Multimillionaire Secrets - Breakdown

I previously published a guest post from Nick from Step Away From The Mall Blog on the 7 secrets of self-made millionaires. Here follows my analysis of his post.

  1. Decide to Be a Multimillionaire: I believe this to be the most important step to becoming a millionaire and I believe that it is no coincidence that it is first on the list. Very few multimillionaires find it falls on their lap. Even those playing the lottery have decided that they want to be a multimillionaire or else they wouldn't have bothered buying a ticket. This step is more than just buying a lottery ticket and hoping. Instead your focus should be on the goal and you should believe yourself capable of achieving it.
  2. Get Rid of Poverty Thinking: Poverty thinking for me is having negative thoughts about yourself, believing that you don't have the ability to make a fortune. Just because someone else has had ideas to make a lot of money in the past does not exclude you from having your own ideas now to make a fortune. To use an economics term, becoming a multimillionaire is not a "zero-sum game", that is, one person's gain to not equate to another person's loss.
  3. Treat it Like a Duty: Money is not the root of all evil, however greed can be a dangerous vice. Money should be a means to an end, not the end in itself. Nick told us "Don't be motivated just by money but by something bigger". He asks us what our reasons are for becoming a multimillionaire. I would go one step further and ask you to write it down. Look at your list of reasons each day once you get up. Have the bigger picture in mind. 
  4. Surround Yourself with Multimillionaires: Nick reminds us of the theory that "you'll make within 20% of your 5 closest friends". We can learn from our friends and together we can all grow in wealth, knowledge and friendship. I am not advocating that you get rid of your current friends and only look for rich friends. Instead I urge you to take a look at your close friends. Would they be supportive of your goals or would they challenge you and make the road to becoming a multimillionaire a bumpy one? If it is the latter you will have to learn to ignore the sorts of comments that could deter you from your goals. Educate yourself about the lives of those who have become multimillionaires before. These will be your mentors. Allow their advise to guide you.
  5. Work Like a Millionaire: Nick quotes that, "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, such as household chores."  Delegation is the key. You need time to see your family and friends. However, when it comes to work all your energies should be focused towards completing the tasks of the day.
  6. Shift Focus from Spending to Investing: CashFLOW is King. You need to create multiple income streams from things like Dividends, profits from a business and Rental income etc. The idea is to stop working for your money and get your money working for you. It's such a simple idea and yet it is absolutely crucial to becoming a multimillionaire.
  7. Create Multiple Flows of Income: Essentially this is much like tip 6 except that it emphasises diversity (this is a topic that I will cover in the future as I believe it to be a very important one). There's a reason why there's an old saying, "don't put all your eggs in one basket". You two should follow this advise and have multiple income streams. 
Do you think we can add anything to this list?

Once again a big thank you to Nick at Step Away From The Mall Blog for allowing me the chance to post his article on my blog.

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