Everything You Need to Know to Become a Millionaire

First of all, I want you to understand that the allure of a million dollars is too irresistible even for the man of God.

The thought of getting your hand on a million dollars is too tempting to escape the mind of any normal human.

The pictures of luxury homes, luxury yachts, private jets, sleek cars, loads of cash and exotic lifestyles, flash through your mind each time you think of a million dollars, isn’t it?

What motivates people to become millionaires?

1. Enjoyment

For most people, pictures of luxury homes, flashy cars, loads of cash and fame epitomize the enjoyment of life. Being driven by media hype, the idea of becoming a millionaire encompasses the ultimate lifestyle desired by many.

2. Power

Power is an irresistible force to reckon with. For thousands of years, humans have desired to wield power over others. Most people think that money can deliver power in their hands.

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3. Influence and Fame

The urge to become famous is inherent in human nature. Even in school or college, you felt better if you were a school captain or you were the best dancer in school.

By design, rich people exercise more influence over others. People won’t listen to you if you don’t have money. On the other hand, people will yield to you if you are rich and you have money. Becoming a millionaire only seals this influence.

One thing you should realize is that when you become a millionaire, you don’t get a certificate. You become a certificate.

Image credit: Pixabay

How do you become a millionaire?

To become a millionaire, you need two things:

  1. Mindset shift
  2. An income stream

Among the two, changing your mindset is perhaps the most difficult and the one that may take a long time and a great of effort to accomplish.

Get a High-Paying Job

If you can get a job that pays you over $200,000 a year, you can become a millionaire through working a 9 to 5 job. Possible but difficult. However, you need an aggressive investment plan, focus, discipline and patience. But it’s doable.

ALSO READ: Secrets of Successful People That You Probably Didn’t Know

Become an Entrepreneur

Although many millionaires inherited their wealth, most self-made millionaires usually take the role of entrepreneurs or investors.

The difference between a job and entrepreneurship is that entrepreneurs train themselves to take risks where 99% of people will not dare. They make mistakes but don’t regret it. They fail several times, but they’re not deterred by this. In fact, they regard the many mistakes and failures as learning experiences which schools don’t teach.

Unfortunately, schools don’t teach you to fail. So, most people fear failure. For entrepreneurs, it is normal to fail and learn from mistakes.

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Mindset Shift

To become an entrepreneur you MUST change your mindset. This is not easy and may sometimes take several years to achieve. Entrepreneurs are bookworms. That means they read a lot and learn a lot.

Not all entrepreneurs will become millionaires. Becoming a millionaire is determined by among other things, strategy of execution, work ethic, discipline, focus, and money management.

Entrepreneurs are lifelong learners by habit, and don’t care how much it’ll cost them or how long it’ll take. I know one millionaire/entrepreneur who says that at one time he used to own more books than clothes.

Find an Income Stream

Having success in business is determined by making the right business choices and a proper execution plan. One size doesn’t fit all—what may work for you may not work for another person.

That being said, there are numerous business models you can choose as your income stream.

As long as your business is profitable, any kind of business can make you rich.

Image credit: Pixabay/exotic car

Here are 25 Business models that will make you a millionaire in 5 years or LESS:

  1. Cleaning services
  2. Landscaping
  3. Laundry services
  4. Mobile Restaurant/Food Delivery
  5. Garbage collector
  6. Landlord/landlady
  7. Real estate/Property developer
  8. Green Energy
  9. Agribusiness
  10. Manufacturing
  11. Stock investor/FOREX Trader
  12. Funeral services (there’s a lot of money in this)
  13. Automotive Rental and Leasing
  14. Clothes/Fashion
  15. Exporting and Importing
  16. Financial services
  17. Consultancy (you can become a consultant in almost anything)
  18. Builder/Interior Designer
  19. Education and Training Services
  20. Health services/Eldercare
  21. eCommerce entrepreneur
  22. Online Entrepreneur
  23. Software/Mobile App Developer
  24. YouTuber/Social Media Celebrity
  25. Author/Fiction Writer
Image credit: Pixabay/exotic car

There are literally thousands of business ideas that can make you a millionaire. Your success depends on the type of business you get into and how you manage it.

Your success in business depends on your choice of business, execution plan, financial management, management of employees, resource management and customer retention and growth. That’s what makes the difference between success and failure.

However, you can succeed in business and still not become a millionaire. Becoming a millionaire is about a shift in mindset and visualization.

Finally, becoming a millionaire boils down to your work ethics, discipline, spending habits and lifestyle:

1. Long-term thinking vs Short-term.

The poverty mentality thinks short-term gain. The rich mentality thinks long-term.

You’re in this for the long haul. Things don’t happen overnight. Consider Amazon, for example. They went without making profit for 5 years before they broke even.

There’s no such thing as get-rich-quick-schemes. Hard work, patience and discipline are necessary in the initial stages before a business pick up.

2. Help others first. Then others will help you

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There’s some truth to the saying that, “give and it shall be given to you, multiplied”.

The more people you help, the more prosperous you become.

Why?

Because wealth is not yours alone. Help others to become rich and they will help you to get rich.

ALSO READ: 22 Things Highly Successful People Do That Most People Don’t

3. Buy assets, not liabilities.

Financially poor people buy liabilities. Rich people buy assets. For example, a car appears to be an asset for financially poor people, but for the rich, it is a liability.

Financially poor people buy cars on bank and credit card loans. Rich people buy cars from the proceeds of their investments. And if they do, they only do it to reward themselves for their efforts.

4. Work Smart — Not Hard

Rich people capitalize on the law of leverage.

  1. They leverage other people’s Time
  2. They leverage other people’s Money
  3. They leverage other people’s Knowledge and Skills
  4. They leverage Technology and Machines

5. Have Meaningful goals.

Failure to plan is planning to fail.

Use visualization to see the future you want and then plan around that. Plan your income. Plan your expenses. Plan your taxes. If you’re able to see where you will be in the next 10 years you can plan.

Image credit: Pixabay/exotic car

6. Take yourself seriously.

In life, just as much as in business, being able to keep your word is an integral part of being successful. Most self-made millionaires will tell you that they didn’t get where they are by accident. They took everything seriously.

In this regard, the ability to realize that time is finite is the most valuable knowledge.

Determine to work hard and discipline yourself to avoid wastage of time and people who waste your time.

ALSO READ: 7 rules of life you must maintain for a successful living

7. Don’t allow FEAR to stop you.

FEAR is an integral part of us mere mortals. Never believe it when someone tells you they have no fear.

However, being able to master fear instead of fear enslaving you is the key to success.

Most of the time, most people are ruled by fear, and as such, will not move beyond their comfort zone. Fear of failure is the greatest block and the reason why most people will not become millionaires.

8. The advantage of Closing loops.

There’s no such thing as a free lunch. The moment you understand this principle, you will never become a slave to anyone.

Most poor people don’t understand that and often ask a lot or expect a lot and have no plan in closing the loop once they receive things, which is why rich people typically don’t like doing business with them.

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Leaving loops open gives you a sense of owing something to someone else and creates almost negative energy, which is why very often when you do something incredible for someone of value, they tend to ask you ”What can I do to help you?” It’s their subconscious way of closing loops.

9. Work life balance is a fallacy. Rich people see everything as life.

Financially poor people seek work-balance, such as spending time with family, going to the gym, and time spent working, but the reality, as successful people will tell you is that life itself is a combination of all those things and dividing them is tantamount to preventing success. It forces them to work within structural limitations that you created for yourself.

While it may sound rather morbid maintaining a 24-hour commitment filled with sacrifice, organization, chaos, and more importantly, discomfort, pain, and loss, for rich people, this is a way of life. The truth is that self-made millionaires push themselves hard and they give no excuses.

The idea is to become a better person all along, and without discomfort there can be no pressure for change. Remember that the greatest enemy to a good life is a comfortable life.

10. High emotional intelligence vs Reaction

Too often, people have intense emotional reactions which cause them to put themselves in a bad position. When you succeed, you realize that you live a rational life filled with the ability to think before you act rather than act and then think.

The main differentiator is the immediate reaction that occurs in successful and unsuccessful people. Think of it this way: as you are walking down the street, and someone bumps on you but doesn’t apologize. It may be the normal action to ask for an apology or raise your voice and say “excuse me,” but the follow-up can lead to more conflict and more issues rather than a resolution to an irrelevant action. Being able to use a high level of emotional intelligence at all given times both in your personal and business life enables you to prevent major setbacks and unnecessary cost.

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Image credit: Pixabay/exotic car

As you can see, becoming a millionaire is a combination of many things.

Continuous learning, implementation, strategic execution, emotional intelligence, multi-skills training, smartness, effort, focus, and personal discipline are the hallmark of becoming a self-made millionaire.

Good luck!