The Millionaire Mindset – 5 Traits All Millionaires Share
Of course it helps if you pick something to be great at that the world also values--and will pay for. Excellence is its own reward, but excellence also commands higher pay--and greater respect, greater feelings of self-worth, greater fulfillment, a greater sense of achievement How did you pick those 10? How did you determine who was the best? How did you measure their success? If you're an author, it could be Amazon rankings.
If you're a musician, it could be iTunes downloads.
If you're a programmer, it could be the number of people that use your software. If you're a leader, it could be the number of people you train and develop who move on to bigger and better things.
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If you're an online retailer, it could be purchases per visitor, or on-time shipping, or conversion rate Don't just admire successful people. Take a close look at what makes them successful. Then use those criteria to help create your own measures of success. And then We tend to become what we measure, so track your progress at least once a week against your key measures.
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Maybe you'll measure how many people you've helped. Maybe you'll measure how many customers you've served. Maybe you'll evaluate the key steps on your journey to becoming the world's best at one thing. Never forget that achieving a goal is based on creating routines. Say you want to write a page book. That's your goal. Wishing and hoping won't get you to a finished manuscript, but sticking faithfully to your routine ensures you reach your goal.
Or say you want to land new customers through inbound marketing. That's your goal; your routine is to create new content, new videos, new podcasts, new white papers, etc. Stick to that routine and meet your deadlines, and if your content is great, you will land those new customers.
How I Saved $1 million in 5 years
Set goals, create routines that support those goals, and then ruthlessly track your progress. Fix what doesn't work. Improve and repeat what does work. Elon Musk is a perfect example of a wealthy person investing in multiple businesses simultaneously. Solar City feeds the energy demand of Tesla car owners in certain parts of the United States.
Solar City also complements his Tesla Powerwall range of products. Not being one to hedge his bets, he also has SpaceX to fall back on should the worst happen. Diversifying your income sources is smart. The world of e-commerce got off to a shaky start with the dotcom bubble bursting in This resulted in venture capital firms and many early adopters losing their collective shirts to a series of bad investments, based on over optimism and overvalued stocks.
Things have settled down a lot since then, especially thanks to the ongoing success enjoyed by Jeff Bezos and his Amazon empire. The required Internet technologies and market demand caught up with the idea of e-commerce several years ago.
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Online shopping is now an accepted part of modern life. Tens of millions of engaged online shoppers means there are now more opportunities than ever to start an online business. A business capable of earning at least one million dollars within the next five years. An affiliate website, Shopify store, or other online business can make money regardless of whether or not you're awake.
And believe me there's no better feeling than to wake up in the morning, check your online stats, and see that you've made a few hundred bucks while you were asleep. Some e-commerce businesses can be more hands-on, especially if you're creating and selling your own products online. That business model means dealing with customer service queries, shipping queries, and a lot more hand-holding than you might like. So, why not get Amazon to do all the heavy lifting for you instead?
The Amazon FBA Fulfillment by Amazon e-commerce model means you ship your inventory to their fulfillment centers, and they manage everything else after that, including customer service queries. In fact, you can make that much money with nothing more than a handful of profitable affiliate websites, either directly from commissions earned, or by selling off your profitable websites within our 5-year time frame.
It's a good strategy to start any online business with a view to selling it once it becomes profitable.
Get Off on the Right Foot
That's enough money to retire on, earned almost entirely passively, and in less time than it takes to earn a degree in business management. Now, a little over a decade later, e-readers, primarily the Kindle, have caused huge waves in the publishing industry. But the launch of the Kindle not only revolutionized how people read books, but also how books were published.
It took a few years for the KDP platform to gather momentum, but by it was in full swing. The interweb was full of tales of self-published authors striking it rich, including people like Mark Dawson and John Locke. To the outsider it looked like the KDP platform reached saturation point very quickly. Naysayers said that new authors would struggle to make a living, never mind make millions.
Here's a step by step guide on how to self publish a book on Amazon. Then, in November , a guy called Michael Anderle arrived on the scene. He promptly blew apart all those preconceived notions people had about KDP being saturated.
But based on his track record it's a safe bet he's making 6-figures per month from his self-publishing business. He's also coached several previously unknown authors to incredible levels of financial success, many of them on target to earn millions from their self-published books within the next few years. Here's the 20BooksTo50k Facebook group Michael set up for people who want to emulate him:. Not sure what to write or what books sell best on Amazon?
Never fear, the team at K-Lytics have all the market data you could possibly need. You can make a small fortune from publishing on Kindle even if you have no interest in writing novels. Several people, including Michael Anderle, are now acting more like an indie publishing house than an indie author.
There's a finite amount of square footage on our planet, so regardless of current market trends, investing in real estate is one of the safer investments you can make. Basically, the value of property will never, ever reduce to zero. Thousands of investors lost everything during the property crash of However, most of that came about as a result of sub-prime mortgage lenders selling homes to people who couldn't afford them. It was financial suicide for everyone involved. What you never hear about is the wave of millionaires created because of the property market crash.
They bought properties for cents on the dollar, and now own multi-million dollar real estate empires. Rental income is the easier choice to make here if you just want passive income. The issue is that making a million dollars from rental income would involve buying multiple properties.
You'd have to scale to a level that requires you to hire people to manage your properties. The more people you hire, the less positive cash flow you have each month. You could quite easily create a full-time job for yourself, without ever meaning to. Property flipping will take more effort and planning on your part, but your return on investment can be significantly higher. It's only when you look at the numbers that you can see why. A seasoned property flipper looks for a home that's in need of repair, or where the buyer is looking to make a quick sale. You spend six weeks renovating the property, getting it up to code, and ready for a family to move into.
In this example you generated more profit from a 6-week flip than you did with an entire year of rental income. The estimated purchase and resale values mentioned above are also extremely conservative.
How To Make A Million Dollars In The Next Five Years
By the way, real estate flipping shows are one of my guilty pleasures, especially Flipping Vegas. I know most of the drama in these shows is scripted, and almost entirely fake. But there's something very satisfying about watching a rundown property being renovated and flipped for fifty grand in profit. But making money on the stock market isn't nearly as glamorous as the movies make it out to be. It's also not as profitable for the vast majority of investors. You're just as likely to lose some, or all, of your investment capital as you are to bank millions.
It's highly unlikely you're going to hit a home run and walk away with overnight millions. The trick with investing in stocks is not to focus purely on the value of the stock right now, but instead on its future potential value. This is 4x the return you would have made on Apple stock. It's 20x the return you would have achieved with Disney stock. Remember, you're looking for outlier stocks that will outperform the norm.
But your time and effort might be better spent on business models that offer a more immediate return on investment. Investing in stocks can make you a millionaire, it just takes a lot longer to do it that way. We know, we know — cryptocurrency is dead, right? All the people who were going to get rich have made their money, and the crypto market is now saturated.
Except it's not. While everyone is fighting to get their hands on more Bitcoin, the smart crypto investors are quietly making serious amounts of money by other means. And none of them are remortgaging their homes to buy Bitcoin. They don't care about Bitcoin, because that ship has sailed, for now. But there's more than one cryptocurrency, and new ones appearing every day thanks to cryptocurrency startups. This, however, is investment opportunity that may not be around forever. Love your customers. Taking a vacation? Ask yourself how that will affect your customers. Consider how that will affect your customers.
Focus on your customers. Solidify your foundation. Focus on culture. After buying out my partner, our design firm spent the past two years transforming our approach, process, and firm personality. Nearly every group begins with passion--and holding on to that passion is vital to success.