Ways To Be A Millionaire
Most of the five million millionaires in the United States are self-made. That is, they started out with nothing and worked their way up. Our world today has more than 300 self-made billionaires and multibillionaires as well. Many of these are people who started with little or nothing, and by changing their thinking, they unleashed their own inner potentials to achieve extraordinary financial results. And almost anything that anyone else has done, within reason, you can do as well. What are your goals
Many people have the mistaken belief that if they had more money, all their problems would be solved A wise man once said, If all the money in the world were equally divided up so that every person in the world had exactly the same amount of money, it would be right back to where it is now in a very short span of time Why Because it is a person's internal attitude that keeps people where they are financially, not external circumstances. People keep saying, If only I had more money, all my problems would be solved. If money brought happiness, then why are so many millionaires unhappy How often millionaires feel like they are all alone in a cave filled with treasure and there's no way out of the cave If you learned that all it took to become a millionaire was to write and say, I am a millionaire, 50 times each day for a solid year, would you do it You probably wouldn't, because it would be just too much trouble, and you would have too many doubts that it would work. Unfortunately, that...
My mom said, 'In your 20s you try it all. In your 30s you figure out what you do best. In your 40's you make money from what you do best. In your 50s you just do do what you want to do.' The following questions helped me to recognize my ultimate career purpose. By answering them, you will learn about your career calling. You will discover where you are headed and why, and where to focus your energies and best efforts. Use your notebook to access previous answers and to explore new information. For each category, list your responses and then rank them in order of priority. (Write a one-to-three-sentence statement about the main purpose of your career. You may want to combine several responses into an overall statement.)
As the president of your own personal services corporation, you must consider the four strategic variables in marketing yourself and your services. Your effectiveness in each of these four areas will determine your income and your future. They are (1) specialization (2) differentiation (3) segmentation and (4) concentration. forming well in each of these areas. Problems with sales and profitability are the result of a weakness in one or more of these areas. Each of them applies to you and your career, as well.
When I began my reading and research in the 1960s, there were seven hundred thousand millionaires in the United States, mostly self-made, having started with nothing. By 1980, according to the IRS, there were 1,800,000 families or individuals with a net worth of more than one million dollars. Today, there are more than five million millionaires, an increase of 277 percent in 22 years. And most of them are self-made as well. These are men and women who started with little or nothing, often broke or deeply in debt, and who gradually accumulated enough money to become financially independent. Self-made millionaires come from every walk of life, with every level of education and skill, and with every difficulty, obstacle, handicap, and challenge to overcome that you could ever dream of.
There is a probability that you will become a millionaire in the course of your working lifetime. Today in America, one family in 20 has a net worth of more than one million dollars. This means that your likelihood of acquiring a million dollars is one in 20, or 5 percent. However, this also means that your likelihood of not acquiring one million dollars, should that be your goal, is 95 percent. These are not good odds.Your job must be to improve the odds in your favor. Your aim should be to dramatically increase the probabilities of achieving financial independence by doing more and more of those things that will help you to achieve your goal. This principle applies to anything you want to accomplish. over your expenses, and think long-term about your financial life, you will eventually become a millionaire. It is not a matter of luck. It is just a matter of probabilities.
One of the discoveries in the research on self-made millionaires is the finding that most of them start off with little or no money. Most of them start off by saving their money carefully for a long time until they have enough to start a small enterprise or business. Some of the biggest companies in America were started on a kitchen table or in a garage, like the Hewlett-Packard Company or Apple Computer. Some of the newest millionaires in America come from the field of multilevel marketing.Working from home, they paid 50 for a sample kit and went out to work. They sold something, made a profit, reinvested their profits, grew larger, and eventually achieved financial independence. In Dr. Thomas Stanley's interviews with self-made millionaires, he discovered their common denominator of success. The most important quality that self-made millionaires used to explain their success was the habit of hard, hard work. Self-made millionaires work much harder than the average person. They start...
Successful and happy people have a generally positive mental attitude. Prosperous and wealthy people have a prosperous and wealthy mind-set. Kind, patient, gentle, loving people, who enjoy happy and fulfilling relationships with their families and friends, have kind, patient, loving ways of thinking. When you develop the same mind-set that other successful people have, you will soon enjoy the same results and experiences that they do.
If you work 45 to 50 hours per week, you give yourself an edge over your co-workers. If you work 55 to 60 hours per week, your long-term success is virtually guaranteed. You put yourself on the side of the angels. Many self-made millionaires work 70 to 80 hours per week to get established in their careers. There are no shortcuts to lasting success. The fact is that, especially at the beginning of their careers, all really successful people work much harder than the average person. They work 10 to 12 hours per day, six days per week. They work at this rate for many months and years, before they reach the point where they can slow down. The average self-made millionaire has taken 22 years to get from being broke to having a net worth of more than one million dollars. It is not easy and it is not quick. But it is definitely possible if you want it badly enough.
Do you think in a restricted or an expanded capacity Billions of dollars are An Example of an Assumption Proffered by Officials With the millions of dollars spent on AIDS research, there is still no permanent cure that has yet been found for the disease. overwhelming proportions, where only martial law with dictatorial edicts can maintain population control. More money can be made looking for a cure than finding a cure, so all permanent cures must be suppressed. Now find your own opposite considerations for the following assumptions Give yourself 5 minutes on each of the following Assumptions Proffered By Officials Pesticides ingested with your fruits and vegetables are too negligible to cause you any health problem. Better education in public schools will take another 10 years or more to put into effect. The unhealthy pollutants in the drinking water of many U.S. cities will simply cost too much to correct. U.S. officials are attempting to curtail the flow of narcotics in the nation.
For example, we have heard some people say that the United States should legalize drugs like cocaine because then the pushers and organized crime couldn't make money and would stop pushing them and the drug problem would go away. Okay, what if drugs were legal Would they be legal for everyone, even children Well, no, you'd have to be 18 to buy them. But then wouldn't the pushers concentrate on selling drugs to those under 18 instead of to adults, which would be a worse situation than we have now Or, would adults stop using cocaine if it were legal and cheap Or would it be legal and expensive And so on.
Here is one of the most important parts of changing your thinking. Successful people do what they love to do. They do their jobs for the art and joy of it.They would do what they are doing even if they weren't being paid for it. Ask yourself this question What would I choose to work at if I was financially independent and could do anything I wanted How would you change your life if you won a million dollars The great majority of people, if they won a million dollars, would immediately quit their current jobs. If you would quit your current job if you won a million dollars, this is a danger signal. It means that you are in great danger of wasting your career and wasting your life.
Lisa, a thirty-nine-year-old financial planning consultant, works from home. She is very competent and professional in her business dealings. A lot of her energy goes into making her business a success. Lisa's struggle is internal. She has been divorced for seven years and has not had a serious relationship since. She feels sad, disappointed, and angry about her barren personal life. Although she has never had a strong, persistent desire to have children, she wonders whether she has missed her chance. Her business is suffering. 9. Attend National Financial Planning conference. (May 11)
I had always thought that beating the bank was a romantic but ill-con-ceived notion - the stuff of fiction and a sure-fire way of losing even more money. It might be possible in a Graham Greene novel, but never in real life. Memorizing thirty-five decks of cards put a different complexion on things. I don't want to encourage anyone to take up gambling - there are many other ways of making money but my approach to blackjack is a good example of what can be achieved with a trained memory.
More people have become rich using this 20-idea method than any other method of creative thinking ever discovered. All that is necessary for this method to work is for you to practice it regularly in your own life. All that is required is your willingness to use mind-storming regularly, and then to try out the ideas you generate until this process becomes a normal part of your life.
The second intelligence used to measure IQ is mathematical. This is your ability to use numbers skillfully, to add, subtract, divide, and multiply. In business, this is your ability to read financial statements and develop financial projections. The more knowledgeable you are about prices, costs, expenses, and financial ratios, the better decisions you can make, and the more valuable you become. Many people feel that they have no ability for numbers. They therefore avoid any area or activity where financial fluency is necessary for success. This can be fatal if one of your goals is to achieve financial independence. Fortunately, you can learn to understand the critical numbers in your business with a little study and application. As a result, you will be far more competent and capable of making good decisions for the rest of your business life.
The second phase comes after you have learned the critical lessons of phase one. This is the growth phase, where you make great progress and get excellent results.Your business expands, your products and services sell well, your career takes off, and your relationships are at their best.
Making money is a skill, like riding a bicycle or operating a computer. Because it is a skill, it is therefore learnable by anyone who wants to acquire wealth. If in the past you have accepted the false idea that you cannot make or keep all the money you want, it is now time for you to get rid of that idea. It is a false belief. It is time for you to decide to become financially independent.
If your goal is to become wealthy, you have to know how wealth is created. The answer is contained in two words add value. All wealth comes from adding value in some way. All wealth comes from serving and satisfying your customers better than they could be served and satisfied by someone else. Wealth is the result of adding value to them in a way that no one else can match. In your job, you should be looking for ways every day and every week to add value and to become more valuable than you were before. Throughout your career, your main focus must be to constantly seek out ways that you can add value to your boss, to your co-workers, to your customers, to your suppliers, and to everyone else and anyone upon whom you rely for your success. This should become your motto Add value, add value, add value
You may have more than one mentor at the same time, and you may have sequential mentors. This means that as one mentor serves his or her purpose in guiding you, and you evolve and grow in your career, it will often be time to move on to another mentor who is even further along than your first mentor.
Many people have trouble answering both of these questions. They are not sure what their competitive advantage is today, and as a result they have no idea what their competitive advantage will be in the future. If you are in this situation, you are in great danger of underachieving and even failing in your career.
You have a self-concept for how well you do your work, and for how well you do each part of your work. You have a self-concept for how much money you make and how well you save and invest it. This is a critical area. The fact is that you can never earn much more or less than your self-concept level of income. If you want to make more money, you have to change your beliefs about yourself relative to income and money.This is an important part of this book.
It is vital to your success and happiness that you are impeccably honest with everyone you know and deal with, both in your personal life and in your career. There is nothing that will earn you the support of people faster than for you to develop the reputation of being a person of character and integrity. At the same time, there is nothing that will damage your reputation and sabotage your career faster than for you to get the reputation of being the kind of person that others cannot trust or rely on.
Especially when it comes to building wealth, you must be totally honest with yourself. You cannot afford to play games with your own mind if you truly want to be wealthy.You cannot wish and hope and pray that somehow you are going to win the lottery or strike it rich as a result of luck or some remarkable external circumstance.
As the president of your own company, engaged in personal strategic planning for your career, your job is to ensure the highest level of sales of your personal services that you can possibly achieve. This requires that you specialize, differentiate, segment, and concentrate. As the president of your own life and career, you must become absolutely excellent at doing one or two things that the market will pay the most for. You must then become continually better in those one or two areas.
Most self-made millionaires and many self-made billionaires started with nothing and made their money by applying their entrepreneurial intelligence to market opportunities that appeared before them. Bill Gates dropped out of Harvard to start Microsoft with an idea to develop software for the emerging market in personal computers. Michael Dell began assembling personal computers in his dorm room at college.They had high levels of entrepreneurial intelligence. You probably do as well.
In management, there are also seven key result areas. They are (1) planning (2) organizing (3) selecting the right people (4) delegating (5) supervising (6) measuring and (7) reporting, both upward and downward. If you are excellent at every key skill except for one, that one weakness alone will hold you back in your career as a manager.
The Law of Attraction is very powerful in monetary matters. When you save even a small amount of money and put it in a bank account or a carefully chosen mutual fund, you create a certain force field of energy around that money. This energy somehow begins to attract even more money into your life. As your savings and investments grow, the magnetic power of your money grows even stronger. The more money you accumulate, the more money that will be attracted to you, and the more opportunities you will have to accumulate even more. When people say that it takes money to make money, they are right in two special ways. First, your ability to save money and build up a nest egg is a measure of whether you have the ability to earn even more money and whether you can be trusted with money. Second, when you put together even a small amount of money, you will attract opportunities to accumulate an even larger amount.
If you were absolutely guaranteed of success in the achievement of any one goal, big or small, long-term or short-term, what would it be If a billionaire took a liking to you and offered to write you a check to cover any goal that you could clearly define, what one goal would you choose
You think positively and constructively about your career and your future. You recognize that anything that anyone else has done you can do as well. Once you have decided what it is you want to do, you throw your whole heart into doing it in an excellent fashion. And as a result, you become unstoppable.
Over the years, I have worked with many wealthy men and women. I will never forget a billionaire turning to me at the end of a meeting and privately asking me, Is there anything that I can do for you Later, another man, worth more than 500 million, asked me the same question Is there any way that I can help you
If we buy monthly payment would decrease, so have more money to save or invest also would have more privacy and quiet. If we continue to rent won't have moving expenses will pay more in rent, so have less money to save or invest will continue to have little privacy and noisy neighbors 2. remain in condo for another year while saving more money for a down payment -1-
I used to think of integrity as only one of the key values, equal to and separate from the others. Then one day a wise and wealthy man pointed out to me that integrity is really the value that guarantees all the others. Integrity is the foundation value on which all of your other values are based. Having true integrity means that you always live and act consistently with your values. If you lack integrity, you will compromise your other values at the slightest temptation.
What are your core competencies What special talents and abilities do you have that make you valuable and set you apart from others What should your core competencies be, or what could they be in the future What is it that you do in such an excellent fashion that you are worth the kind of money that you want to earn Your answers to these questions are essential to your success in your career.
The word deserve comes from the two Latin words, de which means from and servire which means to serve. Therefore, the word deserve means from service. The people who do the best in our society, with few exceptions, are those who are serving other people better than someone else. Your whole focus in your career should be on serving other people better. Then you will deserve every dollar you earn.
If you had no limitations at all, how would you like to live, day in and day out If you were financially independent, what kind of home would you like to live in What kind of car would you want to drive What kind of life would you like to provide for your family What sort of activities would you like to engage in throughout the week, month, and year
True honesty means that you never expect to get out more than you put in.You never expect to get something for nothing. You don't gamble or buy lottery tickets, which in a way is an act of dishonesty. It is an attempt to get something that you have not earned. The truly honest person never attempts to get rewards without working, or to get rich quick or easy.
It's much easier to bounce back from financial loss or reverses in your career than it is to deal with negative people in your work or personal life. One major negative relationship can be enough to cut off all your chances of achieving your full potential in your career. Choose your relationships with care.
Researchers in the area of neurolinguistic programming (NLP) have examined human behavior for years in an effort to determine why some people seem to attract others (charisma) and build almost instant rapport, whereas others do not. They found that matching the pacing of someone's speech pattern and movements can build trust and acceptance. Some salespeople and therapists have used this technique successfully for years, becoming rich and famous as a result.
Thomas Stanley of the University of Georgia spent more than 30 years studying self-made millionaires. He interviewed thousands of them and compiled his findings into a variety of books, research studies, and reports, including two best-selling books, The Millionaire Next Door and The Millionaire Mind. His research shows that every single kind of person, from every walk of life, has been able to start from nothing and pass the magic million-dollar mark by doing certain things in certain ways, over and over again.
You would think that this would really cut into the person's ability to make a living. But it seems that exactly the opposite happens. All the association presidents I've spoken to found that they made more money, did better in their careers, and made more progress in their field in the year that they took off to work for the association than in any other year of their work lives.
Suppose you are an organization that wants to generate ways to increase the amount of money it donates to community service projects. This problem involves a combination of the words increase and money. For most people, this particular combination would simply mean get more money. Pretty simple. But it doesn't help us think of many ideas.
Begin today to apply the 40 Plus Formula to your work and your career. This formula says that you work 40 hours per week in the United States for survival. If you work only 40 hours per week if you work only the number of hours that are required of you then all you will ever do is survive. You will tread water financially. You will make enough to pay your bills and perhaps a little more besides, but you will never get ahead and you will never be successful.
Red herrings work well when the distracter is something that many people will agree with, or when it seems to be closely related to the issue at hand. In the first instance, you might throw in a comment about how no one likes paying higher taxes or working longer hours. Who would disagree For example, Our new boss does seem to be getting the job done. But, how about those longer hours Are you happy about your new work schedule You have less time with your family and you are not making any more money than before. The speaker here diverted attention away from the good job being done by his boss, and onto the topic of longer working hours.
A woman in one of my seminars some years ago told me that she discovered the magic of early rising. She had found that by going to bed early she could get up at four o'clock in the morning. She could then do the equivalent of a full day's work by seven or eight o'clock, before the average person even got started. In no time at all, she was producing and earning double the amount of her co-workers. She was continually promoted and paid more money because she was getting far more done than anyone else.
If you are serious about becoming financially independent, or even better, becoming a self-made millionaire over the course of your ca reer, here are two facts First, it is definitely possible. Hundreds of thousands of men and women become financially independent each year after having started from nothing. Whatever others have done, within reason, you can do as well. The very fact that someone else has achieved a particular financial goal is proof it is possible for you. The only question is, how badly do you want it
Finally, you may wish to use a separate journey for your career. There's nothing worse than being asked about a dark and distant period in your previous employment and not being able to shed any light on it. Break down your CV into its constituent parts, and translate them into key images. Again, the DOMINIC SYSTEM can be used to make dates more memorable alternatively, you could assign each year to a separate stage.
I play to a strategy not a system. Over the last few years, the face of the compulsive gambler has become an all too familiar sight. I see them with their own 'winning' systems, some of which work for a while, but they never make money in the long term. That is why casinos love them - they are a bread-and-butter source of income. The strategy player is the complete antithesis. I may lose occasionally, but the underlying trend is always upwards.
There is a direct relationship between how much time you invest in thinking about and planning your financial life and how likely you are to become financially independent. According to Dr. Thomas Stanley's interviews with thousands of self-made millionaires, they share a common characteristic they spend far more time thinking about financial matters than the average person.
Do you sometimes find yourself thinking negatively about yourself, about others, or about circumstances Is your focus on what's wrong, on limitations, or on destructive viewpoints Although negative thinking is often detrimental and scorned by many in society today, it is valuable. Negative thinking enables us to define and express our vulnerability, integrate trauma, and grieve the meaningful losses in our lives. It also warns us of imminent danger. Negative thinking cautions us against investing our hard-earned money in fraudulent get-rich-quick schemes, or against diving into deep water when we don't know how to swim. It is necessary in any design process to anticipate flaws in products, services, and projects so that they can be rectified.
As a businessperson, your customer relationships are some of the most important assets that you develop and maintain over the course of your career. Once you have invested the time and energy required to develop a customer relationship, it is essential that you develop a plan for relationship maintenance. You make sure that you are doing whatever is necessary to keep that relationship alive and growing.
Your title, your real job is problem solver. This is what you do all day long. It is this ability that makes you valuable. You are a professional problem solver. Your success in your career is determined by how effectively you solve the problems and achieve the goals of your position.
When you begin thinking of yourself as a personal services corporation, you separate yourself from all those people who think they work for someone else. When you take charge of your career, you begin thinking in terms of personal strategic planning, just like a large business. You begin making plans for the long term. In its simplest terms, strategic planning is aimed at increasing the ratio of outputs to inputs. All of the management practices popular today, such as restructuring, reorganizing, reengineering, and reinventing, are aimed at improving the functioning of the organization so that it earns more money. They are aimed at increasing outputs and rates of return on equity.
Nonetheless, in faith, he wrote down his goal, made a plan, and began working on it every day. This decision activated his mental powers. Because of the Law of Correspondence, the Law of Attraction, and the Law of Subconscious Activity, among others, things began to change for him far faster than he had imagined. He actually achieved his financial goal in only three years. He was out of debt and had 30,000 in the bank. Then he said to me, And today, I'm a millionaire. He said, Six years ago I was a used car salesman, and today I am a millionaire. He was one of the happiest people I've ever met. He said if he had not taken that advice from the seminar and begun saving his money and getting out of debt, he would not have been in a position to take advantage of that opportunity when it came along. He said, Taking your seminar probably saved me 20 years of hard work, and maybe even a lifetime.
Many people are a little bit fuzzy about exactly how mentoring relationships work. A mentor is like an uncle. He or she is an older friend, someone wiser and more experienced than you, who will give you guidance and advice from time to time. A mentor can help you avoid pitfalls that might sidetrack your career or hold you back.
The primary sources of value, the keys to wealth building, are time and knowledge. Your job is to continually increase your knowledge so that the value of what you do becomes greater and greater. Over 400 years ago Francis Bacon said that knowledge is power. But this is only partially true. Only when knowledge is applied to some good purpose is it power. Your job is to gather the knowledge that you need so that you can do your job fast and well.
I have traveled in many countries and met countless highly intelligent and successful people. I have spoken with many millionaires, multimillionaires, and even billionaires. I have worked at the highest level of government with some of the smartest men and women who have ever lived. And the one thing that these people seem to have in common is that they never become impressed by their own intelligence. In fact, the smarter they get, the humbler they become and the less they look upon themselves as experts in any way.
The best way to approach a prospective mentor for the first time is with a short list of key questions for which you need answers to help you to make current decisions in your life and your career. Do not approach a mentor asking personal questions about his or her life and experiences. Busy people are not interested in sharing their innermost experiences and feelings with someone they have never met before.
There are a great many myths about self-made millionaires. If you want to become a self-made millionaire yourself, you must dispel these myths from your own mind. Remember, as the humorist Josh Billings once said, It's not what a man knows that hurts him it's what he knows that isn't true. One myth is that you have to have a great education to become rich. Another myth is that you have to start off with a lot of money. Some people are convinced that financial success depends on getting a lucky break of some kind, like picking a hot stock in the stock market.
Now all three arguments are deductively valid. But are any of them sound First of all consider arguments B and C. Even if we assume that Pl(b) and Pl(c) are true, it does not seem that these are sound arguments, because it does not seem that either P2(b) or P2(c) are true. Perhaps they have some plausibility - since presumably if Sharemasters were highly unsuccessful at making money for its clients, then it would not have grown so big or become so profitable. But these would not be very reliable assumptions to reason in the manner of C, for example, would be like concluding that since McDonald's is the biggest restaurant in the world, it has the best food.
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Among the hardest transitions for individuals is to move from the employee to the entrepreneur mentality. The idea of getting on your own, getting your own business is fantastic. It's the desire of a lot of individuals to leave their jobs and get to be successful business owners.