In a special webcast on April 28, 2015, 5 p.m. EST, Grant Cardone will show you how to make millions of dollars for your business using the phone. Register now for this webcast and you could earn gifts for participating.
First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.
While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it’s no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments study of millionaires last year found that 42 percent of them don’t feel wealthy and they would need $7.5 million of investable assets to start feeling rich.
This isn’t a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these seven secrets of multimillionaires.
No. 1: Decide to Be a Multimillionaire
You first have to decide whether you want to be a self-made millionaire. I went from nothing-no money, just ideas and a lot of hard work to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: “I am worth over $100,000,000!”
No. 2: Get Rid of Poverty Thinking
There’s no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meet. Many of the lessons she taught me encouraged a sense of scarcity and fear: “Eat all your food; there are people starving,” “Don’t waste anything,” and “Money doesn’t grow on trees.” Real wealth and abundance aren’t created from such thinking.
No. 3: Treat it Like a Duty
Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistently with my potential. Multimillionaires don’t lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community, and charities.
No. 4: Surround Yourself with Multimillionaires
I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can’t learn how to make money from someone who doesn’t have much. Who says, “Money won’t make you happy”? People without money. Who says, “All rich people are greedy”? People who aren’t rich. Wealthy people don’t talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited?
No. 5: Work Like a Millionaire
Wealthy individuals view time as a valuable asset, an investment that can yield substantial returns. They recognize that every hour represents an opportunity for growth, and they aim to maximize its value. Making 50 an hour (at the least) isn’t just a financial goal; it’s a mindset that often drives them to be efficient, productive, and strategic in their activities. Rich people focus on tasks that align with their expertise and income potential, delegating or outsourcing lower-value tasks. They prioritize activities that generate high returns, such as business ventures, investments, or networking opportunities. They understand the power of compounding, not only in finances but in the accumulation of skills, knowledge, and relationships over time.
No. 6: Shift Focus from Spending to Investing
It is important to invest your money whenever you can. This is simply because, the more you invest, the better you secure your future. In addition, you could be saving money more efficiently in ways you would not have expected. Take a look at the rich. They don’t spend money; they invest. They know that U.S. tax laws favour investing and overspending. You buy a house and can’t write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.
Also keep in mind that investments should be made objectively and should be spread out, like different eggs in a basket. This means that it is a wise decision to not invest all your money in one asset or different ones of the same type. Dabble in a bit of residential real estate and consider buying properties in housing communities like Preserve at Marsh Creek, or in upcoming apartment buildings. You could also extend your real estate investments to commercial properties for leasing or renting until you can resell them for a profit. Put down some money on gold and other precious metals for security. Monitor charts and news to invest in stocks and other money market instruments too. Maintain variety because one failure should not affect another; if one of your assets has sunken, you have others to back you up.
No. 7: Create Multiple Flows of Income
The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience. The cloud-based nature of a real estate software means that you can manage your business from an office or on the road with ease since your data might always be backed up.
Lastly, you may be surprised to learn that wealthy people wish you were wealthy, too. It’s a mystery to them why others don’t get rich. They know they aren’t special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people. Get rich — it’s American.