10 Practices for Becoming a Self-Made Millionaire

10 Practices for Becoming a Self-Made Millionaire

10 Practices for Becoming a Self-Made Millionaire

Here's how you can become a self-made millionaire: Come on! It is easier said than done, right? There is no easy way to earn millions, not even a hundred thousand bucks. It takes a lot of variables. However, there are indeed people who became self-made millionaires by just changing their mindset. Well, if you want to join their party, you could try applying these guidelines.

  1. Drop the million dollar goal

Crazy, you must say. You want to become a millionaire yet you should not think about earning a million ey? What kind of advice is that? There are things that are supposed to motivate you to become a millionaire, but it must not primarily be the money.

A lot of self-made millionaires became one because it just happens that what they are doing actually satisfies their hunger for success, recognition, if not enjoyment. It is not about the money after all.

  1. Avoid being complacent

It is entirely okay to be optimistic, motivated and enthusiastic, but being complacent is another story. So if you start a business tool, make sure that there are upgrades, that it aims not  just to be stable but become much better and customer-friendly over time.

There were rising business giants like Friendster before that fell from the ladder simply because their updates were poor or seldom, according to marketing experts. So never settle with mediocrity and avoid mindset such as "developing this or that further is unnecessary anymore" because updates or upgrades are always necessary.

  1. Practice more despite being already skilled

Even sports' Most Valuable Players (MVPs) need continuous training. There is what we call "reversibility principle" in sports which states that while rest is necessary, extended longer periods of rest would affect the skill of an athlete, and somehow make it less effective the longer resting period gets.

Same thing applies with the skills we use in a business.  If we settle with what we know and do not expand our technical know-hows, we may find ourselves stuck on the same page, if not less competent with the thing we used to do with all smoothness before.

  1. Use past mistakes as an advantage, and failure, a motivation

Mistakes  and failures are inevitable. For instance, JK Rowling's  manuscripts for her novels got rejected a myriad of times before. Other successful people shared the same experience. Even at the summit of success, they still commit mistakes and failures. But they did not let those things stop them from pursuing their goals. How can you reach your destination if you stop moving?

Furthermore, it is not a certainty that mistakes would lead you to success, and it is better to avoid them as much as possible. But coming across with one is not a final determinant that you have to stop there.

  1. You're already doing it: READ more

Well, learning more is a key. The mere fact that you are reading tips here is a sign that you're on the right path already. Just a little push. Who knows, you might find your name on the list of people being written about or being read by others?

  1. Being well pays

Prioritizing your health and general well-being is a must. "Health is wealth," has been a cliched adage. "I know, I know..." you might say, and that there is no need to remind you about this.

Avoiding mental or physical illness takes effort and it is worth being repeatedly mentioned. Don't be complacent about your health for everything will get affected once your health starts to crumble and get burdensome.

  1. Be with the right 'company'

No, it is not the company of business nature that it is being highlighted here. It is rather the kind of people whom you surround yourself with.

Be with kind of people that share your vision if not push you to the limits, individuals who actually motivate you. They, telling you things like "That is all right, here are the alternatives which I recommend." or "Let me help..." are the best kind of company you could think about. And they say this with concrete actions, not just empty platitude.

  1. Help others while helping yourself

Why do you want to be successful to begin with? Chances are you're doing this for your family's sake and loved ones. But you may expand the people you could wholeheartedly help.  Try choosing foundations and charities or try creating one. This is not an obligation, but this could potentially help people achieve their dreams as well.

Don't feel guilty though while you think you are still financially incapable to afford helping more, other than your loved ones. But when opportunity strikes, do not hesitate to reach the hands of those who are in need.

  1. Hard-earned success requires honesty

If you think deceit, manipulation, fraud, and the likes will bring you ahead the competition, you are largely mistaken. These things will get back at you. It may initially put you at an advantage but could eventually ruin your entire gains.

At the same time, genuine pride and inspirational source would never come from them. Would you allow your success to be a mix of dirty tactics? Being transparent to people validates their trust. Making yourself used to such a trait would give you an edge in managing people.

  1. Think ahead of time

Contemplating how your actions today might affect your status in the next couple of years would allow you to calculate realistic goals. For example, how could a single instance of procrastination will affect your ongoing project and consequently your credibility?

Missing deadlines and screwing your priorities might translate not just to financial losses but also to the staining of your image.

Long-term goals go hand in hand with short-term goals. Try to make things more balanced for your own good, and there you might see how time flies towards being a self-made millionaire, not that being one should matter.


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