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The Millionaire Mindset

Written by: Ann Ronan

Article Overview: Do you have a millionaire mindset? Ok, maybe you don’t want a million or think that’s too high a goal. That’s ok. The purpose of this article is to get you thinking about the way you think about money.

The Millionaire Mindset

"All the breaks you need in life wait within your imagination. Imagination is the workshop of your mind, capable of turning mind energy into accomplishment and wealth." Napoleon Hill, author of Think and Grow Rich

Do you have a millionaire mindset? Ok, maybe you don't want a million or think that's too high a goal. That's ok. The purpose of this article is to get you thinking about the way you think about money.

Here are some facts about millionaires from researcher Thomas Stanley of the Millionaire Next Door and the Millionaire Mind:

Millionaires say that the foundation of their financial success is to be in integrity -being honest with all people; practicing discipline/self-control; having social skills and the ability to get along with people; hard work -more than most people; and a supportive spouse. Well, you might not have the supportive spouse right now, but don't worry, you can control the other four factors and reach financial success.

1/3 of millionaires are business owners or entrepreneurs. They have courage to take financial risk but are not gamblers. The kind of risk they take is related to choices of their occupation or vocation. Being self employed has the risk of no employer backing you up and if you fail to deliver what the market demands, you may be out of business. Just the same, those with millionaire mindsets think it is risky not to be self-employed. And I agree! Being self-employed allows you to be in control of your own destiny. Profits are your own and there is no one stopping you from making as much as you'd like.

Millionaires focus on success, not failure. They practice believing in themselves and persistent attention to their work. The words of Napoleon Hill "Think and Grow Rich" are still true today. They develop an understanding of their strengths and limitations and hire others to do the things they are not best at. They have an abundance of common sense. And here's a key point -they choose work that they love.

Financially independent people have no difficulty focusing on their goals and working at high levels of productivity because they love their work and are excited by it every day. They know their chosen work allows them to fully use their strengths; they get self-esteem from their work and they are absolutely certain that their work will make them financially independent one day. Now, please note that many millionaires had several other jobs before finding their ideal one. And you probably will too. One of my mentors was fired from his first five jobs before finding his passion and fortune in real estate!

The rich find a great idea, often something they are passionate about, they assemble a great team of people, follow advice and hang out with people who are already where they want to be and they never let anyone steal their dream. Most people will scoff at your desire to be financially free because they don't believe they can achieve this for themselves. Don't let them. Don't even tell them. Just surround yourself with those who are already where you want to be and share your dream with only those who you know will support you and see the vision of your dream with you.

If being self employed, working from home and being financially free is your dream, stay tuned for the next article on "Great Home Based Businesses." I'm walking out the door now of Starbucks, where I've worked this afternoon, taking my own advice -I'm on my way to a real estate investors club. I've built a six figure business and am now ready to generate more passive revenue (more on that topic in a later issue), and I've chosen real estate investing as the way to do this. So, I'm on my way to learning new things I have a passion for, putting persistent actions into place, meeting people who are already where I want to be and getting support!

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Article Tags: entrepreneur, millionaire mindset, money, success



Related Forum Posts
Re: Dropped Out Of School To Startup! - Micheal Dell also dropped out of university. I have ordered for a book titled Millionaire Dropouts by Woodward. Read the Synopsis Millionaire Dropouts started as a list who's who of dropouts. Over the years and seven books later it as developed into an extensive list of great men and women who have overcame their obstacles and beat the odds of success. Some of the greatest companies and most profound inventions were founded and invented by people with very little education. How can someone without a degree and sometimes with very little money go onto build empires? It is the age old question, what drives one person to success while another stops at failure? This book list bullet bios of some of the greatest dropouts in history. Millionaire Dropouts will inspire and entertain. Not only are there over 50 biographies there is a master list of over 900 people who have dropped out and gone on to great success. Enjoy this inspiring work and share it with others.
Re: Do Articles For Businesswomen need to be written differently - One of the best books ever written to illustrate this point beautifully, half the book is written in a story style and then the same thing is written again in more of a text book style. The book is The One Minute Millionaire by Mark Victor Hansen and Robert G. Allen. Quite different and I am sure that each half appeals to different people in different ways. MichelleJ
Re: Automatic Millionaire by David Bach - Thanks for all the response. I also find it very informative and inspiring. The Automatic Millionaire is based on sound financial concepts. David Bach persuades readers to eradicate debt, to live economically, and to pay themselves first. However the core of his book is unique: rather than develop determination and self-discipline, Bach says, why not bypass the human element altogether? Why not make your path to wealth automatic? You’ve all heard that you’re supposed to “pay yourself first” but what does this really mean? This idea simply suggests that before you pay your bills, before you pay your taxes, before you pay anything else, you need to set money aside for yourself. This isn’t money to spend, but money to save for the future.
9 Lies that are holding you back - I've picked up this book to assist me with my conversations when coaching business clients and I've found it to be quite enlightening as distinctions are made. The book is titled "9 Lies That are Holding Your Business Back..." by Steve Chandler and Sam Beckford (aka Small Business Millionaire). I'll use this post in two ways: 1. To highlight A Lie 2. To help me internalize the concepts by writing about it in my own terms/understanding so that I can use it in future conversations (yes, I'm feeling a lil selfish and want to take you guys along with the journey) first post to arrive shortly on the First chapter: Lie#1: I Just Need to Know [i:23sag391]How[/i:23sag391] to Do This"
Topics of Interest - There have been some wonderful resources posted in this section. However, I also strongly advise any entreperneur to pick up a few books on personal financial planning; cash flow is key to any business and the best way to start planning good cash flow for your business is to learn some personal financial planning. I have always enjoyed the following: The Millionaire Next Door- Thomas Stanley and William D. Danko Richest Man in Babylon- George S. Clason Rich Dad, Poor Dad- Robert T. Kiyoski and Sharon L. Lichter There are many many more great resources on this topic. These should be read in conjunction with the other resources posted here. Good luck.


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