You may have heard of a success story on how someone became a millionaire. These types of stories get you pumped especially since you’re striving to become wealthy yourself. After each success story you can’t help but wonder: Is becoming wealthy really possible for me?
You weren’t in the top 10% heck even 20% of your graduating class!
Yet deep down you have a passion for reaching financial independence, and you’ve been hustling on the side each evening after your “J.O.B” for what feels like an eternity. You also listen to podcasts from other successful entrepreneurs, and investors who make it seem like it really is possible to achieve financial independence.
You imagine living life on your own terms and eventually convince yourself that you’ll do whatever it takes to reach your financial goals. Days go by and all is well until you stumble upon another successful millionaire story.
This seems like a never ending cycle of doubt that many millennials face, but the reality is that you don’t have to go through this anymore. You’re more than capable of achieving financial independence even if the dean at Harvard disagrees. Millionaires themselves have confessed their proven recipes for success.
Depending on the hard work you put in and discipline you have, financial independence can be achieved sooner than you think.
Good Grades Are Crushing Your Dreams
When you stop and think about it, schools weren’t made for everyone. Sure, if you’re passionate about becoming a professor or a lawyer then you’ll need higher education to help you achieve your career goals. However, what awaits for future entrepreneurs, and students who don’t graduate in the top 10% of their class.
The school system leads these “average grade” students to believe that they won’t experience success. The truth is that success isn’t directly correlated with achieving good grades in school.
In the book the Millionaire Mind, by Thomas Stanley the author interviews dozens of millionaires and discovers that the wealthy account school for the least amount of credit to their success. In fact, creativity was one of the most important factors for their success. Creativity allowed the wealthy to see investment opportunities that most people couldn’t see.
“Every child is an artist. The problem is how to remain an artist once we grow up.” – Pablo Picasso
Creativity should be treated with the same importance as education. It sparks innovation and allows us to have multiple perspectives. Yet, when we are forced into the school’s system for how to think and solve problems our creativity begins to fade away.
Proven Methods Millionaires Use To Build Wealth
It’s wise to learn from the people who’ve already achieved massive financial success. These are people who have accumulated millions by making sound investments and growing multimillion dollar business empires. Unlike the “rich”, the wealthy have millions of dollars saved up and tend to be more frugal with their money.
From The Millionaire Mind by Thomas Stanley, the author notices a trend in dozens of traits that the wealthy acquired to achieve their success. Here are their top 5 traits.
1. Being Honest With Everyone
The wealthy contribute honesty to their success. Having integrity is crucial when interacting with others and building a business that people will invest in.
If you fail to have honesty with others then you’re doomed to fail. Enron who was considered one of America’s most successful companies in its time, eventually collapsed when the CEO was caught falsifying financial statements.
2. Building Great Discipline
When the going was tough the wealthy had discipline. No one was there to encourage them to succeed, they pushed themselves out their comfort zone to become wiser.
They focused on creating powerful habits which ultimately led them to achieve their goals. This allowed them to became productive with their time and ensured they were one step closer to achieving their goals.
3. Getting Along With People
No matter how smart or talented someone is it’s challenging to find success alone. For this reason, the wealthy sought help from mentors who had the level of success they wanted to achieve. Mentors were in the form of books, and actually, people that held the wealthy accountable.
4. Hustle Harder Than Most
If becoming wealthy was easy everyone would have massive amounts of wealth. The wealthy outworked most of the smart people from their schooling days. They failed dozens of time but saw these failures as learning opportunities.
They kept on improving from each failure until they made wise investments decisions, or build successful 6-figure businesses.
5. Having The Guts To Take Risk
Wealthy Millionaires view failure as a learning opportunity, and not as being unsuccessful. If this wasn’t the case then they wouldn’t have reached the level of success they have today. To want massive wealth without risk or failure is a recipe for never accomplishing your goals.
The wealthy have learned to make calculated risks. Through trial and error, the wealthy made investment choices that most people would fear to make. They took the time to become masters in business, real estate, and other financial areas.Financial advisors don’t make most of their financial decisions, the wealthy do. Click To Tweet
Patience Is Key, Not Good Grades
The journey to becoming financial independence isn’t a race, it’s a marathon. This means that you’ll have to think long term and avoid looking for “get-rich-quick” schemes. Start by creating your own personal roadmap to reach the life you desire.
Whether you plan to invest in real estate, start your own business, or invest in the stock market use a proven formula. You don’t have to reinvent the wheel or spend months drafting your strategy to become financially independent. Focus on the areas you excel at and begin accumulating wealth.
Break Down Your Big Goals
Break your big goals into smaller ones. It’s overwhelming to set a goal of reaching a million dollars, but it’s more manageable to break it down to weekly and monthly tasks. I’ve found that using a journal helps to measure your progress and know what needs to be accomplished daily.
To dump all of your ideas from your head you can use a tool called Workflowly. This is a mind mapping tool that makes it easy to organize all of your thoughts.
Be realistic and don’t plan on making your first million in the next 3 years, unless you’ve been hustling hard for the past 10 years. The only way you’ll make a million tomorrow is by winning the lottery, and those chances are slim. Gary Vaynerchuk explains this best by letting people know that they have to hustle hard every week for years before they see any results!
Define Your Dream Lifestyle
If you want to become financially independent you have to tune out the rest of the world that doubts financial independence as a possibility. The majority of people will settle for living a “normal” lifestyle where they will always be in debt and work for someone else. Sometimes you may even feel like you’re alone, but if you search online forums and attend local meetup groups you’ll discover that this isn’t the case.
Decide if you even need to reach a million. Becoming a millionaire is a goal that most people hear growing up, but it doesn’t necessarily define your happiness. Ask yourself the following questions:
- What’s my ideal workplace look like?
- How will I prioritize my family/friends daily?
- How much money do I need to live the lifestyle I want?
It boils down to what your freedom-number is. Set it. Create a plan. Put inconsistent work, and reap the benefits later.
5 Proven Ways To Achieve Financial Independence
Imagine listening to another millionaire story again. You get pumped, but this time you say to yourself: One day I’ll reach financial independence.
All because you’re no longer letting grades define your level of success. You now have a plan to reach financial success and have shifted your mindset to think long-term. You understand that reaching financial independence can be a long journey, but you’ve fallen in love with the process.
Maybe to the ordinary individual, but you’re not ordinary you’re an extraordinary person with goals most people are afraid to dream of. We’ve seen entrepreneurs such as Bill Gates, and Steve Jobs build innovative companies without finishing college. Capitalize on your strengths and work hard until you’ve mastered them.
Focus on the most important traits that millionaires account for their success. Have honesty, build discipline, get along with others, put in the hard work, and take risks.
It’s time to start that business you’ve always wanted, or invest your first $5000 in the stock market. Don’t wait to feel 100% ready because you’ll be disappointed when that day never comes. Wealth is more attainable than you think.
I challenge you to not only define your freedom-number but to actually create a strategy for reaching your financial goal. You don’t have to start alone, download my checklist to use as a starting point. Your financial journey doesn’t start tomorrow it begins today!
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Good luck on your journey to financial freedom!