7 Rules to Becoming a Millionaire
I just read a fantastic article written by Daniel Ally and published on Entrepreneur
So much of what Daniel writes really struck home with me. The paragraph on Explosive Growth in particular reminded me of an enterprise I started in 1995.
The first month we had $2,600 in sales, the next month was $7,000 and the next was $21,000. In a short time, monthly sales were in excess of $300,000. It was truly massive growth and came by serving more and more people.
Daniel also resonated with me about hiring the right people, with the best attitudes and aptitudes in your industry. This is so true and important and by hiring less than that I have often regretted it.
Not only are you in business, you are in business to make money and to help others, your family, friends and associates. Part of everyone’s journey no matter who you are is “the decision”. At some time, you are going to be confronted with the price you need to pay for success.
You are the one who needs to decide if you are willing to pay it or not. There is no way around it, the sooner it’s accepted and you begin paying the price the faster your success will come.
This article really does have 7 keys which will be instrumental in your success or failure.
That’s great news and should excite you. This is a clear roadmap for you to adopt and apply to your business right now. Read on to discover 7 Rules to Becoming a Millionaire.
Imagine if you were a millionaire right now.
In order to achieve this major goal, you must select your tool for wealth and use it to serve a large number people. Whether it’s sports, medicine, or animals, you must find something you can devote your life to and find a way to monetize it.
If your idea is worthwhile, it will cut through competition like a knife through soft cheese. For instance, even with a vast number of bloggers, my articles are still feasted upon by millions of people each month. My secret? Competence and confidence. You need the skills to pay the bills.
The difference between who you are and who you want to be is your competence and confidence.
This means that you are willing to build your skills and confidently apply them to your dreams. For me, it was about sharing practical truths about success. What about you? What will you set out to do and how will you do it?
Before you reach your dreams, there are some mental habits that you’ll want to pick up along the way. Since people ask me about the mindset of being a millionaire, here are Seven Major Rules to Become Massively Rich:
1. Explosive growth.
The typical worker expects a minimal increase in wages every year. In other words, if you made $50,000 this year, the next obvious step would be to aim for $55,000 next year. However, incremental growth won’t make you a millionaire. Instead, you need to aim for explosive growth, like doubling or tripling your income every year.
Explosive growth can only take place when you apply your knowledge. In essence, be eager to learn and challenge yourself. To be a millionaire in the next five years, you must rise above the daily distractions and pay the price. You must first seek to master yourself, then your business. To grow yourself, you must know yourself.
2. Know your daily rate.
One of my clients was profoundly impacted when I told her about her daily rate. As a doctor, she was convinced of the notion that she was only worth $100,000 per year. However, when I told her that she was worth $400 per day, I showed her how she could make the leap to $1,000 per day.
(To get the daily rate, I divided $100,000 into 250 working days to get $400 per day.)
Once she realized that most of her days were filled with unnecessary tasks, she hired an intern. Since the intern was looking to learn from a doctor, the relationship was mutually beneficial.
This helped the doctor save valuable time and money, which multiplied her results. Because this helped her to serve more clients, she now earns over $4,000 per day, which qualifies her as a millionaire.
3. Impact equals income.
If you want to earn one million dollars, you need to help one million people. This means that the larger impact you make, the more money you can take. If you look at the biggest business leaders, you’ll find that many of them have scaled their products and services, which allows them to dramatically reduce their prices and feed the masses.
Like your daily rate, you should find out how many people you impact each day. According to one study, the average person directly reaches about 27 people per day. If this is your number, how can you increase it?
With the internet, you have the ability to make a bigger impact, which will give you a bigger income. To raise your income, raise your impact. Those who reach millions of people will make millions of dollars.
4. Enjoy your wealth.
I’ve seen some money teachers say, “If you stop buying a $5 latte every day, you’ll be a millionaire in no time.” I believe this philosophy is horrendously wrong, because it prohibits you from enjoying your wealth. In other words, the person who does this is saying, “I cannot afford a coffee because one day I can be rich!” Completely illogical.
However, what you should be saying is this: “Since I’ve been blessed to have money, let me enjoy my wealth now. While I enjoy this latte, I can think of other ways to earn money so I can get more of these opportunities.” By fully indulging in the $5 latte, you’re basically saying to the Universe, “More of this please!” If you fully accept this wealthy proposition, your expanding mind will start to produce bigger results.
5. Rule of 100.
People ask me all the time, “How do you get paid to speak?” or “How do you get on or in magazines?” Actually, it’s easy if you consistently challenge yourself to produce the highest and best results. Simply put, if you do 100 of anything, you’ll gain the proficiency to be perceived as an expert. Being perceived as an expert can allow you to charge higher fees for your services.
The key to the “Rule of 100” is to do it within 12 months. For instance, if you read 100 books on a certain subject within 12 months, you would be an expert. If you give 100 speeches in one year, you’ll get paid.
If you write 100 articles in 12 months, you’ll get noticed. If you do 100 heavy workouts, you’ll get in physical shape. The rule of 100 applies to most skill-building activities.
6. Align with experts.
To be a millionaire, you must burn the bridges of mediocrity. This means that you’re ready to erase the average people, places, and things, even if they are family or friends. However, this can only happen when you start to align yourself with experts. When you get closer to industry leaders, these average people will automatically dissipate in your life.
Furthermore, the difference between an amateur and a professional is who they hire. Actually, most amateurs won’t get far because they haven’t hired anyone in the first place! If you want to get to the next level, you have to hire the best attitudes and aptitudes in the industry. When you do, your results will be infinitely rewarding.
7. Create new responsibilities.
The secret to success is to create new responsibilities for yourself. Once you create new responsibilities for yourself, you will then create more responsibilities for others. Since you’re adding jobs to the market place, this is called “wealth creation.” Once a person is employed, you get higher results for yourself and your impact is enlarged.
The millionaire is always creating new responsibilities because they always have new ideas to implement. Once these ideas start to overwhelm them, they find employees who can fulfill the request. People are always ready to handle steady tasks for steady pay. In fact, ten percent of the entrepreneurs in the world create responsibilities for 90 percent of employees in the world.
Now that I’ve taken you through a new world of ideas, you need to put them into practice. Which ones will you use? How will you use them? Once you start applying these rules of success, you will reach the rarefied airs of achievement. When people ask you how you did it, be sure to share this article with them!
If you’re reading this, I congratulate you and hopefully you’re feeling as excited as I found myself after reading it. Very clear, very doable and although, not a guarantee to make you a millionaire, I’m sure you agree; doing the recommended items is going to bring you much closer to your monetary goals and dreams. Simple stuff; 7 Rules to Becoming a Millionaire.
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Love to hear your thoughts in the comments below. I personally answer every comment. See you on the beaches!
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