook at a local cafe
  • Age 65: Retired with virtually no money

That is a lot of failures at that time that he 'retired' he did think about committing suicide. He actually started writing out his will with the intent of suicide. He wrote what he would have accomplished with his life. While writing he decided that he still could do it despite his failures. He created KFC and then was a billionaire by the time he was 88.

Now, do you think that he would have made all of that money if he would have just accepted his 'fate' that was not for him? Absolutely not. He believed in himself and so should you!

2 ) Don't "Put All Your Eggs In One Basket"

According to an article in entrepreneur.com, millionaires have multiple streams of income. This is a great idea due to the fact that one avenue might not perform as well. You need other avenues in order to compensate for that. You might have one avenue of income that does really well during one season (For Example, selling Christmas items on Amazon) but throughout the rest of the year you won't make a dime so you need to do something else throughout the rest of the year.

3 ) Create A Specific, Detailed Goal

This is incredibly important. Anyone can say, "I'm going to make it a goal to make more money this year". They may have every intention of getting there. If they don't put a detailed plan of how they are going to get there the chances of them of actually getting there are going to be slim to none. Another scenario I've seen people that don't succeed financially (or any scenario for that matter) is that they don't have a plan at all.

If you aim at nothing, you will hit it everytime.

~Dave Ramsey

Wrapping Up

As you can see there is a specific way that one obtains this level of financial freedom. I'd love to hear your goals or strategies that have worked for you. Make a comment or send me an email! I'd love to hear it!