Do You Have the Millionaire Mindset?

September 09, 2019

A businessman is laughing with money in his hands
William Graham Hare

To become a millionaire, you need to think like a millionaire

So, you want to be a millionaire? Last year there were 250,000 newly minted millionaires in the United States. There are as many paths to becoming a millionaire as there are millionaires. The Internet offers countless programs and boundless opportunities to reach that goal. Financial self-help books take up entire aisles of the bookstore.

But what about the people who have already become millionaires? What are the traits they share? Can you cultivate these traits in your own life and set off on the path to financial success?Let’s look at the millionaire mindset, at the ten key traits shared by millionaires all over the world.

1. It’s all in your head

Confidence is a constant in the millionaire mindset. Millionaires visualize and viscerally believe in their future success. Their confidence is absolute; they just KNOW success will follow their efforts, as sure as night follows day. They adhere to Henry Ford’s motto: “Whether you think you can or think you can’t, you’re right.”

2. Embrace measured risk-taking

British business magnate Richard Branson once observed: “If you opt for a safe life, you will never know what it's like to win.” It’s human nature to play it safe. The millionaire mindset pushes back against our nature, and seeks out measured risks. Jumping off El Capitan in a BASE-jumping suit is not a measured risk. Millionaires carefully analyze risks and strive to plan their business ventures in ways that box those risks. But fear of risk does not paralyze them into inaction.

3. Focus on the forest, not the trees

Millionaires don’t get bogged down by the details. Their focus is always on the big picture. That’s not to say they are oblivious to the details, but rather they don’t get distracted by them. With this mindset, minor setbacks on the road to success are just that – minor. Millionaires keep their eyes on the prize.

4. Change is your friend

Dogs, cats - and most humans - like routine. They find contentment in the daily repetition of life’s tasks. Millionaires are different. They are open to – and even seek out – change in their lives and their ideas. They don’t do things simply because “that’s how this has always been done.” They are constantly thinking “how can this be done better?” Remember the words of George Bernard Shaw: “Those who cannot change their minds cannot change anything.”

5. Play the long game

Millionaires don’t become millionaires by seeking out short term quick wins. A lottery ticket is not a plan. They understand success is a long-term process requiring perseverance and commitment. Neither do they view success as a marathon. Rather, the path to success is a series of many short races, one after the other. If one particular race doesn’t go well, that’s no big deal. There’s another race tomorrow.

6. The money is the effect, not the cause

Steve Jobs once said: “The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.” Millionaires don’t achieve their success thinking only about the money. Who wouldn’t like to have more money? What sets millionaires apart is their bedrock belief that you must be passionate about what you do. If you’re passionate, success will naturally follow.

7. Failure is an opportunity

Most millionaires can point to multiple failures on their path to wealth. They invariably viewed those failures as an opportunity to learn, to get better, to strive even harder. They have all been knocked down. But then they all got right back up again. Inventor James Dyson made over 3,700 failed prototypes - over a period of 15 years - of his now famous cyclonic vacuum. Through all his failures, he never lost hope.

8. “Creativity is intelligence having fun.”

Albert Einstein wrote these words over a century ago. Millionaires everywhere take these words to heart. The millionaire mindset is a creative mindset. They are always thinking outside the box. They look at a traditional business product or process, open their minds, and ask, “Is there a better, or faster, or cheaper, or smarter way to do this?”

9. The glass is always half-full

Millionaires are not pessimists. Pessimism corrodes passion for your work and confidence in your work. A can-do, upbeat attitude inspires those around you, and is key to long-term success. Millionaires live by these famous words from Winston Churchill: “The pessimist sees difficulty in every opportunity. The optimist sees opportunity in every difficulty.”

10. Enough talk

Many people with creative and innovative ideas fail to realize that at some point in the creative process, their great idea has to be acted on. They are paralyzed by the belief that a few more tweaks are needed before their idea is ready for market. Millionaires know when enough is enough, when the time for talking and tweaking has passed. They never forget the immortal words of Zig Ziglar: “You don’t have to be great to start, but you have to start to be great.”

So now you know the key traits of the millionaire mindset. How many of these traits do you already possess? Which traits you can focus on nurturing?

Are you ready to start to be great?

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