10 Things Nobody Tells You About Being a Millionaire
Tim Sykes here, taking over from Nilus.
When most people fantasize about being a millionaire, they think about the sexy parts.
The hot cars…
The cool house…
Maybe even swimming through a pool of money, Scrooge McDuck-style…
Don’t worry: With time and effort, these things can be yours.
But to get there… you’re going to have to wade through some slightly less glamorous times and put in a lot of hard work.
Here, we’ll talk about some of the truth of the matter.
Allow me to offer a realistic view of some of the things you should anticipate as you begin to work toward your dreams.
The 1st Thing Nobody Tells You:
Yup, right here, right now, I’m going to say it: Becoming a millionaire is simple.
BUT… let me immediately clarify: Simple doesn’t necessarily mean easy.
At the most basic level, making millions is truly a matter of learning a trade, then refining and streamlining it in a way that allows you to make a profit, over and over again, and sticking with it over time.
What makes it difficult is exactly the same as what makes it easy, though.
You have to take the time to learn a trade. There are few things that you can just jump into without a little training.
Then, you have to commit to the work of refining your methods, which requires a lot of patience, effort, and difficult self reflection.
And perhaps hardest of all, you have to stick with it over several years.
You’re not going to become my next Millionaire student by giving up the moment things get hard.
The 2nd Thing Nobody Tells You:
You Don’t Need a Formal Education.
It’s true: you don’t need a designer degree, or any degree at all, to become a millionaire.
Mark Zuckerberg, Ted Turner, and Richard Branson are proof positive that it’s not vital: None of these extremely rich and talented men completed college.
No, this is not to say that college is worthless. If you attended school or are thinking about going back to school, it certainly won’t hinder you from making millions.
But for those of you who think that making millions isn’t possible for you because you don’t have that slip of paper on the wall, I’ve got news: It does NOT mean the difference between millions and mediocrity.
The 3rd Thing Nobody Tells You
You Need to be Willing to Learn.
As noted above, you don’t need a degree to become a millionaire.
But you still have to learn and refine your trade.
There are a number of different ways to master your trade outside of a formal school setting.
A commitment to learning your chosen trade, be it reading this e-letter everyday for inspiration and focus, taking a weekend course, or reading an old-fashioned book, learning is vital to mastering whatever type of business you’ve chosen.
The 4th Thing Nobody Tells You
It Doesn’t Need to Take Decades.
Plenty of potential millionaires shoot themselves in the foot with this silly phrase: “it’s too late for me to become a millionaire.”
It’s simply not true, no matter your age.
You’re unlikely to make millions overnight, but you can become a millionaire faster than you think.
Personally, I netted my first million by my early twenties.
While that’s a great accomplishment, I am not saying that to brag. I’m just saying that with focus and determination, you can make millions in a fairly short amount of time
The 5th Thing Nobody Tells You
You Need to Pinch Pennies.
This isn’t the most glamorous part of becoming a millionaire, I’ll openly admit that.
But if you want to become a millionaire, you need to become savvy about saving.
I know it sounds like no fun, but hear me out.
Say that you’ve decided to be a penny stock trader…
As you begin to earn money, if you save the majority of your earnings, you have more to invest moving forward.
This means that even if you keep on doing the same type of trades, your earnings will become bigger just because you are investing more.
In time, even if you’re saving the majority of what you make, your bottom line is higher and higher.
This means that even while “saving”, eventually you’ll be able to buy the car or the condo without zeroing out your bank account.
The 6th Thing Nobody Tells You
It Can Be Boring.
I probably shouldn’t even tell you this one, but I think it’s important to say.
Like any other job, becoming a millionaire can be boring at times.
There’s a large degree of routine and repetitive work that goes into it, and quite frankly, it can be boring at times.
It’s totally okay if it’s boring at times as the journey to becoming a millionaire IS NOT FUN!
Just focus on the fact that by sticking to your routine of learning, trading, doing research, and improving, you are in fact working toward the goals you so desperately want to attain.
The 7th Thing Nobody Tells You
Millionaires Don’t Just Have One Job.
To become a millionaire, you’ve got to choose one thing to do and stick to it forever, right?
Actually, most millionaires have multiple “jobs” or income sources.
Varied income sources have many different values.
For one, it allows you to diversify. You’re not putting all your eggs in one basket.
For another, it keeps things fresh and interesting because you can wear different hats, sometimes on a same day basis.
The 8th Thing Nobody Tells You
You Will Want to Quit.
I want to tell you this because it’s very important, very universal, and very normal.
You will, at a certain point, want to quit.
This might be for any of the reasons detailed above: The hard work required, the dedication to savings, the need to learn some new things.
At a certain point, or perhaps at many points, you will want to quit.
However, there’s a huge step, which leads right into my next bullet point, which can help to keep you going: develop a network.
The 9th Thing Nobody Tells You:
You need friends.
Now, when I say a network, let me explain what I mean.
First, you need a mentor: This is a guide who can help you along your way.
Second, you need a professional network: This can be your peers, a networking group, or joining a business association.
This group can keep you motivated, inspired, and on track.
Third, you need the support of your family and friends. These are the people who will help keep you going through hard times and support you emotionally along your journey.
The 10th Thing Nobody Tells You:
The Work Never Ends.
Millionaires never really retire.
This is because to become a millionaire, you need a deep inherent hunger inside of you to succeed and to play the game.
This isn’t something that you can necessarily turn off. But quite frankly, millionaires wouldn’t have it any other way.
For a millionaire, retirement sounds like death. Why would they want to turn off their minds and get out of the game?
So know this from the beginning…
If you want to become a millionaire, it’s a lifelong pursuit and it’s NOT just about the money…
It’s about the challenge where you always push yourself to see what else you can accomplish!
The art of becoming a millionaire isn’t all sexy cars and hot supermodels (sorry).
There’s a lot of day to day routine and work that goes into it, and it can be challenging.
Moreover, though, there’s value in anticipating some of the truth about becoming a millionaire.
It will prepare you for the tough times so that you can enjoy the more glamorous parts about being a millionaire!
Hope this helps!
Editor, Penny Stock Millionaires