If you’re looking for some good insights on how to become a self-made millionaire you’ll enjoy this post. But, first things first; becoming a millionaire isn’t everything, nor should it be one’s end-all be-all.
John D. Rockefeller, one of the richest people in modern history once said, “If your only goal is to become rich, you will never achieve it.” Having said that, I am a big believer in the philosophy, ‘Impact over Income’; meaning, in this life, the impact we have on people during our time on this planet, vs. the income we end up with at the end of our lives, is what truly matters.
The great news is, that if you focus on impact, your income and your wealth will inevitably take care of itself! The great business philosopher Jim Rohn said it best, “How do you deserve a fortune? Render fortunes of service.”
With that being said, if you aspire to become a millionaire, not just for the sake of becoming one, but because of the good you can do with the money once you’ve reached this milestone, then keep reading.
A Worthy Goal
One of my heroes, is a man named Andrew Carnegie. If the name sounds familiar, it’s because he was one of the richest men in America in the late 1800s and early 1900s. Carnegie was a pioneer in the steel industry and achieved massive success in his life time.
The biggest reason Andrew stands out in my mind is not because he was uber-successful and uber-rich. Rather, it is because of the legacy he left. To put it plainly, Andrew started from having literally nothing. He was dirt poor when he came to America from Scotland, yet he went on to become one of the richest people of his day.
After becoming one of the richest men in America, he went on to give all his money away for the benefit of society.
If you are not too familiar with the man, the last name should at least sound familiar, because he funded the creation of 1,689 public libraries across the country, libraries that have his name on them even to this day. He also built Carnegie Hall, Carnegie Mellon University, and the Carnegie Museums.
As he says it, “I devoted the first half of my life to acquiring as much money as possible, and I spent the second half of my life…. Giving it all away.” There’s no doubt that Andrew Carnegie made a dent in the universe. He made the most of his money, and he made the most of his life.
Related: Best Money Quotes Ever
Hopefully Carnegie inspires you to want to become wealthy as well, to become a millionaire. Not just to achieve the money, but to possess something that you can choose to do some good with.
So, with that being said, if you’re like me, hungry for ways to become more, to do more, hungry for ways to become a millionaire and leave a legacy; then digest these simple insights below, as they will help you get on your way to becoming a self-made millionaire too.
HOW TO BECOME A SELF MADE MILLIONAIRE
1. Have Multiple Streams of Income
Did you know, the average millionaire typically has at least four of the seven different streams of income? That’s right, according to Tom Corley, author of Rich Habits, Poor Habits, 45% of millionaires have at least 4 streams of income.
So, what are those 7 different streams of income that millionaires typically have? Here they are:
- Earned Income – Salary
- Profit – Business
- Interest – Savings
- Dividend Income – Investing in Businesses
- Rental Income – Renting Out Real Estate Owned
- Capital Gains – Money acquired from the selling of an asset that has gone up in value, from when you initially bought it.
- Royalties – Money you get when you let someone use your creations for a price. (technology, brand, music, art, etc..)
Related: Making Money While You Sleep
2. Improve Your Millionaire Success Factors
Millionaire Success Factors: Now I pulled these success factors from a book called the millionaire mind… by Thomas J. Stanley… it’s great a book, you should definitely read it….
- Honesty & Self-Discipline are tied
- Getting Along With People
- Having a Supportive Spouse
- Working Harder Than Most People
- Loving My Career/Business
3. Acquire Millionaire Habits
Grant Cardone once stated in an interview, “Every time I get money, I go broke again because I shove it into this real estate thing [Cardone Acquisitions].”
He went on to elaborate that “I take these three companies that will probably be destroyed in my lifetime, that I’ve made a ton of money off of, and I take all that money and I park it over here so I am always broke running these three, or I am having to hustle every day to get new money and then I shove it in over here.”
I included this insight to give you a glimpse of the habit Grant Cardone practiced to accelerate his wealth building in order to become a millionaire. As such, it’s a millionaire habit that you may want to adopt. Having said that, this isn’t the only millionaire habit that exits. There are many more and you can find them here.
4. Be of Service to Others
If you want to become a millionaire, find a way to serve a million people. Yes, it is as simple as that. Think about all businesses that exist out there. Just about every single one provides a special service or product that someone needs or wants.
So start by asking yourself what skills or talents you have that you can package and offer up to the market and to the world. Once you figure this out, take action, launch it, and get started on improving the lives of your first 1,000,000 people.
Do this, and you will eventually become a millionaire.
5. Associate With People Who Want to Win
Start hanging around people who want to be millionaires. And I mean people who are seriously striving to become millionaires, not just people who want to win the lottery and become one by chance or luck.
Seek out existing millionaires, high achievers, influencers, etc.. and start hanging around with them. Remember, you become like the five people you spend most of your time with.
“Self selecting groups” is the most important concept almost no one understands. You will unknowingly form your social circle around people who confirm your beliefs instead of truly challenging you. This is a mistake. And social media makes it worse….
— Tai Lopez (@tailopez) October 12, 2022
This rule applies to attitude, ambition, habits, and it especially applies to your net worth. So, get out of your comfort zone, if you’re not an extrovert; become one, and start networking your tail off.
6. Start Your Own Business
Now if you want to become a millionaire fast, it is best that you own and operate your own business. Entrepreneurship is one of the quickest ways to turn small amounts of cash into a stash!
A great resource to learn how to do this, is to read ‘The Millionaire Fastlane‘ by MJ DeMarco. It is full of great money making insights and financial wisdom.
That said, if want to start a business, but don’t have any ideas, then this you’ll want to check out this insightful article for countless business ideas.
7. Innovate Your Way to Millions
Another great way to become a self-made millionaire, is to become an innovator. Start getting creative and create. If you can create new products, tools, resources, or conveniences for people, people will pay you back in kind.
To be an innovator, you don’t need to own a business necessarily, but you do need to ensure you patent your good ideas. This is similar to the millionaire insight I included above, but it spells out a little better how you can be of service to others. Which is, to innovate.
8. Leverage Content Systems
In addition, a really great way to eventually become a self-made millionaire, is to create a content system. A content system is a system that distributes content in many forms.
Well known content systems are things like newspapers, magazines, books, and a more modern version of content systems is digital media. What’s digital media? Well, things like blogs, news sites, and even YouTube or TikTok channels would fall into the category.
That said, content systems are helping to create self-made millionaires for more people than at any time in history. This has especially been the case since web 2.0 and user-generated content was made available to the world.
Now, if you really want to know the secret of all the secrets to becoming a millionaire and how to do it fast, it is this: To improve your knowledge and skills. Just ask Tai Lopez.
The best way to improve your knowledge is by reading books, watching videos, and getting out in the real world and learning. The more you can learn and then take action on what you’ve learned, the smaller your learning curve will be.
Needless to say, the smaller your learning curve, the sooner you’ll be able to reach that coveted millionaire status.
10. Study The Rich and Successful
Last but not least, you’ll want to study the rich and successful. Studying books are vital, but you’ll also want to study the rich and successful yourself.
So, think about who you most want to be like, and research that person. Find out as much as you can about how they got started, what they started with, and what key factor led them to achievement.
And if you don’t have anyone in particular that you want to study, you can also start by studying some of these inspiring stories. You can also paying close attention to their net worths and how they achieved their wealth so you can model them.
You now have a handful of actionable tools for becoming a self-made millionaire. I hope it gets you thinking, and encourages you to want to do more, make more, and have more…so you can eventually give more.
With that being said, do not relent. Keep hammering away at your goals, kill your excuses, and keep chasing your million dollar dreams.
Till you reach your aims,
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