Tag: Millionaire Mindset

Do you want to have the best life that you ever want? Do you want to achieve something you ever love? But you just keep on missing the target. There is a clear problem that needs direct action.

Most people with unwritten goals cannot easily get to their best. They tend to back out for something that they don’t even know. There is no motivation that keeps them to do something. They are just there for nothing. No clear cut goals. No systematic objectives. Without goals, you cannot move for the best organized actions to achieve your goals.

However, people with goals and commitment to do achieve their goals are more successful friendly people. You can easily find the best of the people getting their life to the fullest because of goal setting. A goal can set your eye on focus. You have something to reach for; a real cut of tasks that you can do.

Goal setting creates accountability. You are accountable to your goal. You have something to hold on. You have something to work for. And in so doing, you exert your ultimate effort to reach these goals. A goal is a motivation that will keep your adrenalin ready for the work ahead.

Even executive business people have their goals. They set a goal to achieve it. It is a form of challenge that they must have. Your goal is your peak; you want to have it at all cost. Setting a goal is an important aspect of learning the mazes of success.

How to set a goal?

A goal is not a superficial matter. It is to be real. You are not expected to head a multi- billion company at once. A goal is an achievable goal. It is very important to have something that you can get. Goals are there to be achieved, not just for the sake of paper.

You don’t set a goal that is in the air. You goal must be measurable. You need to constantly check how near you are to your goal. Measuring your goal is an important matter that you should put in your head. It is important to measure your past actions if they substantiate your goal.

Moreover, a goal must be time- discretion. You cannot set a goal and let it bloom for several years. If you are setting a goal that can be achieved in one year, it is important to put that line there. Do not tarry over something. You’ll never achieve big things.

Follow the system below to set your goal and reach it:

  1. What do you have? Before you set a goal, think what you can and what you don’t have that may matter to the goal. Make use of what you have and reach the absence.
  1. How disciplined you are? Setting a goal is discipline. You need to buckle some belt and keep some hands off.
  1. Why you want there? A goal remains idle if you are not willing to get it. It is important to know the driving force of the goal.

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I’ve been thinking about this for a long long time. What sets apart the difference between a millionaire mindset and middle income mindset?

I can’t help but notice this one of the most important factor that differentiates a person’s sucess – no excuse mindset.

I remembered this example by one of my favourite motivation speakers Adam Khoo. He often talks about these 3 kinds of mindsets.

The first type of person goes like this… When you ask them to start a business or write a book, they will say that they are too tired, don’t have the knowledge, or don’t know where to start. In fact, they will give you all kinds of excuses in the world but they will never attempt to do anything towards it.

The second type of person is someone likes this…

When you asked why isn’t he or she successful? They will say things like “I wasn’t born in a rich family”, “My family isn’t rich enough to give me enough capital to start my own business”, “the economy is in bad shape”, “things are too expensive to build a business”.

These people blame everything else in the world except themselves. Whenever things don’t go according to what they want, they blamed
it on soneone or something else.

Now, what do you think is the third kind of person?

When they set a goal, they would often fight for it. When there is a big problem or obstacle, they will say I’ll take responsible and tackle the problems head on.

You see, this kind of person take responsible for their own results and destiny. They don’t allow themselves to be victim of any situation or problems.

And when you are not a victim of the problems or obstacles, you are in control. And when you are in control, becoming a millionaire is no longer a matter of your circumstances but a matter of strategies and the steps you take.

So ask yourself the following question- what kind of mindset do you have?

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Depending on different stages of your life, becoming a millionaire can be a very different story.

For example, the path to be a millionaire for a 18 year old would be entirely different for a 40 year old.

When you are a 18 year old, you don’t have any liabilities or any “life burdens”. But for a 40 year old, you have children and parents to take care of.

For 18 year old, you don’t have much capital to start a business, but for a 40 year old, you’ll probably have some savings to invest or start a business.

Whether or not how old you are, some of the paths are fixed – For instance, you would need to build passive income. And there are not too many types of passive income you can create.

Before we go into the details what to do at different age, let us first talk about what kind of income are there?

If you look at Wikipedia, US define income into 3 types…

1) Active income

2) Portfolio income

3) Passive income

Portfolio and passive income are quite similar in terms of both kinds of income are passive and doesn’t require you much time to work on it.

But there’s a difference in what you can work on when you talk about these 2 kinds of income.

For portfolio income, the paths to become a millionaire is largely dependable on how much you save and how much are you making.

If you have a great education and work in a high position, then your active income would be large and if you know don’t spend much and put into investment, you can become a millionaire very fast (Largely because of the returns through the stock market but you would need to understand some knowledge behind investing).

However, that doesn’t mean that people who doesn’t have a very good education can’t be a millionaire too.

You would then need to work on other kinds of passive income like

1) Building a business
2) Write a book
3) Residual income – through certain sales job like insurance, real estate (rental), network marketing etc..
4) Online Marketing

We will go through each of them.

Building a business may sound scary to you but if you learn the ropes of a business, it’ll be fulfilling and profitable. You may need some capital of at least $10, 000 (depending what kind of business you go into).

You can sell anything from food, all the way to B2B like setting up a outsourcing services for other companies. The ideas are unlimited.

The key here behind building a business is ultimately getting sales – you would need tons of sales to growth your business.

Writing a book – This may be daunting for some of you because writing a book is a long process and how do you get it publish? Do you know that it’ll take a long time for you to make money from royalties from your book? It ultimately depends on the sales of your books in the local bookstores.

You would also need a publisher who is willing to publish your book or you can publish the book yourself.

Residual income – Residual income from insurance is a good source of how you can actually become a millionaire. This is a sales job and you may need to do a lot of cold calls, presentation as well as selling before you can make a lot of money in the insurance line.

Online Marketing – Due to the fact that in today’s fast pace technology, internet has become a “real world” where people can connect with each other, you are able to tap onto this entire marketplace at the lowest cost ever. There are many ways where you can make money online and the thing is many people have become millionaire within a short period of 2-3 years online.

In fact, this is the best way where you can start a business. The cost is low and there are many ways for you to brand and market your website.

Now after you have read these 4 ways to build your passive income, what do you think they have in common?

If you read closely and think for a moment,

it’s all about making SALES passively…

And it is the kind of passive income you want to learn and want to build. We are going to hold a survey soon and if you can participate in the survey at the right of this sidebar. This is to help us to find out which kind of passive income would you like to find out about.

Your assignment for you to become a millionaire is think about what kind of passive income you want to build.

Next, do you have the millionaire mindset? Click here to read more about millionaire mindset.

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Becoming a millionaire at the age of 26 is my goal which I’ve set when I was at the age of 19.

In fact, I was so determined to reach my goal that I’ve decided that the only way to do that is to build a business.

Is that the only way to be a millionaire?

Now at the age of 24, as I’ve looked back at it, I’ve a complete different mindset to become a millionaire. I’m still far from my goal but I think I have the means and capabilities to reach it soon.

The first step to become a millionaire is by understand this concept:

The difference between active and passive income.

Active income – When we talk about active income, it’s all about exchanging our time for money. Most people that have a job and getting a paycheck for the time spent is considered an active income.

If you are capable, you can probably make 10k, 20k or even 50k every month, depending on what kind of job you have and what you are responsible for.

Unfortunately, not many people can make this kind of money because there are just too many capable people who can accept a job with a lesser pay. This is essentially a supply and demand game.

Most people averaged around $2, 000-$5, 000 every month. If you do the calculations, assuming you can save around $3, 000 every month, you can only have $36, 000 at the end of a year.

And it would take you 27 years for you to save $1, 000, 000. What a long journey…

Most people don’t become a millionaire simply because it’s a tough journey. Why do you want to save so much after working so hard everyday? You want to enjoy too right?

So they usually spend a lot too!

For those who make 10k, 20k, or even 50k a month, they may spend and enjoy themselves so much that they don’t save that much every month.

You can see that if you are going to follow this path of working for someone and getting a job, then your only way to become a millionaire is by saving.

The more you can save, the more likely you’ll become a millionaire…

And it usually takes a long long time…

Passive income – According to Wikipedia, it is an income received on a regular basis, with little effort required to maintain it.

Passive income is completely different from active income in the sense that it doesn’t exchange your time with the money you make. Instead, you are building an ‘asset’ that exchanges with money.

Some people think that passive income is derived from a source which requires no work to generate your income, but this can be misleading and the only passive income that falls under this definition would only be investing.

In order to have some meaningful purpose behind passive income, I would define working on passive income is like building an asset that can generate income automatically in the future.

For example, you build a business that can bring in automated income in the future. It may require you to work 24/7 to get your business running, but once it is automated, you don’t have to care too much about it.

Even you build a poor business that can bring you $1, 000 a month later on (passive and automated), it still can make a lot of difference to your income later on. To make $1, 000, maybe you would need to spend 3 months to do so. But after the 3 months, you don’t have to touch the business at all.

So you simply have $1, 000 residual income every month to add to your savings without the need to spend your time on it.

You can then spend your time working on another business which is going to make you another $1, 000 every month.

After one year, you will have 4 business that will bring you a total of $4, 000 of passive income every month.

And you don’t have to spend much time on it. How good is that?

If you truly understand this concept, you will move towards the direction of creating passive income instead of sticking to your job and working on your active income.

And that’s what we are going to talk about in the next section!

Click here to read How To Become A Millionaire – Step 2

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