For the Wealth Inside and Out® Podcast, I interviewed over 150 women. My goal was to find out what they wanted to learn about money and mindset mastery.
One of the fascinating questions they wanted to know was how I became a millionaire. They wanted to know how I think and my decision-making process.
I hope that by learning of my humble beginnings and unlikely odds of becoming a millionaire, you will gain the confidence and belief that if I can do it, so can you. In addition, I hope you, on your journey of accumulating wealth, will make living a fulfilled life a priority.
Applying the insights I share will increase your odds of achieving your financial goals.
If you think your situation is impossible to change, think again. This is the home I grew up in. I took this last summer while visiting South Dakota. And while we didn’t have a trailer parked in the front, it was a modest home by most people’s standards.
Here’s a glance at what you will learn in “How I Became a Millionaire”:
>> (04:20) How I became a millionaire
>> (04:56) Lesson #1: How to think like a millionaire
>> (07:10) Growing up broke
>> (07:40) Lesson #2: Money and choices
>> (10:05) My millionaire entrepreneurial journey
>> (11:25) Lesson #4: Mastering your mindset
>> (12:41) How to use your brain
>> (14:30) How failure can propel us to success
>> (17:10) The power of communication
>> (18:06) Lesson #8: Never underestimate anyone
>> (25:20) Lesson #10: Asking fabulous questions
>> (27:50) The time-for-money model
>> (28:50) You will never make it
>> (31:30) Rich vs. wealthy
>> (32:49) The ultimate goal
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By accessing this content, you agree to hold MillionaireSeries.com® and its affiliates harmless for results achieved or not achieved.
14 Insights Into How I Became a Millionaire
1. Think like a millionaire
The first step towards becoming a millionaire is to start thinking like one. That means being willing to think differently than others and avoid the “herd mentality.”
This requires that you think and believe that you can achieve whatever financial goals you desire.
You must also stay informed about financial trends and the economic climate.
It’s essential to grow your mental toughness and stay focused and disciplined regarding financial decisions. Think carefully before spending money. Identify ways to reduce expenses and maximize your investment returns.
2. Understand the power of money
One of the most significant benefits of money is that it gives you choices and more control over your life. While money won’t buy you happiness, it will give you more options and choices. I have lived with and without money and will share that having money is much better than the alternative.
If you need support with your money or mindset, click here to download The 7 Principles of Becoming a Fulfilled and Wealthy Millionaire.
3. Develop the right attitude
Most people want someone else to solve their problems. Millionaires, however, have an attitude that they can tackle anything. They believe they can find solutions and will continue to search for the answers they need.
4. Master your mindset
Taking time to master your mindset is a critical step to achieving any success. Developing a success mindset is an essential first step if you want to live fulfilled and wealthy. I continue to work daily on improving my mindset.
5. Get in the driver’s seat of your life
Most people go through life in the passenger seat of their life. They let others make decisions directly or indirectly. One of the most important skills I have mastered is learning how the brain works and the steps needed to reprogram my subconscious mind.
6. Prepare for and get comfortable with the unknown
Life is full of curve balls, as is our ability to decide how to react to them. While most people see challenges as problems they want to avoid, successful people see tough situations as opportunities to achieve their goals.
7. Learn to interact with all types of people, from the CEO to the janitor
One of the most important skills I developed was learning to communicate with and respect all people regardless of their titles or circumstance.
I have had so many opportunities because I didn’t assume anything about people and treated everyone how I wanted to be treated.
8. Don’t underestimate anyone
In high school, my boyfriend’s parents didn’t want him to date me because I came from a blue-collar family. I attribute my financial success to the values I learned growing up in a “working class” family. These values include hard work, determination, and dedication. And they are not defined by the amount of money you earn or have in the bank.
9. Complete the past, plan for the future, and live in the present
The majority of my early life was spent fantasizing about my future life and beating myself up over the mistakes I made in the past. Thankfully, I learned the secret is to complete and accept the past, create a plan for your future, and live in the present.
If you are ready to make sure your financial house is in order or you are ready to stop worrying about money or you have a fear of the bag lady syndrome (ending of broke in retirement), click here:
10. Ask fabulous questions
Showing up with a curious mindset is a common trait of millionaires. When you learn to ask great questions, you gain valuable insight you can apply in your life.
11. The only person who gets to decide if you will make it is you
After I graduated from college, I was hired to complete an internship by a large financial firm with the agreement I could be my own agent. After completing the internship, the manager said I didn’t have what it took to succeed and would never make it.
At the time, it was devastating. Looking back, it was a priceless experience that taught me a critical lesson. The only person who gets to decide if you make it is you. Not me, not your spouse, boss, or anyone else.
As a result of this experience, I closed my first seven-figure deal. You can hear the entire story in the episode.
12. Understand the difference between rich and wealthy
Most people don’t know the difference between rich and wealthy.
Being rich is generally about living a big life. Rich people look like they have money but they rarely do. They often have a lot of income, expenses, and debt. But being rich doesn’t mean you are wealthy.
They often get windfalls, win the lottery, inherit wealth, or begin to earn a lot of money. In this situation, they have money at a point in time, but they will rarely keep it. Rich people spend their money on living a big lifestyle. They own the best toys, cars, and other depreciating assets.
The Reality
And while rich people live lives that look exciting and fulfilling, rarely is that reality – especially over the long haul.
They often earn a lot of money and generally spend even more. Once you start living a rich life, it can be difficult, if not impossible, to become and remain wealthy. And this road ultimately leads to a broke, desperate, and even bankrupt life.
Wealthy people live very different lives from their rich counterparts.
Generally, they do not look like they have money. Instead, wealthy people focus on building long-term wealth so they can reach their financial goals.
They focus on managing their finances and growing their net worth. They make financial planning and wealth management a top priority. Instead of purchasing consumable assets, such as clothes and shoes, or eating out like rich people, they focus on accumulating assets, such as real estate, stocks, bonds, annuities, etc.
13. Determine what a fulfilled life looks like to you and then create it
The ultimate goal is to identify what a fulfilled life looks like for you. Once you get clear on your ideal life, laser focus on creating it. While I am blessed to have achieved financial success beyond my wildest dreams, the most important goal is living a fulfilled life you love.
14. Marry the right person and choose your inner circle carefully
One of the most important decisions is the people who join your inner circle. Many of us want harmony and peace of mind and to get along with everyone. And while peace and harmony are essential, that doesn’t mean everyone gets into your inner circle. Take the time to get to know people before you befriend them.
Marrying the right person will not only save you money, but it will also improve the quality of your life.
Tips on How I Became a Millionaire
There are proven steps to becoming a millionaire. These tips are a great place to start.
Create Your Plan
Your financial plan is your roadmap. As a result, you can stay on course so you can reach your goal.
Grow your net worth
While most people focus on how much money they make, wealthy people focus on accumulating their assets. Examples may include investing in real estate, stocks, or alternative investments.
Save and invest
One of the most important skills I have learned while advising millionaires is their commitment to saving and investing their money. Creating residual and passive income streams is an essential step to financial freedom.
Create a long term strategy
It is tempting to pursue get-rich-quick solutions. However, millionaires focus on strategies that pay off in the long run. These strategies are more reliable and sustainable than short-term fixes.
Hire a financial advisor, CPA, and attorney
As soon as you can afford to hire a team of professionals, do! A qualified team will make your journey easier and help you avoid costly mistakes.
Save for retirement
A significant first step is to max out your retirement accounts, such as 401k accounts, Roth IRAs, etc.
Set your goal of becoming a millionaire
While most people believe the goal is to become wealthy, the ultimate goal is your purpose. Your purpose which is also known as your why is the ultimate goal you want to achieve.
Conclusion – “How I Became a Millionaire”
The 14 lessons I share are a great start to helping you think like a millionaire. They will also give you the insight to start creating your plan and taking action to achieve your goals.
The tips to becoming a millionaire will give you additional insight into the action you can take to create a financially free life you love.
Until our next episode, take one action that will help you create a secure financial future and retirement you love.
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Thank you so much for joining me for
“How I Became a Millionaire.”
I’m Annette Bau (Bah oo).
All international copyrights are reserved.
Bye for now.
