In a capitalist economy one can make as much money as they want. However becoming that ultra-rich person starts with the mindset but how you follow up on those ideas matters as well. Millionaires have a set of actions and attitudes that distinguish them from the middle class or that average person.
And here are some of those things that set them apart from such individuals:
1. Millionaires have multiple sources of income
Millionaires prefer having multiple sources of income to increase their wealth. In as much as they have that one job, they probably have income flowing from one of these sources:
They also have the mindset of putting in effort up front but eventually leaving more qualified people in charge so they can move on to the next income-generating project. This in contrast to the middle class who want to take charge of everything; eventually leading to burnout.
2. Millionaires talk about ideas, not things
You will hardly hear millionaires speak about flashy cars or other things that are not of interest to them. These bunch of individuals are creative and tend to spend time thinking about new ideas.
They understand that ideas are the most valuable asset in the world. Millionaires own those car companies whose cars you keep talking about every now and then. In other words, millionaires are producers while the middle class are consumers.
3. Millionaires take calculated risks
Whereas the middle class fear taking risks, millionaires will always strive to move a step further even when they know the risks involved.
They educate themselves before taking risks, and then they consider the consequences of failing. They calculate the intensity of the risk versus the power of the reward.
4. Millionaires pay themselves first
Whilst the Kenyan middle class use their paycheck to pay rent, water and electricity bills in addition to other expenses then spend the remaining cash partying, millionaires take an opposite approach.
They pay themselves first, meaning they immediately take a percentage of their checks and put it in bank accounts, emergency funds and other investments. Then they take the money left over and pay whatever else they need to pay.
6. Shoot for 10 million, not 1 million.
“The single biggest financial mistake I’ve made was not thinking big enough,” writes Cardone. “I encourage you to go for more than a million. There is no shortage of money on this planet, only a shortage of people thinking big enough.”
7. Ditch the steady paycheck.
Rich people are typically self-employed and determine the size of their own paycheck, Siebold writes: “It’s not that there aren’t world-class performers who punch a time clock for a paycheck, but for most this is the slowest path to prosperity, promoted as the safest. The great ones know self-employment is the fastest road to wealth.”
While the world-class continue starting businesses and building fortunes, average people settle for steady paychecks and miss out on the opportunity to accumulate great wealth.
“The masses almost guarantee themselves a life of financial mediocrity by staying in a job with a modest salary and yearly pay raises,” Siebold says.
This Story first appeared in Businessinsider