6 Things Multi-Millionaires Know that You Don’t
While you may think a million bucks will give you freedom financially, it will not. Think about the volatility in economies, financial markets, and governments around the world and you’ll see it’s no longer safe to assume a million dollars will provide you or your family with any true security. Many millionaires don’t feel wealthy today. Many believe they need a surplus of $5 million of investable assets to even begin feeling rich.
I don’t teach people to get rich by a lifetime of saving and pinching pennies. Save $100 a month for 20 years, and you’ll blow that on one big dental problem someday. You need big money to take care of all the expenses in life. I’m all about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these six secrets of multimillionaires—things they know that you were never taught:
1: Treat Success Like a Duty
Multimillionaires are motivated not just by money, but by the need to contribute at a level consistent with their potential. Multimillionaires don’t lower their goals when things get tough. Rather, they raise expectations for themselves because they see the impact they can make with their families, company, community and charities.
2: Surround Yourself with Multimillionaires
I have been studying wealthy people since I was a child. I read their stories and saw all the things they went through. These were my mentors and teachers who inspired me. You can’t learn how to create wealth from someone who doesn’t have it. Who are the people who say, “Money won’t make you happy”? The folks without money. Who says, “All rich people are greedy”? People who wish they were rich. Wealthy people don’t talk like this. You must follow their example: What are they reading? How do they invest? What drives them?
3: No Poverty Thinking
There’s no shortage of cash on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end all poverty thinking. I know because I had to myself. I was raised by a single mother who did everything possible to put my siblings through school and make ends meets. She taught me about scarcity and fear: “Eat all your food; there are people starving,” “Don’t waste anything,” “Money doesn’t grow on trees.” Real wealth isn’t created from this kind of attitude.
Related article: The Scarcity Manual
4: Shift Focus
You want to go from spending to investing. The rich people don’t spend money; they invest. They know the secret that U.S. tax laws favor investing over spending. You buy a house and you are unable to write it off. The rich, however, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style to get around. The rich buy cars for their business that are deductible because they are used to produce revenue.
5: Multiple Flows of Income
Wealthy people don’t 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 before I started investing cash in multifamily real estate. Once my real estate and my consulting business were going well, I went into a third business developing software to help retailers improve the customer experience. The point is I didn’t stop with one good income flow.
6: Work Like a Millionaire
Rich people treat time differently than the masses. I buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they’re not good at or aren’t a productive use of their time. An example of this might be household chores. I don’t have time to wash my car or mow my lawn, I’d rather pay someone a little to do it for me to free up my time so that I can do something more valuable. Never believe that those who hit it big don’t work hard. Financially successful people are driven by their hunt for success and work to the point that they feel they are winning and not just working.
The final thing I want to leave you with is this: Wealthy people wish you were wealthy. It’s a mystery to them why so many people don’t get rich. They know they aren’t special and that wealth is available to anyone who wants to focus and persist with it.
Rich people want others to be rich for two reasons:
1) So you can invest in their products and services
2) They want to hang out with other rich people