Business

What’s Standing Between You and Your First Million?

For the longest time I can remember, I have always wanted to be a millionaire. Heck, I thought that is what everyone wanted. Growing up, noticing how important it was to have money, so as to afford things that make life easier, as they were surely not for free.

It wasn’t until I had a chat with a friend of mine on our way back from school on the bus that we travelled in. After much debate and most of us on the bus agreeing that we desire to become millionaires, this one kid braverly declared that he shared no such interest. At first I was taken aback and to me that sounded uncanny.  I turned to ask him why he would say that and his answer was so simple and profound to me at that time, that, till today I still have flashbacks of the discussion we had. He boldly said he just desires a comfortable life; a life where he has what he needs for him and his family and nothing more.

I thought to myself at the time ” Who the heck wants to be average?” but it wasn’t until I became an adult that I started to understand that life is and should be different for everyone. We should focus our energies and passions on whatever makes us or will make us fulfilled and happy.

With that said, I have not yet achieved my goal of becoming a millionaire but I have not stopped the pursuit and want to share an interesting article I came across that tried to indicate what could be standing between you an your first million; be it Dollars, Rands, Rupees, Pounds? I really don’t agree with some of the aspects maybe because of certain moral standards, which might be the anchor holding me back, but see these 11 pointers originally appearing in the Business Insider and share your view with us:

1. You’re not thinking the right way

As Napoleon Hill discovered in his landmark 1937 book “Think and Grow Rich,” wealthy individuals think differently than the average person. After interviewing 1,200 of the wealthiest individuals in the world, self-made millionaire Steve Siebold agrees with Hill’s findings. They include:

• The rich believe poverty is the root of all evil.
• Selfish can be a virtue.
• They have an action mentality.
• The rich acquire specific knowledge.
• They dream about the future.
• They follow their passion.
• The rich enjoy challenges.
• They use other people’s money.
• Millionaires focus on earning, not saving.
• They know when to take risks.

In short, if you want to become a millionaire, start changing the way you think about money and success.

2. Being too concerned about perfection

Here’s one of the most important and valuable lessons I’ve learned in life — nothing is perfect. The sooner you accept that, the sooner you can move forward, instead of being stuck in one place.

If you’re starting a business, the more time you spend perfecting your product or service, the more time your competitors have to tap into your market and take away potential customers. Don’t hesitate to experiment. Get to market as soon as you can. You can always work out the kinks later while you’re still making a profit.

3. Spending everything you make

You just received a fat six-figure check. It’s tempting to go out and buy a luxury car. The thing is, wealthy people know how to live below their means, as opposed to spending everything that they just made. Many wealthy people, like Warren Buffett, live in modest homes and drive practical cars.

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4. Setting unrealistic expectations

While the wealthy definitely dream big, they also set realistic expectations. They’re well aware that they’re not going to become millionaires overnight. It takes a lot of hard work and patience to achieve their goals.

As any marathon runner will tell you, you can’t expect to run 26 miles without the proper training and conditioning. Review the progress you’ve already made and where you’re headed.

5. Following others blindly

It can be incredibly beneficial to seek mentors or read words of wisdom from those who have struck it rich. The thing is, what worked for them may not work for you. For example, launching a company like Apple or Microsoft may not work today. So, following how Jobs and Gates became successful step-by-step isn’t going to help your subscription-based cleaning service.

Understand what works for you and your business and how you can be successful in that industry.

6. Relying too much on Credit

Credit cards  and loans can be useful if you need to build your credit or invest in your business — as long as you’re smart with how you use them. It’s incredibly easy to get yourself into credit card debt. That means that instead of making wise investments or putting money into your business, you’re busy paying off your credit card bills with those high interest rates.

7. Plan for the long run

The wealthy have a knack for always looking and planning for the future. They know where they want to go and what it will take for them to achieve success. This allows them to anticipate any obstacles and have a plan in place to handle those challenges.

If you are starting a new business venture, you need to have a long-term plan that addresses how to attract and retain clients and customers and outlines how you’re different from the competition.

8. Spending time with the wrong people

The rich don’t waste their time by associating with the wrong crowd. I’m talking about the naysayers and negative people who keep telling you that you can’t achieve your dreams, or the people who are using your success to their advantage.

Instead, the rich spend time with like-minded people who are driven, passionate and are thinking about how amazing their future is going to be. They are always building their brand.

9. Doing everything yourself

Despite wearing multiple hats and being a jack-of-all trades, it’s impossible to do everything on your own. Let’s say that you just launched a startup. You need to hire talented individuals who enhance your strengths and pick-up the slack in your weaker areas.

Learn how to outsource and delegate the tasks that you’re not familiar with or aren’t as strong in. This is one the secrets that entrepreneurs rarely tell you, but it’s essential if you want your business to grow.

10. Not being in the right place at the right time

Whether it’s making an investment or starting a business, timing and location is everything.

Take Ryan Graves, for example. He simply tweeted “hire me : )” to Travis Kalanick in 2010. Graves became Uber’s first employee, then the company’s head of global operations. He’s estimated to have $1.4 billion in equity.

Instead of daydreaming, seize the opportunities that are right in front of you.

11. You don’t believe in yourself.

What’s the biggest thing holding you back from becoming successful? It’s probably the fact that you don’t believe in yourself. Instead of second-guessing every move you make, trust your gut and go with your intuition instead of waiting for insights from those around you.

As Dale Carnegie once said, “Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy.”

11 Points Originally appeared in Business Insider copyright 2016

 

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  1. Robert

    Mixed emotions. Overall truth.

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