You might believe $1 million will provide you with monetary freedom, it won’t. Considering the fickleness in marketplace, federal governments and monetary markets worldwide, it is not safe to presume $1 million can supply you with real security. A Fidelity Investments’ research study of the rich discovered that 42% of them do not feel rich and they require $7.5m of disposable funds to feel rich. So, you do not want to be just a millionaire, you want to be a multimillionaire.
This article is not about how to get rich, but rather, it is about the process and enjoying the process of creating the multimillion-dollar wealth.
1. Decide to Be a Multimillionaire
First, you must decide that you want to become a multimillionaire and then set a target. Write this statement everyday: “I am worth $100 million!”
2. Eliminate Poverty Thinking
There is no lack of money in the world, just a lack of individuals who believe it. To end up being a multimillionaire, you have to remove poverty thinking. Your parents may have brought you up instilling in you a sense of fear and scarcity. Genuine abundance and wealth are not created from such notion.
3. Make it an Obligation
Multimillionaires are encouraged not simply by cash, however, more so by the society to appreciate their potential and their contributions. Multimillionaires do not lower their goals when things get difficult. Instead, they raise their standards because they know they can make a difference with their families, company, community and charities.
4. Surround Yourself with Multimillionaires
You cannot learn how to make money from people who don’t have much. Individuals who have no money say, “Money doesn’t buy you happiness.” Rich people don’t say things like that. You must study what multimillionaires do to create wealth and learn from them: What do they read? How do they invest? What inspires them? How do they stay motivated?
5. Work Like a Multimillionaire
Multimillionaires view time in a different perspective. They understand time is more important than cash, so they buy it, while poor people sell it. They employ individuals for tasks that they are not excellent at or are not an efficient usage of their time, such as house chores. But don’t assume those who are successful don’t work hard. Successful individuals are constantly working to a stage that they feel satisfaction and fulfilment and not just working.
6. Shift Focus from Spending to Investing
Multimillionaires do not spend money, they invest. You buy a house but cannot write it off, they buy a building that yields cashflow, appreciates and written off every year. You buy cars for style, they buy cars for their company that are deductible because they are used to yield income.
7. Develop Multiple Streams of Income
Multimillionaires do not depend upon a single source of income, rather, they develop a variety of income streams.
You might be shocked to discover that multimillionaires want you to be rich, too. It actually puzzles them why other people don’t get rich. They think of themselves as very ordinary and money is readily available to anybody who wants, focus, and works hard. And finally, multimillionaires want other people to be rich simply for 2 reasons: one, so you can purchase their products and services, and two, because they want to hang out with other rich people too.