(MP) Everyone wants to be smarter than a fifth grader, but guess what? You don’t have to be smarter – to reach millionaire status — you just have to change your mindset to one that knows how to delegate. Time is one of our most precious commodities, and that’s the one thing you have to remember. It’s a most valuable asset: Not money, not property or things. Maybe people, but more so time. You’re going to have to learn how to manage your time to join the ranks of millionaire status.
If your goal is to make millionaire status
The hours you’ll want to work per week is no more than 30 per week. That equates to easily earning $641.02 per hour. In simple terms, you need to concern yourself with doing work that produces $641.02 every hour that you labor. In other words, studying SEO or Internet Marketing — which you can hire out to professionals for $50 an hour — isn’t the smartest thing to do with your work day. This is probably the wisest advice you’ll ever hear… It can mean the difference between $80,000 per year and $800,000 per year.
Delegate small stuff
As a business owner, entrepreneur or potential millionaire, the only skill you have to master is control of your time. That’s it. You don’t need expert skills in law, taxes, accounting, shipping or productivity. You need to concentrate your thinking on creativity, big ideas, the big picture and leave the little stuff that doesn’t produce money to other people. Am I saying you shouldn’t acquire knowledge or skills in these areas, of course not, but you shouldn’t spend hours on them? Being cheap may work for the established wealthy, but not for up and coming self-made millionaires. This mindset applies to practically every business out there, whether you own a restaurant, stop making food and hire a chef. If you rehabilitate houses, hire a contractor and start concentrating on buying more houses (marketing). Those with millionaire status spend their time learning skills that make millions, like property and company acquisitions, stocks, marketing, and sales. Best of all the shortcuts you’ll get from our “Follow the Money” newsletter will help you target your millionaire mindset.
Those with millionaire status are constantly presenting their ideas and persuading others to buy into them. Good salesmen are oblivious to critics and naysayers. In other words, they don’t take “no” for an answer. Millionaires also have good social skills. The ability to communicate with people is essential to selling your idea. Contrary to the traditional view of salesmen, millionaires cite honesty as an important factor in their success. If you want to be a millionaire, be an honest salesman and polish your social skills.
Read: How to Think Like a Millionaire, one of many inspiring works that helped me on my financial journey – more found below.
Millionaires are always researching and studying trends. There are lots of investment opportunities out there so keep your eyes and ears open, looking for the next long-term growth opportunity. The millionaire mind is looking for long-term returns, investments that will make money over time. Stocks, bonds, real estate and private investments can generate huge opportunities. Millionaires know where to put their money.
You may want that fancy Mercedes Benz, and that big mansion off the beach, but most millionaires live below their means. Sixty-six percent work 43- 60 hour weeks, the other 40% work less than 30 hours. Living the thrifty lifestyle leaves you more money to invest. There’s a lot of temptation to spend money when you get a little. Trust me, again, that’s for established wealth, not for up and coming self-made millionaires.
The principles found below are exhibited by every up and coming self-made millionaire, whether male or female. By changing your mindset to these — you’ll be well on your way to becoming a millionaire:
- Save your money
- Spend less than you earn
- Use your time wisely
- Seek new opportunities
- Invest wisely
- Delegate work
- Be positive, humble and grateful
Think and Grow Rich – Napleon Hill
Increase Your Learning Power – Geoffrey A. Dudley
How to Make a Fortune in Real Estate – Albert Winnikoff
Latest posts by Don Briscoe (see all)
- What Millennials need to know about retirement planning - May 22, 2017
- Job seekers: Don’t forget employers check your credit report - May 18, 2017
- How Your Tax Refund Can Eliminate Your Debt? - April 4, 2017