Seven Secrets of Self-Made Multimillionaires

First, understand that you no longer want to be just a
millionaire. You want to become a multimillionaire.
While you may think a million dollars will give you
financial security, it will not. Given the volatility in
economies, governments and financial markets around
the world, it's no longer safe to assume a million dollars
will provide you and your family with true security. In
fact, a Fidelity Investments' study of millionaires last
year found that 42 percent of them don't feel wealthy
and they would need $7.5 million of investable assets to
start feeling rich.
This isn't a how-to on the accumulation of wealth from a
lifetime of saving and pinching pennies. This is about
generating multimillion-dollar wealth and enjoying it
during the creation process. To get started, consider
these seven secrets of multimillionaires.
No. 1: Decide to Be a Multimillionaire -- You first have
to decide you want to be a self-made millionaire. I went
from nothing—no money, just ideas and a lot of hard
work—to create a net worth that probably cannot be
destroyed in my lifetime. The first step was making a
decision and setting a target. Every day for years, I
wrote down this statement: "I am worth over
$100,000,000!"
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No. 2: Get Rid of Poverty Thinking -- There's no
shortage of money on planet Earth, only a shortage of
people who think correctly about it. To become a
millionaire from scratch, you must end the poverty
thinking. I know because I had to. I was raised by a
single mother who did everything possible to put three
boys through school and make ends meets. Many of the
lessons she taught me encouraged a sense of scarcity
and fear: "Eat all your food; there are people starving,"
"Don't waste anything," "Money doesn't grow on trees."
Real wealth and abundance aren't created from such
thinking.
No. 3: Treat it Like a Duty -- Self-made multimillionaires
are motivated not just by money, but by a need for the
marketplace to validate their contributions. While I have
always wanted wealth, I was driven more by my need to
contribute consistent with my potential. Multimillionaires
don't lower their targets when things get tough. Rather,
they raise expectations for themselves because they see
the difference they can make with their families,
company, community and charities.
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No. 4: Surround Yourself with Multimillionaires -- I
have been studying wealthy people since I was 10 years
old. I read their stories and see what they went through.
These are my mentors and teachers who inspire me.
You can't learn how to make money from someone who
doesn't have much. Who says, "Money won't make you
happy"? People without money. Who says, "All rich
people are greedy"? People who aren't rich. Wealthy
people don't talk like that. You need to know what people
are doing to create wealth and follow their example:
What do they read? How do they invest? What drives
them? How do they stay motivated and excited?
No. 5: Work Like a Millionaire -- Rich people treat time
differently. They buy it, while poor people sell it. The
wealthy know time is more valuable than money itself,
so they hire people for things they're not good at or
aren't a productive use of their time, such as household
chores. But don't kid yourself that those who hit it big
don't work hard. Financially successful people are
consumed by their hunt for success and work to the
point that they feel they are winning and not just
working.
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No. 6: Shift Focus from Spending to Investing -- The
rich don't spend money; they invest. They know the U.S.
tax laws favor investing over spending. You buy a house
and can't write it off. The rich, in contrast, buy an
apartment building that produces cash flow , appreciates
and offers write-offs year after year. You buy cars for
comfort and style. The rich buy cars for their company
that are deductible because they are used to produce
revenue.
No. 7: Create Multiple Flows of Income -- The really
rich never depend on one flow of income but instead
create a number of revenue streams. My first business
had been generating a seven-figure income for years
when I started investing cash in multifamily real estate.
Once my real estate and my consulting business were
churning, I went into a third business developing
software to help retailers improve the customer
experience.
Lastly, you may be surprised to learn that wealthy
people wish you were wealthy, too. It's a mystery to
them why others don't get rich. They know they aren't
special and that wealth is available to anyone who wants
to focus and persist. Rich people want others to be rich
for two reasons: first, so you can buy their products and
services, and second, because they want to hang out
with other rich people. Get rich -- it's American.
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