Welcome back to episode 25 of the Greatness Project. This episode is about money and some helpful insights on how to become a self-made millionaire.
How to Become a Self-Made Millionaire
In this episode I briefly discuss the idea of impact over income, and how striving to become a self-made millionaire is a worthy pursuit. I also provide 5 insights to help you get on the right track towards becoming a self-made millionaire.
- A Different Perspective On Money
- A Little Backstory on One of My Heroes
- Encouragement to Strive to Become a Self-Made Millionaire
- 5 Researched Backed Insights on How to Become a Self-Made Millionaire
- Bonus Section On How to Become a Millionaire Fast (non-audio at bottom of page).
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HOW TO BECOME A SELF-MADE MILLIONAIRE
Today, I want talk about money! I want to talk about how to become a self-made millionaire!
Why? Because I like money… and I am sure you do too.
DO GOOD, MAKE MONEY, DO MORE GOOD
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! That way I look at it, is make a big impact, get a big income, small impact, 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. I am striving to become one, amongst many other things of course! And while I am not their just yet, I am getting closer.
And I would hope you would 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 MT. CRUSHMORE
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. But 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… but then 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.” #GREATNESS
Yeah, the dude was great! And he certainly inspires 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.
INSIGHTS TO HELP YOU BECOME A SELF-MADE MILLIONAIRE
The 1st self-made millionaire insight
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..)
The 2nd Self-Made Millionaire insight
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
The 3rd Insight to Help You become a self-made millionaire
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.
The 4th Self-Made Millionaire Insight
Be of Service to Others
- If you want to become a millionaire, find a way to serve a million people. What skills or talents do you have, that you can package and offer up to the market? Once you figure this out, launch it, and get started on improving the lives of 1,000,000 people. Do this, and you will become a millionaire.
The 5th Self-made Millionaire Insight
- 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.
BONUS: 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‘ 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.
- 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 learn, the smaller your learning curve will be. And the smaller your learning curve, the sooner you’ll reach millionaire status.
Alright my friends, that’s it for episode 25! I hope it got you thinking…., I hope it encouraged 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.. “If you want to have more, you must become more.”
Till next time my friends….do not relent… keep hammering away at bringing your dreams to life, keep chasing your millions, keep forging your Greatness!