Day 11: I am a Millionaire. The List

Welcome to Day 11.

Before I move I want to give you a quick break down of the key themes I identified in my ‘How to become a Millionaire’ search.

Visions, goals, plans etc
This pretty much tops mosts lists, blogs, advice sheets etc. You must have a vision for being a millionaire. There is a lot of advice around goals and goal support like affirmations and visualisations (see Mindset).

When I work with a client I always ask, “What is your vision for <blank>?” The answer – or the lack of clarity should I say – usually shouts volumes. So what is your vision for being a millionaire?

Money management guidelines
Typically they includes:

  • Increasing income
  • Multiple streams of income
  • Spending less
  • Reducing credit card debt
  • Saving (automated and enforced saving programmes i.e., ISAs, pension schemes)
  • Investing

If you haven’t read the #1 best selling book, The Money Chimp I suggest you do so. It’s available on Amazon in paperback and Kindle worldwide. I hate to say it but if you spend more than you earn you will not become a millionaire. If you cannot control credit card spending and debt – and Brits owe £186BN on credit cards (2017) – you are not on track to being a millionaire.

You might have a high desire to be wealthy but your money habits will not normally support that outcome. By the way, there is absolutely NO support for the idea of fake it trill you make it in the sense of pretending you are wealthy but maxing out your credit cards. I know a couple who are doing just that and they cannot see that they are on a path to financial woes.

I worked with a couple who had racked up £41,000 on their credit cards pretending they were financial successful.

There’s a lot of research that supports the idea that millionaires are in the main are careful and prudent with money if not frugal.

Knowledge and skills
This segments into two parts.

1) Increase your knowledge and skills, for example, do an investing course. A mate did a Fourex course, another an internet marketing course and through diligence, application and careful planning they are making gains.*

2) Apply the knowledge and skills you have right now. Helen has spent a lifetime trying not straighten her frizzy hair. She discovered a way straighten her hair and found products on Alibaba, did the Fulfilled By Amazon course and now sells hair products on line. She makes about £16,000 a week (but obviously her nett is less after costs etc). The point is rather than copy someone else, she focused on what she already knew. The skill she needed to pick up was online marketing skills and procedures. Through trial and error she has created a process that its generating money.

Sometimes you are too close to your own value. “I thought all girls knew how to straighten their hair and didn’t really see this as an asset.”

What skills and knowledge are you sitting on or taking for granted?

Mindset
There is a LOT on mindset – self belief, positive thinking, fixed and growth mindset (Dweck), being passionate, being tenacious etc. I have a lot to say about this later from a clinical perspective, so stay tuned.

Association/community
The advice here is simple: hangout with millionaires! The real story however is not hanging out with millionaires but like minded people.

I do a lot of training through out the UK, Australia and the US and I meet people from all walks of life. Have you ever watch Life on Benefits? The number one factor that jumps out at me is the people blame their circumstances for why they are broke and third generation benefit recipients. “I am broke because my parents were always broke.” I have also worked with young successful entrepreneurs who say, “I am successful because my parents were always broke.”

I once ran a money management course for a local church and I noticed that the people whom leveraged that course had breakthroughs after they put some distance between themselves and people who were hell bent on making sure they didn’t succeed.

My big observation is people start to do better when they associate with likeminded people – people on the same emotional journey.

With that in mind I have created a closed WhatsApp Group called IAmAMillionaire001 designed to give exactly the sort of support and community that gets results. If you like to join it please click here and send me a message with your email and mobile phone number and I will send you an invite. It is limited to 256 people.

The key point is this – none of these on their own will work. They work in combination.

What’s missing?
OK, what do they leave out? What doesn’t get a mention? Here’s some thoughts for consideration:

Sell something of value/be of more value
It sounds obvious but millionaires sell products or services; or broker products or services. I run a six month event in London for entrepreneurs who want to crash through the £83,000 VAT barrier (knowledge and skills). We teach them about audiences, offers and sales and a high percentage get an immediate uplift in revenues by learning how to niche, package offers and improve their frontline sales skills.

The basic idea though is this: leaving aside winning the lottery or gaining an inheritance most millionaires get their through smart thinking, and being of more value to others.

Advice
I cannot emphasise enough the value of good advice. I am not here to give financial advice but most people have never sat down with a qualified professional IFA and created a suitable plan, the structures and entities that will support becoming a millionaire faster (money management).

As a lot point, my good IFA friends Saul, Jeremy, Peter and Ken will all say that strong values underpin sustainable financial success.

 

What’s critical?
I want to finish on my speciality. I am qualified in psychology and I majored in abnormal psychology  and behaviour modification and I favour the scientific side of things because it tends to remove the guesswork, wishful thinking and conjecture. I am going to dip more and more into this side as we progress.

Decision
Straight up: have you made a clear decision to be a {millionaire}? This is critical to attainment in just about everything. You can insert whatever word you choose between the parentheses. Have you made a clear decision to be a piano player, artist, fitter, slimmer etc.

The mind is a teleological – basically your mind works better with a clear purpose or goal. It’s primary goal is survival. In the absence of a clear goal it will default to survival even if that means dysfunctionally. And towards past conditioning. So if you don’t give your mind a clear direction it will go in the default direction.

Trust me if you do not control your thinking and emotions … they will control you.

I studied priming as it relates to implicit and explicit memory defects in dementia studies and I know the value of priming  as it relates to neural associations, plasticity, explanatory style, expectancy and efficacy – as all that relates to behaviour modification. (I do not want to give you a psych degree but I want you to get a sense I aren’t just making it up!)
Efficacy
Efficacy is basically about capability and the sense that I can. I can become a millionaire. I can play piano. I can run a successful business. It links to decision and expectancy.

Consistent application
I was surprised that so few ‘millionaire’ advice articles mention consistent application.

I met with a millionaire this week and he talked about luck and timing – for sure – but he mostly talked about hard work and consistent application. “People say I am lucky. No – I just work harder, and longer and more often than them.”

 

Your turn
Go back and look at your notes and look for any themes that seem obvious to you and by all means share your comments below.

 

Andrew Priestley is an award winning business coach, best selling author of The Money Chimp, Awareness, and Starting! and listed in the 2017 Top 100 UK Entrepreneur Mentors. Check out www.andrewpriestley.com and @ARPriestley on Twitter.

* Disclaimer: It goes without saying that this is for information only and does NOT constitute clinical, legal, business or financial advice. The author is not responsible for any losses or damages that occur as a result of reading this material.

 

 

 

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