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HOW TO BECOME A SELF-MADE MILLIONAIRE

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how to become a self made millionaire

Want to know how to become a self-made millionaire? If yes, then you may want to stay awhile.

“Having Money Isn’t Everything, Not Having It Is.” – Kanye West

First of all, let me just say; money isn’t everything.  I understand that.  In fact, I am a big believer in the philosophy, ‘Impact over Income’; meaning, in this life, what matters most, is the impact we have on people during our time on this planet, vs. the income we end up with at the end of our lives.

In consideration of such a philosophy I also think that if we focus on impact, the income will inevitably take care of itself!  The way I look at it is make a big impact, get a big income, make a small impact, reap a small income.

Consequently, I believe in that philosophy and at the same time, I also understand that there is value in money.  While money doesn’t buy happiness, it certainly can enhance it.

So, I am going to tell you all right now, I want to become a millionaire, and I am striving to become one. And while I am not there just yet, I am getting closer. Indeed, the day will come, when I will become one. It is not a matter of if, it is a matter of when.

Related: Millionaire Mantras

With that being said, I hope you are here because you aspire to become a millionaire as well, not just for the sake of becoming one, but because of the good you can do with that money.

A Worthy Goal

One of my heroes, is a man named Andrew Carnegie.  If the name sounds familiar, it’s because he was one of the richest men in America in the late 1800s and early 1900s.   He was a huge success, and was a pioneer in the steel industry.

The biggest reason Andrew stands out in my mind is not because he was uber-successful and uber-rich.   Rather, it is because of the legacy he left.  To put it plainly, Andrew started from having literally nothing. He was dirt poor when he came to America from Scotland, yet he went on to become one of the richest people of his day.

What’s really amazing, is that after becoming one of the richest men in America, he went on to give all his money away for the benefit of society.

Which is why if you were not familiar with the man, the last name should at least sound familiar, because he funded the creation of 1,689 public libraries across the country…libraries that have his name on it till this day, he built Carnegie Hall, Carnegie Mellon University, and the Carnegie Museums.

The dude made an impact!!!!    He made the most of his money… he made the most of his life!

As he says it, “He devoted the first half of his life to acquiring as much money as possible, and he spent the second half of his life…. Giving it all away.”   Hash tag, GREATNESS!!

Related: Best Money Quotes Ever

Yeah, the dude was great!  And he inspired me to want to become wealthy, to become a millionaire.

So, with that being said, if you’re like me, hungry for ways to become more, to become wealthier, hungry for ways to become a millionaire; then you’ll enjoy these 5 simple insights that can help you get on your way to becoming a self-made millionaire.

Here is How to Become a Self-Made Millionaire

Self-Made Millionaire

1. Have Multiple Streams of Income

Did you know, the average millionaire has 7 different streams of income? So, what are those 7 different streams of income?  Here they are:

  • Earned Income – Salary
  • Profit – Business
  • Interest – Savings
  • Dividend Income – Investing in Businesses
  • Rental Income – Renting Out Real Estate Owned
  • Capital Gains – Money acquired from the selling of an asset that has gone up in value, from when you initially bought it.
  • Royalties – Money you get when you let someone use your creations for a price. (technology, brand, music, art, etc..)

Related: Making Money While You Sleep

2.  Focus on The Following Millionaire Success Factors

Millionaire Success Factors:  Now I pulled these success factors from a book called the millionaire mind… by Thomas J. Stanley… it’s great a book, you should definitely read it….

  • Honesty & Self-Discipline are tied
  • Getting Along With People
  • Having a Supportive Spouse
  • Working Harder Than Most People
  • Loving My Career/Business

3. Acquire Millionaire Habits

I read an Investopedia article that mentioned a conversation Grant Cardone had on a 2015 a podcast, where Cardone said, “Every time I get money, I go broke again because I shove it into this real estate thing [Cardone Acquisitions].” He went on to elaborate that “I take these three companies that will probably be destroyed in my lifetime, that I’ve made a ton of money off of, and I take all that money and I park it over here so I am always broke running these three, or I am having to hustle every day to get new money and then I shove it in over here.”

I included this insight… to give you a glimpse of the habit Grant Cardone practiced to accelerate his wealth building in order to become a millionaire.  If you want to learn more about this legend, then you’ll want to check this Grant Cardone Success Story.

4. Be of Service to Others

If you want to become a millionaire, find a way to serve a million people. Yes, it is as simple as that. So start by asking yourself what skills or talents you have, that you can package and offer up to the market.  Once you figure this out, take action, launch it, and get started on improving the lives of 1,000,000 people. 

Do this, and you will become a millionaire.

5. Associate With People Who Want to Win

Start hanging around people who want to be millionaires. And I mean people who are seriously striving to become millionaires, not just people who want to win the lottery and become one.   Or, seek out existing millionaires, and start hanging around with them. 

You become the 5 people you spend most of your time with… and this counts for your net worth as well. And if you can’t find any millionaires to hang out with, then you should at the very least be studying their inspiring stories.

BONUS:  How to Become a Millionaire Fast

How to Become a Millionaire Fast

Here is special bonus section for how to become a self-made millionaire fast.  It is just a few additional tips to help you on your journey of striving to become wealthy.

Here they are:

If you want to become a millionaire fast, it is best that you own and operate your own business.  Entrepreneurship is one of the quickest ways to turn small amounts of cash into a stash!  A great resource to learn how to do this, is to read ‘The Millionaire Fastlane‘ [affiliate link] by MJ DeMarco.  It is full of great money making insights and financial wisdom.

Another great way to become a self-made millionaire on the quick, is to become an innovator.  Start getting creative and create.  If you can create new products, tools, resources, or conveniences for people, people will pay you back in kind.  To be an innovator, you don’t need to own a business necessarily, but you do need to ensure you patent your good ideas.  This is similar to the fourth millionaire insight I included above, but it spells out a little better how you can be of service to others.  Which is, to innovate.

In addition, a really great way to eventually become a self-made millionaire, is to create a content system.  A content system is a system that distributes content in many forms.  Well known content system are newspaper, magazines, books, and a more modern version of content systems are digital media, like blogs and news sites.

Finally, if you really want to know the secret of all the secrets to becoming a millionaire fast, it is this:  To improve your skills.  How do you do this?  by reading books and getting out in the real world and learning.  The more you can read and then take action on what you learned, the smaller your learning curve will be.  And the smaller your learning curve, the sooner you’ll reach millionaire status.

Final Thoughts

Alright friends, that’s it for becoming self-made.  I hope it gets you thinking, and encourages you to want to make more money, to become a self-made millionaire… to have more!

And if it did….then please consider this important admonishment from one of my favorite mentors, which is:

With that being said, do not relent. Keep hammering away at bringing your dreams to life, kill your excuses, and keep chasing your millions.

Till next time,

STRIVE

PS – If you enjoyed this article on how to become a self-made millionaire, then you’ll love this post on Millionaire Habits of the rich.

 

High effort, self-discipline, and fearless action are “my things”.  If you could use a bit more of these life-enhancing attributes, or if you want to be nudged from time to time to start taking action on your goals and dreams, follow me on Twitter.

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