5 steps to becoming a millionaire

You can’t take two steps on the internet without tripping over a new get-rich-quick scheme or the latest mentor promising you fast, easy results. In reality, the path to successful entrepreneurship for most takes time, planning and the right mindset. Inc recently gave a great summary of the new book by Ann Marie Sabath, ‘What Self-Made Millionaires Do That Most People Don’t’. These are the top points we took from the article when it comes to hitting that 7th figure:

1. Think Big, Think Bigger

If you want your idea to bring you the success you’re striving for, it had better be a big one. Most self-made millionaires will find a problem to solve, rather than just running with the first thing that sounds like a good idea. If you can provide a solution to a problem and make life better, easier, more fun or more accessible for people then you may have struck gold. Don’t settle for “impossible” – believe that you can change the world.

2. Look Ahead, Stay in Control

Plan, plan and plan again. If you can’t manage your personal cash flow and provide yourself with some level of predictability then the empire you’re building may come crashing down before you know it. Of course it is important to trust your staff and partners, but don’t let somebody else control your financial future. Build an emergency fund, prepare for the rainy days, pre-plan your purchases.

3. Take Calculated Risks

Calculated is the key word here. Risk can very much equal reward, but without going out of your way to consider the potential outcomes, the probability of those outcomes and the effect those outcomes would have on you and your business, you’re not giving yourself a chance. No risk worth taking will be completely predictable however, and if it doesn’t go to plan despite having done your due diligence, remember that failures are the best opportunities for learning.

4. Be Patient, Enjoy the Ride

There’s nothing wrong with having the end goal of making a million, but that alone won’t get you there. You have the best chance of success if you really live for the work you do and the impact that your work makes. Take your time, enjoy what you do and make an impact that you can be proud of; you’ll find yourself much happier (and likely, richer) for it.

5. Embrace Change

Times and markets change quickly, so you need to keep up. Don’t be afraid to reinvent yourself and your business as the market demands it. Change is inevitable and brings opportunity for those brave enough to embrace that.

Posted In : Financial Planning, Investments, Tips