There is an old saying that basically states that we become like the people with whom we spend our time. This can have both a negative and positive angle, and absolutely impacts the choices that we make. There are some people with whom we’re associated and we had no control over how that happened, such as family. You can’t choose your relatives. But you can choose your friends and choose the decisions that influence your life toward the direction that you want it to go.
1. The Million Dollar Influence
That being said, if you want to be a millionaire, the ideal situation is to make friends with one or more millionaires, learn what they did to become a millionaire, and then apply what they did to your own life. Now, if you don’t know any millionaires, don’t lose heart. They aren’t as common as broke people, so meeting up with one might be as likely as winning the lottery. But there is another way to learn what they did in order to get where they are, and many of those ideas are basic enough that it doesn’t require going back to school.
2. You Don’t Have to be Born That Way or Win the Lottery
Not all millionaires are “born into their wealth.” Interestingly, it’s actually even possible to become a millionaire without playing the lottery. Very few millionaires actually became wealthy playing the lottery, and those who do, usually lose their wealth within the first five years because they don’t know what to do once they actually get some money. Millionaires think differently than broke people, and there are some very positive and generous attributes to their thought processes. There are also some very practical ones. So if you can’t find a millionaire to choose to befriend, what’s the next best thing to do?
3. Going From Rags to Riches Requires Patience and Determination
We can also choose our reading material, the material we watch on TV, what we hear on the radio, and a whole host of other influencing factors. Going from “rags to riches” is something that can truly happen. However, it doesn’t typically happen overnight, and there are some tough choices that have to be made. Most of the time, going from rags to riches requires being willing to endure delayed gratification – or doing the stuff we don’t enjoy now in order to have what we will enjoy at a later time.
4. Attacking Your Debt With the Weapon of a Budget
Those who become rich work at getting out of debt and staying out of debt. They create a written monthly budget that helps them to stay on track each month. Initially, that budget will include a plan to pay off credit card debt and other debt, as well as even put some money back in to savings. One place to find some basic information about budgeting is BetterMoneyHabits.com. Interestingly, even billionaires live on a budget. A few notable names include Warren Buffett, Facebook founder Mark Zuckerberg, Aldi Co-founder Karl Albrecht, Ikea founder Ingvar Kamprad, Hobby Lobby founder David Green, and others.
5. The Self-Employed Mindset
Another interesting commonality among millionaires is that they are often self-employed. Microsoft, Apple, Facebook, Ford, Disney, Pixar, and many others were someone’s dream. That dream involved creating a quality product or service that eventually brought improvements to the quality of life for people all over the world. But when they were just getting started, those improvements were limited to their own communities. A healthy business that lasts for decades is going to grow slowly.
Not only are the lives of society improved, but also the less fortunate. Hospitals, scholarship funds, and grant making, as well as organizations that help those with physical or mental disabilities are all ways in which millionaires share their wealth and offer opportunities that help others to succeed. In addition, the products and services that they create also mean that jobs are created for those who are able to work, so society benefits in more ways than one.
The above are just a few of the ways in which millionaires think. Becoming a millionaire is best viewed as a journey to work toward rather than sprint. One financially successful person who likes to share his insights on what to do when you are overextended, broke and can’t figure out how to stretch what you are making far enough to pay the bills is Dave Ramsey. Some great information can be gleaned from his website, and he also has some great reading material that will help you along in your journey of learning how to start thinking like a millionaire so you can become one.