What’s the hardest thing about becoming a millionaire in 2022 Seriously, like to really accumulate your first million?
Why is it so difficult to reach your first million? I’ve found that most people get very close, but hold themselves back with the wrong set of mentalities. So let’s say that money is top on your list. Let’s also say, like millions of other people, you want to be a millionaire too. What things should you do to increase your chances of joining the coveted millionaire’s club? Let’s unpack this and dig into the subject.
Firstly, don’t start by believing the world owes you something, the world doesn’t owe you anything! Secondly, expect to fail along the way in fact you should welcome it to happen. Don’t be surprised if there are a few bumps on the road before you come across your million-dollar idea. In “The Millionaire Next Door,” award-winning authors Thomas J. Stanley and William D. Danko study how individuals get rich, and their findings are shocking. but hold themselves back with the wrong mentality. It is always better to fail in doing something than to excel at doing nothing. A defective diamond is more valuable than a perfect brick. People who do not fail have very little to gain in the end. Simon Wilby
Do not get distracted by the noise or disruptions of the world around you. Remain laser focused at all costs.
There are generally two types of people. There are the People that do things because they want to make money; The more things they can do, the more money they can earn. What they actually do doesn’t really matter to them — they do anything until it pays off. Some want to make money because they have plans to do many things to better the world and themselves as well as others around them. They want to improve their product. They want to expand their range. They want to make another book, another song, or to another film. They love their income and see making money as a way to do more of what they want, and when they want more Importantly. They have dreams of building a company that does the best possible things for the best possible reasons. While it is certainly possible to find a product or service for you to sell that everyone wants and get rich selling that product, most successful businesses evolve and grow, and as they make money, they reinvest that money in a relentless pursuit of excellence. This group of people that we both admire and admonish has the bigger “why” and generally speaking its the people with the bigger “why’s” that have the proper fuel in the tank to take them from zero to hero in this world. This group of people is relentless and do not quit or give up easily which is one of the most powerful secrets that makes up the DNA of many millionaires.
Listen, whether you believe it or not we all have powerful gifts within us such as the gift of our Joy, the gift of giving, our gift of drive and motivation, our gift of self discipline, our generosity and most Importantly the gift of our love. But what if the real gifts that should be sought out were not actually the positive things that we happen to have already in our lives?
What if our real gifts were cloaked and appeared to us as problems in our lives?
Every single experience in our lives gives us the seed of an opportunity to grow. Even our darkest moments can actually become our greatest gifts.
How many of us have had moments that were so difficult in our lives that we never want to experience again but looking back on those situations maybe 5–10 years later you think “wow I never want to go back and deal with that situation again. But thank God it happened!
That experience made me stronger, it made me care more, it increased my capacity to learn, my resistance to uncomfortable situations and failures, and moreover it gave me focus!” Said Simon Wilby
This is the beating heart of the secrets to becoming a millionaire, when we can start seeing the problems we encounter in business during our pursuit of becoming a millionaire as opportunities instead of problems. When we start to see that every failure is not knocking you down but bringing you one step closer to success. When we remain mentally tough from failure to setback and maintain the same excitement from problem to problem and begin to fall in love with the “problem”. In fact, don’t even consider finding the solution until you first understand the problem and everything about it. That is when our perception changes and we start to unlock our true potential to be great! We then can step in to our greatness.
Moreover, in your pursuit of becoming a millionaire don’t worry or panic about the education part. Income and wealth are two different things: while high income is often associated with your level of education, wealth is the result of the way you manage your money. Most entrepreneurs who make the Forbes list invest their money, how much you earn starting your own business is never comparable to how much you earn when you work for someone else. If you don’t start building your own dreams, there is always someone willing to pay you a meager wage to build their own dreams. Don't settle for anything less than your dreams, punch forward and never stop no matter the obstacles in your path. The downfall that many young scholars fall into is thinking that they are going to be paid great because they graduated with a good degree.
As the old mantra that says, “Go to school, work hard, and then find a good job and a good salary.”
However, this method was sorted out before things like the great education inflation (more on this later), and the World Wide Web with internet e-commerce websites abounding. In fact, studies show that it is important to have a university degree in the world today, so that you have a safety net in your life, but how much you earn depends on many factors other than your degree. In reality, everything depends on if you are scaling up your business properly and your ability to cut through the learning curves of the particular route you have chosen to make your first million.
If you truly want to be a millionaire choose what makes you better than most people suggests Simon Wilby.
Be manic and focus on your single-minded task. Work. Train. Learn. Exercise... Be ruthlessly critical of yourself, but not in a masochistic way, but by making sure you are constantly working to improve every aspect of yourself as a person. Financially successful people can do at least one thing better than everyone around them. (Of course, it helps to choose something that will help people on a large scale however, pick something that the world appreciates because the idea solves a perceived problem for them — and those that it solves the problem for will gladly pay for it. Don’t be afraid to take on a side hustle either. Like a 28-year-old who made a million during the pandemic selling her Excel courses through TikTok for a few hundred dollars.
This perfectly demonstrates the adage “Niches get Riches”. Find an underserved market and provide a service that makes peoples lives easier. Then make it for everyone! I don’t know if you have seen this movie but there is a movie called “Keeping up with the Joneses 2016” it gets its back-story from a saying that originated in comics in the early 20th century and presents a comparison of your peers with your neighbors as a measure of what things need or covet as an upgrade in their lifestyle. The major problems in this adaptation start when the characters begin to start risking their financial well-being to follow what others have as possessions or what they are doing, this is commonly referred to as “keeping up with the Joneses”. These Joneses for all the rage items and acquiring more things pigeon holes people financially as they start to live beyond their means and cannot save money, or invest for their future, or they simply continue to add-on more debt. Then before you know it, your finances are completely out of control if you do this, and for what? Surprisingly, many of us are trying to keep up with the Joneses, and we don’t even realize it.
The secret to becoming a millionaire is to take care of all of your expenses, big and small! One of the easiest ways to reduce your financial growth is to buy bigger homes & expensive cars. You’ve probably heard the term “House Poor” and this is exactly what it means. We are what we think about constantly, so make sure you are reading in your spare time and be consistent in consuming books on a daily basis stay hungry for knowledge.
After talking to more than 1,000 millionaires domestically billionaire Simon Wilby found these incredible secrets. They include the following thought processes:
In short, if you want to be a millionaire, start by changing the way you think about money and success. Like Gandhi said “If you want to change the world we must change ourselves first”. Be the change that you want to see in others. Get ready to change the world! See you at the top. Simon Wilby