Become Millionaire: Stop your poor behavior, learn how to become millionaire in-depth and emulate them, do not waste your money on things that do not make money, create several sources of income, invest in relationships, invest in yourself, make decisions quickly, never stop and most importantly – remember that everything is in the head.
Before you begin, it is important to understand a basic thing: yes, it is possible. No, it’s neither simple nor easy. It does not matter where you are currently in life, even if you are in debt, unemployed, or earning only NIS 6,000 a month. There is no situation in your life where you will not be able to succeed by taking the right steps, doing the right things and by avoiding the things that leave people in a state of poverty and survival.
Let’s take a look at the real situation. During your lifetime you will make a lot of money. Even if you now earn “only” ten thousand shekels a month, for 40 years, it climbs to almost five million shekels. A lot of money by all accounts. The question is, what will you do with it? Will you waste it, or will you actually invest it, and if so, what?
The main part that needs to be worked on is mental. Most people say that 90 per cent of the work is working on the mental aspect. Still, I believe that 90 per cent of making money is not only mental but also physical, and it requires from you physical actions that you will have to do or not do.
First Step: Everything In Mind
The first step you need to understand in become millionaire is that it all starts from the mental state. This is a decision that needs to be made. Suppose I ask what your goal is and you tell me: ‘make a million shekels’. In that case, I’ll let you know it’s probably a lazy goal because you probably took that idea from TV shows you saw or other nonsense.
Let’s face reality. Most of us achieve lower goals than we set for ourselves. If you want to earn NIS 20,000 a month, for example, the maximum you will reach will probably be a salary of NIS 18,000.
Grant Cardon notes in the book “The X10 Law” suggests that we think big. You have to look for bigger goals than you actually want to achieve to even get close to the destination you really set. If you’re going to earn NIS 20,000 a month – multiply that by 10. Your new goal will be to make NIS 200,000 a month. Once you aspire to this number and do everything you can to reach it, even if you do not succeed – the final number will be much larger than you intended at the beginning.
It is better to fail at big goals than to aim low and not achieve the plan.
Step Two: Stop Poor Behavior
The next thing on the way is that you must stop thinking and behaving poorly. You must stop acting like you are poor, stop talking like poor, and stop buying things you lack.
Thinking of poverty is not at all related to how much you earn. I know people who earn 20,000 a month who have no children and still live in poverty. I even know people who make thirty thousand, and because of the way they think and spend their money, they are still in poverty.
Make a list of all the “poor behaviors” you see in people around you. When you look at the list of middle-class behaviors, you will begin to identify all the behaviors that prevent people from becoming rich:
- Buying a car they cannot afford it.
- Buying brands.
- Chasing after closing Duties.
- Development of dependence on the government and mentality of a victim.
Even buying a home, you cannot afford “poor” thinking. How many times have you heard someone say, “I’m going to take out a loan for a house I have no money for, and I’m going to finance it for 30 years so that I’ll eventually own something I own – that’s a very poor way of thinking because no one gets rich buying a house.
Step Three: You Will Learn About 2 Multimillionaires
The third step on the road to success is to learn about only 2 multimillionaires. Stop learning from 50 different books how to get rich quick because there is simply no such thing. You do not need 22 mentors.
Multimillionaires are people worth between $ 10 million and $ 40 million. Do not teach someone worth only $ 2 million that making money is one thing. Still, it is completely different from knowing how to maintain it. Reaching tens of millions requires perseverance, hard work, and clear investment principles.
I studied Warren Buffett for 30 years. Warren is not a heavy investor in real estate, for example. Still, real estate fits into all the categories Warren talks about. I read every quote he said and every interview he went through. Few things, do not disperse, be a long-term investor, buy better stuff at a higher price than cheap things at a low cost “- all the things he said I did, even though he invests in the stock market and I invest in real estate, but I’m still learning from Warren Buffett because I need to learn and apply the rules on the right investment for me.
You will learn 2 people, and you will teach them in depth. Dig into their lives, know what they did to be successful, read their biographies, read about the mistakes they made along the way, read their books, look at their interviews and make sure what they said they did, they really did, and do your homework. You will learn the interviews they did over time as it will give you information on how this person made moves and how he went through the bad times. You will learn what they do. You will know if they read what they read.
Do not say, “I do not have time to read”. Bill Gates reads every day, and Warren Buffett reads at least 4 hours a day. If you do not have time to read every day, and Bill Gates Warren Buffett reads every day – you can probably find the time. Sample traffic jams are the ultimate time to hear lectures.
Step Four: Work Like A Multimillionaire
Work as if you own the place, work as if you are really successful, and do not work on yourself. The real capitalists, the real players, work long hours.
Elon Musk says: “If I work 100 hours and you work 40 hours, you work 2 times slower than what happens in the market.” Why would you want to work only 40 hours a week for the rest of your life when you can perform hundreds of hours a week for a short period and then live the way you want?
The multi-billionaires work all the time, not really because they have to. They work on communication and connecting with people, work on information, expand their studies, go on trips and connect with people, and connect everything together. So start thinking about how you want to build your life.
Step Five: Move From Waste To Investment
You have to go from wasting money to investing it. How? Stop spending money on completely ridiculous and stupid things. Car, clothing, and even education.
I spent money on things I did not have to pay for. I went to study in a private college when I did not know what I wanted to do in life. I spent money on entertainment and things I did not use. I wasted money on things because I thought it would fix me and make me happy after my dad passed away.
That does not mean you should not go to university or invest in your studies. Still, when I invest in a course or fly to San Francisco to spend 3 days at a conference, I invest time, money and energy on things that have the potential to make me a lot more money.
Grant Cardon always says, “never waste money – just invest”. Every book you read, every course you go to, you invest in yourself. Your mentality should be like this: we do not waste money. We invest money.
If you are a business owner – start thinking about branding and marketing as an investment and not a waste. Hiring people to work for your company is an investment, not an expense. In our business training camp (boot camp), we teach business owners all these principles in business in three days – how to create more income and more opportunities. How to treat marketing as an investment rather than a waste and the like. That’s different thinking. And to grow, one must think differently.
Step Six: Create Several Sources Of Income
The average become millionaire has more than 7 revenue streams. You must have several different income streams to gain financial freedom in your life.
The first income stream should come from your job. Never reduce this income. Never leave a job, even if you do not like it, and it does not matter what you do: whether you are a waiter, plumber, bartender, or anything else. Do not leave this source of income, but think about how to create more value with which you can generate second, third and fourth income.
The first thing you need to think about is, first of all, to strengthen your first income and get better at it. How do you add value to where you are so that this income can increase?
How can you do that? You will learn more areas in your workplace wherein your private time and offer ideas to your department and other departments. Raise your head so that you bring more value than you are paid. After you prove your abilities – it will be much easier for you to come and demand more money. Because you will already be worth so much to the company, it will not pay off to bring someone else in your place because you have learned the business so well.
The second thing you want to do is think about how to create an income that will combine with the first income. It does not have to be in the same area, but the second income must not “interfere” with the first income. Set up a side business that you can work with at night, and generate additional income based on the different skills you have gained in the first job. But most of all – strive for more sources of income that are mostly passive.
Warren Buffett, an example of success and perseverance, says that if you can not generate passive income, which is the income you receive. At the same time, you sleep – you will work until you die. Too many people are looking for a raise, but that’s a poverty mentality. Do not look for more money, look for more opportunities, look for bonuses, look for second and third income, and think of multiple income streams and not one income stream. Stop complaining and start creating.
Step Seven: Expand your network
Connections and networking are what become millionaire into billionaires. Their interpersonal relations are enormous. If you want to be like them – you need to expand your relationships. Jim Ron once said that you can be told your monetary value according to the five people you spend the most time with.
Let’s face reality, if you have no money, you should not be at home. You should not be with your wife and children. You should be with people who have money – who have customers. But it is important not only to make connections with strong and leading people but also to go and market yourself out.
The biggest mistake I made was that I stayed close to the circle that was most familiar to me. I was left in one small niche of the industry, which was a huge mistake. When I decided I wanted to expand and grow my business, instead of going to the same conferences and hanging out in the same community – I invested a large portion of my capital in meetings that were not necessarily directly related to what I was doing.
All the most successful people connect with each other to know what they are doing, find out what deals they are closing, and understand how they can collaborate to create bigger things. The equation is very simple: you can increase your value if you expand your relationships.
Step Eight: Invest in Yourself
If you spend money on things that cannot make you more money, you lose it. So, stop wasting your money on something that has a chance, even the slightest chance of losing your money. Do not deal with things you do not understand and have not researched in depth. Even money currently in the checking account is wasted money because its value decreases, and for that matter – buying a house, even if you do not lose money on the transaction – is a transaction from which you do not make money.
Some of you may think that there is no such thing as a safe investment, but you will be surprised to know that there is and is you. When you invest in yourself, whether it’s a course, a conference, or an education, you cannot lose because no one can steal it from you – it is with you.
Investing in yourself is also investing in your business and your brand. “I have no business” is a phrase I hear, and it’s just not true. You are a business yourself, your children are businesses in themselves, and they need to invest in their brand. You need to invest in advertising because money follows attention. Why do you think Elon Musk is on TV every day? He makes sure everyone knows who he is and what he does. Why does Omar Adam advertise half an hour after the sale opening that all the tickets have run out? Because it’s a promotion.
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Warren Buffett says the two rules of money are: 1. Never spend money. 2. Never spend money. The likelihood of losing money when you invest in yourself, your brand, and your business is very low.
Step Nine: Make quick decisions
When things get tough, and you make tough decisions about money, business, employees, and the things that cost money, make those tough decisions as quickly as possible. The most successful people are often misunderstood because they make decisions very quickly. People often look at them and think they have a cold heart or are stiff.
If you do not want to do something – just say it is not for you. Will you miss it? In the short run, it probably is, but in the long run – you will just direct your energy to things that really interest you and invest in them.
Step Ten: Never interpret
Never interpret and never compromise. Once you get to this point, never stop patting yourself on the back. The biggest billionaires don’t stop once they reach their goals. They just renew their plan and do it again. And why? Because they know they can keep creating.
I hear people talk all the time about retirement and retirement. All of these people will never get what they want to get because they think about their retirement all the way through. The thought should be: “How to get to my goal, recalculate and do it again.”
If you stop when you succeed, you will stop when you do not achieve. If you think you’ll do something now just to stop doing it in the future – I promise you’re going to retire when you’re kidnapped once.
Successful people do not retire when they have challenges. They are recalculating a route and investing in a new direction. They know their goals are achievable, and they know that what seems impossible is possible only if they do not retire.