3 Ways to Become a Self-made Millionaire

dr.Gachet

dr.Gachet

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American financier and writer Thomas Corley had studied rich people for five years, including a group of 177 self-made millionaires, and then systematized the knowledge gained. The result of his research became books on habits, thinking, psychology, decision-making, attitude to risk and other characteristics of rich people. Among other things, Corley studied how they earned their fortune. He found that there are three types of people who are literally programmed for success — savers, executives, and entrepreneurs, and the hardest way to build wealth is through entrepreneurship.

The Savers

Savers, the first group of self-made millionaires has accumulated their wealth by saving money and then investing that money prudently. Savers, the first group of self-made millionaires has accumulated their wealth by saving money and then investing that money prudently. Savers avoid the risk, are employed most of their lives, and had a moderate standard of living. On average, a self-made millionaire Saver have a total of $3.4 million, which he accumulated during 32 years. This group includes 22% of self-made millionaires.


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The main Savers’ features:

  • They have relatively modest needs;
  • Over the years, they have set aside at least 20% of income;
  • They receive an average salary;
  • Their incomes exceed expenses;
  • They invested their savings consistently and responsibly.

Being a Saver is the safe path to wealth accumulation, which requires sacrifice, discipline, and attention to detail in order to save, live below their means, and prudently invest.

The Executives

The second group of self-made millionaires, called Executives, had a distinguished career in large, publicly held corporations. Thanks to their hard work, self-improvement, and powerful relationship-building skills, they rose up the ladder in their companies.


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Executives have relatively higher compensation, which includes stock compensation and bonuses. This stock compensation was responsible for generating most of their wealth. It took this group about 25 years to accumulate wealth.

The Entrepreneurs

The third group, Entrepreneurs, accumulated the most wealth, averaging $7.4 million over an average of 12 years. Approximately 51% of the millionaires surveyed by Corley, earned their fortune, realizing their ambitious plans. However, this was the highest risk and hardest path towards building wealth. This was the highest risk and hardest path towards building wealth.


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34% of entrepreneurs failed at least once in business, which took a toll on their lives. It often drained them of their confidence and every setback caused them to wonder if it was all worth it. It took superhuman resilience to survive the entrepreneur's journey.

Thus, there are several completely different ways to wealth. If you do not like risk, this does not mean that you cannot become a rich man. To become a millionaire, it is important to choose one suitable path and keep it constantly. The only common feature of the three ways is time-consuming. In all cases, the wealth accumulation takes a lot of years.




 
Golem

Golem

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10 Ways to Become a Self-Made Millionaire

Having a get-rich-quick idea is not enough for building a well-work business. This goal achieving requires far more than a great idea and making it happen. In fact, much of the success will have nothing to do with money. Your business has to start with the right mindset, skills, cash management, and other good habits. Let's look at most important aspects which are often overlooked by aspiring self-made business millionaires:


1. Develop a business from what you know and love to do.

I often hear aspiring entrepreneurs determined to start their own business just because they don't like working for someone else. These people are unlikely to become self-made millionaires.

You need a business you enjoy doing so much that you wouldn't even call it work. Focus on your passions and find what you really want to do.

2. Think bigger, and begin with a memorable end in mind

Always think bigger by scheduling some uninterrupted thinking time and overtly stepping outside your comfort zone to entertain the impossible. It helps to start by writing down initial goals and objectives, and then reading them with a critical eye for impact.


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"Great" idea of searching the nearest bar via a smart-phone app will not make you rich. Self-made millionaires tend to start with a solution to a painful problem that can change the world.

3. Set goals and take control of your destiny

Every self-made millionaire knows where he is going. Define your strengths and advantages for achieving the goals. You should also have a positive sense of self, and avoid "analysis paralysis" to not be afraid start a business.

4. Maintain a thirst for knowledge

The learning curve for successful business people actually has been shown to go up after formal schooling, rather than flattening.


5. Surround yourselves with like-minded people

Develop relations with like-minded people or who are smarter than you are. Successful businesspeople hire help, rather than helpers. It is much better to put a team of smart people together to solve problems, than make every decisions themselves.


6. Learn listening and asking good questions

Today, listening and asking good questions skills is not high on their priority list. And that's too bad as while you're talking it's hard to learn. Listening tips include staying in the moment, waiting to be asked for advice, and using positive body language.

7. Persevere through failures

Failures are the best learning experiences. Many startups fail simply because the entrepreneur fails to persevere and gives up too soon. Taking a calculated risk implies going that extra mile to evaluate the costs versus reward probabilities before jumping in with both feet.


8. Accept changes and be innovative

Accepting change is an important skill for successful businesspeople -- It's no big secret they have to reinvent their business on a regular basis as the market and technology are changing. Rather than resist every change, figure out what caused it and move forward by creating a solution that capitalizes on the new opportunity.

9. Manage your cash flow personally


Managing cash flow personally is the first rule for a successful business. A lot of entrepreneurs delegate these duties to their staff, who focus only on their own expenses. Self-made millionaires don't forget to pay themselves first, pre-plan purchases, and create an emergency fund.


10. Enjoy the journey as much as the destination.


There's nothing wrong with making money — but it's not enough to make your business to thrive. Of course, the best entrepreneurs enjoy the money that comes with success, but that's secondary to their passion for their work. They live for the problem-solving challenges of growing a business, and enjoy their ability to make the world a better.


 
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investormaiden

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Nice share, maybe can be our base to get more
 

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