So you want to be a millionaire?
Here are 5 unique millionaire mindsets that can inspire you to live more boldly and earn more money.
This article was written by a Financial Horse Contributor.
1. Let it go
Understand that things come and go in life.
Sometimes they stay, and other times they leave.
By letting things come and go, you let things flow.
If you’re always forcing things, and not embracing change, it is difficult to capitalize on money making opportunities when they knock on your door.
The path to building wealth is rarely linear.
There will be highs and lows.
If you can take things in your stride, and roll with the punches, you’ll find that you can overcome obstacles easier.
By keeping an open mind, you are also opening yourself up to new opportunities and new ideas which will help your career and finances.
2. Trust your gut
According to research by Laura Huang, a Wharton management professor, gut feel plays an important role in decision making by early-stage angel investors.
In the entrepreneurial context, investors are very willing to be wrong. In fact, they know that they will be wrong on a lot of their investments.
When they rely on their gut feel, they might be wrong on a lot of different investments, but they’re going to more likely be able to pinpoint that home run.
Gut feel is honed by experience. They are basing their decisions on a lot of experience, and making an educated guess.
Huang also provides this valuable insight:
“Some people go with their brain and some people decide to go with their heart, and before you decide whether to go with your brain or your heart, you should decide whether you have a better heart or you have a better brain.”
3. Be bold and embrace change
Millionaires don’t shy away from change.
They know that new experiences will unlock new opportunities.
By broadening your view, you will broaden your mind.
According to the ‘Henley Global Citizens Report’, wealthy investors are on the move again, with 88,000 millionaires expected to move by the end of 2022.
“Affluent individuals are extremely mobile and their movements can provide an early warning signal into future country trends,” he said.
4. Seek out success
Millionaires seek out other successful people.
Thomas Corley, the author of Rich Habits: The Daily Success Habits of Wealthy Individuals, noticed an interesting trend among the 177 self-made millionaires he studied.
This was the conscious effort they put into the relationships they built and, in particular, the friendships they sought out and nurtured.
According to Corley, wealthy people think a lot about their friendships.
In fact, before they even became wealthy, the millionaires in his study “made an intentional, conscious effort to only forge relationships with individuals they aspired to be: other rich and successful people.”
Join FH’s investing community to connect with other like-minded investors!
BTW – we share commentary on Singapore Investments every week, so do join our Telegram Channel (or Telegram Group), Facebook and Instagram to stay up to date!
I also share great tips on Twitter.
Don’t forget to sign up for our free weekly newsletter too!
5. Create value
Millionaires understand how money works.
Money is the byproduct of value creation.
If you’re creating value, society will reward you for it.
As Elon Musk says: “You get paid in direct proportion to the difficulty of problems you solve.”
“Decision-making is everything. In fact, someone who makes decisions right 80 percent of the time instead of 70 percent of the time will be valued and compensated in the market hundreds of times more.
I think people have a hard time understanding a fundamental fact of leverage. If I manage $1 billion and I’m right 10 percent more often than somebody else, my decision-making creates $100 million worth of value on a judgment call.
With modern technology and large workforces and capital, our decisions are leveraged more and more.” Naval Ravikant