million-dollar-bill

5 Habits of Self-Made Millionaires

We cover a lot of topics, from types of office equipment, to ways to save on this expense and that expense, to crazy things you can do with unmanned aircraft.  Today, we’re going all out and talking caviar, private jets, and getting near the realm of hedge funds.  It’s all about how to become a millionaire, taking a look at habits of self-made millionaires.

1. Snowball Your Money

People who end up very, very rich, think of money as material.  It’s not, first and foremost, the gateway to wacky hijinks or to excess.  Instead it’s a tool for building more money.  Millionaires look for the kind of money that allows them to safely do what they want , sums large enough to pass on to the kids, to amount to power and independence.  It’s not about getting just enough money to buy some fun and fine things.

Therefore, millionaires begin putting money away as soon as they can, a bit more aggressively than others, investing in funds more than just opening savings accounts, engaging in more and more risk as the snowball effect kicks in.

2. Ride The Wave of Uncertainty

Steve Siebold, author of How Rich People Think,” says, “Physical, psychological, and emotional comfort is the primary goal of the middle class mindset,” In other words, people with middling incomes who stay that way have comfort and safety as prime goals—they’re not achieving great riches because they are afraid to try, feeling it would be a shame to lose a decent position in life due to a failed business or a bad investement.

The goal of those who become ultra-rich is to do so.  They aren’t attempting to be sure not to suffer in any way, not to have to ride out waves.  Self-made millionaires don’t get there just because they think it’d be fun; rather, they earn it by dealing with great uncertainty.  Yes, they sometimes fail, but they know how to pick themselves up afterward, rather than feeling only the need to regain some certainty.

3. Choose Not to Choose

We’re taught about yin and yang and about making priorities.  If you want to become very rich, you’ll have to sacrifice time with your family.  Or perhaps it’s idealism or part of your soul or peace and quiet, or time for church.  To some extent, this relates to the desire for comfort—the average person wants to be able to comfortably find balance.

Those who go on to be millionaires find a way to accomplish that which others would find impossible—it may involve rushing around, deftly juggling schedules, paying people to do certain tasks, but they do the things other people don’t have the stomach for.

4. Money Isn’t For Money’s Sake

Any good card player will advise to think of the chips as chips not as real money.  Even if you’re at a buddy’s house with actual money on the table, think of what you’re betting as a game piece—if you think of actual cash value, you’ll get too conservative, which can mean making the wrong moves.

Similarly, while self-made millionaires do wish to be very rich, they’re not thinking of the money itself.  As I mentioned above, they think of money as a tool—for freedom, choices, not having to be beholden to others.  For many ultra-rich, money isn’t for many small things like shoes and mp3 players, but fewer big things like voyages around the world, homes, and perhaps that pro sports team they’ve always wanted.

5. Hang Out With Millionaires

Being around other millionaires, of course, encourages networking and opportunities.  But it also gives one the chance to see for themselves the habits I’ve been describing.  It will give one a chance to emulate people in a way that will lead to success.