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Money - December 14, 2021

If You Want to Become a Millionaire, Here’s How You Must Think

You must break away from certain social norms to forge your own path to becoming a millionaire .

If you’ve wondered what it takes to become a millionaire, then this is for you. The truth remains that money-making comes starts from the mind. If you must start pulling in the big bucks you must consciously break away from a lot that you’ve learnt from society. Remember that “normal” never wins a trophy. 

Society has oversold the idea that being young limits how much you can earn, well it’s time to throw that idea in the bin. Looking at the youngest millionaires in Nigeria alone, it’s easy to see that being young is no barrier to how rich you can become. 

The simple and pleasant reality is that we are all capable of getting wealthy in our own unique way, and it is not as difficult as many are led to believe. But first, it’s critical to cultivate a millionaire’s attitude and begin thinking about financial independence as something that has already been achieved – all that’s necessary is the time and concentration required to get there.

Here are a few pointers to help you train your brain in this direction.

Become a Millionaire Tip #1: Picture Your Future

The shockwave of the COVID-19 sent a lot of people into survival mode.  But the dangerous thing about this is, it forces you to remain in the now. If you want to become affluent, you must consider where you need to be in the next five to ten years from now. If you’re not thinking about what your future could and should look like it’ll be near impossible to become a millionaire. 

Become a Millionaire Tip #2: Skip the Drag of Societal Believes

There are several supposed conditions that have been laid down for you to become a millionaire, one of which is that the process must include formal education, a  Ph.D. or Masters in Business.  However, a sizable proportion of the world’s wealthiest people acquired the knowledge to make money without the use of a textbook or by means that had nothing to do with past learning. Despite having degrees in electrical engineering and computer science, Jeff Bezos created a massive online retail firm from his garage and became the world’s wealthiest man. Meanwhile, Steve Jobs was a university dropout who frequently stated that abandoning higher education was one of the finest decisions he had made.

You don’t have to go to school if you want to learn more about business or investment. Buy books, take online classes, and otherwise educate yourself on the skills you’ll need to succeed so you don’t waste time studying stuff you’ll never use.

 

Become a Millionaire Tip #3: Adopt an investment lifestyle

A small fraction of students are taught how to invest as part of their high school or college curriculum, yet we are all taught how to spend. The consumerism lifestyle is pervasive and it persistently promotes the notion that possessing more is a sign of wealth. If you can save up enough money to purchase a Tesla, you must be affluent.

In fact, if you want to be financially independent, you must avoid the desire to spend money on frivolous items at the price of savings and investments. A logical extension of that thinking is to invest any spare cash in stocks, real estate, or anything else that will pay you in the future. The stock market gives an annual return of roughly 10% on average. Even a $500 or $1,000 monthly investment may rapidly develop into large profits, but remember to select stocks that will pay off in the long run, and don’t be afraid to take a small risk. If you chose to invest money that you would have spent at an eatery in a risky stock without worrying about losing it, you will most likely see higher returns.

Become a Millionaire Tip #4: Write your ideas

Purchase a notepad and have it with you at all times. Grab that tiny book and jot down your ideas when waiting on the bus, eating lunch, or wherever and whenever an idea strikes you. Deciding to do so later nearly often implies forgetting about it.  Then, for each concept, explore how you may generate money with it. One possibility is to create a side hustle that will earn enough money to invest in, such as online teaching, freelance graphic design, writing, or photography. An average side job like this generates approximately $200 per month, but with attention and patience, it can quickly rise to $500 and higher. this is a great way to train your brain to think like an entrepreneur.

 

Become a Millionaire Bonus Tip #5: Consider big numbers to be attainable

If you believe N500 million is a lot, then N1 million is probably a lot too. Both are significant, of course, but if we’ve concluded that reaching N500 million is unattainable, it’s far more probable that the same outcome will apply to N1 million. These mental hurdles may then prevent us from earning even N200,000. Believe me, once you break through any invisible barriers you’ve erected for yourself, you’ll begin to notice a difference. If you never believed making N100,000 was conceivable until you broke over the barrier and saw money sitting in an account, suddenly N200,000 doesn’t seem so difficult. Soon, you’ll be in the millions, and you’ll look back and wonder how much you might have earned at the period you didn’t think you could.

Most of the world’s wealthiest people do not attribute their success to a set of talents or techniques. Instead, they’ll probably say it had more to do with the mentality and ideals they decided to prioritise. They realised what most others do not.

You don’t have to have a livable 9-to-5 job to become financially self-sufficient. In fact, that’s one of the worst methods, since you can’t go above and above unless someone higher up agrees to let you. It’s time to take your money into your own hands and begin seeing yourself as someone ready and able to dispel the myth that only a select few are capable of growing in riches.

READ ALSO: 5 African Business Opportunities Making Millionaires in 2020

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