Success Recipe: How to Become a Millionaire in 5 Years

If you wanted to, you can become a millionaire in under five years - there have been many sacrifices to make and obstacles to overcome - but one should be determined to make it happen. 

Dealing with adversity was my greatest teacher and it allowed me to build the type of resilience that helped me walk through the fire - even though one will get burnt along the way.

Dealing with people 
Eventually, I became fireproof. In the process of reaching the 7-figure mark, I've learned dealing with people is the most important attribute.

No one can become a millionaire without knowing how to deal with people assertively and effectively. You must be prepared when your best friends turn on you or your family betrays you.

Sometimes, it will happen at the most unpredictable times.

Forgiving people
I had to let old friends and family members know that I was moving on in my life. 

One time, I pulled a cousin over to the side at a family gathering and told him the truth about how I felt. Strangely enough, he unexpectedly died the next week. 

If I had not forgiven him for his transgressions, it would have haunted me for years.
How to Become a Millionaire in Less than 5 Years 

Handling finances 
In my first year of business, I barely scraped by financially - that was devastating.

That same year, I faced dozens of overdraft fees and late charges on almost every bill. I had to sell my car to keep moving forward. I learned I still had to keeping show up and handle my business, despite the failures and discouragement.

Soon enough, I began to prosper and my income skyrocketed 10 times in the next year.

Observe the law of doubles
You can’t save your way to wealth, you have to increase your income. 

If you stay focused on increasing your income you will be better equipped to reach that million dollar mark. Here’s a simple thought exercise to illustrate the point: If you make one dollar a day and your income doubles every day, how long will it take to become a millionaire? The answer is less than a month. 

While you may make a measly $1 on day one; by day 10 you’ll have a daily income of $512, on day 15 you’ll have an income of $16,384. And by day 21 you’ll clear more than a million dollars a day. You may not be able to double your profits every single day. 

But focus on increasing your income and your reward will exponentially grow over time.

Invest your profits
Once you start making a consistent income, you may be tempted to save or spend your profits, but don’t do it. Instead, reinvest your profits back into something that will make you more money; no matter how small.

When Warren Buffet was in high school, he and a friend purchased a pinball machine and set it up in a barbershop. With the money from that, he bought more pinball machines and eventually used the proceeds to buy a small company. 

By 26, Buffet had amassed a wealth $174 000 - or $1.4 million is in today’s economy. Millionaires make their money work for them, not the other way around.

Limit your debt
If you have to take on debt, limit your borrowing for things that won’t make you money. 

Taking out a loan for a brand new sports car is a terrible idea; but taking out a loan to buy trucks for your trucking business is a completely different matter. There are two kinds of debt: good debt and bad debt. Investopedia defines good debt as something that “helps you generate income and increases your net worth.” 

While bad debt is defined as something that will not increase in value or generate income. Know the difference - and prosperity will follow.

Making sacrifices 
Those experiences were hard. The night before I received a payment of $10 000 to speak to a large audience in Delaware.

I had to sleep in the car in the freezing cold by myself! At the time, my account was severely overdrawn by over $200 and I couldn't afford a hotel. It's a good thing I had a wool suit that night!

Dealing with embarrassment 
Another time, I was stuck at the grocery line with nearly $100 of goods. When I swiped my card, it was declined.

After fumbling with other credit cards, I looked behind me and there were at least 10 carts behind me. I had to go home and eat tuna that day – with no bread or mayonnaise. My water was shut off that night, too, so I washed the food down with a few teaspoons of rain water - that hurts!

Asking for help 
At a certain point in my business, I couldn't grow any further until I hired a few key people.

Asking for help wasn't my forte - but I had to make it happen. Within months I had a lawyer, editor, personal trainer, part-time chef, and other personnel. It cost me a fortune at first, but eventually helped push me into the million-dollar mark.

Most people won't ask for help because their ego is in the way - and that might lead to destruction

Overcoming fears
I failed English class three times in high school.

One college professor told me that I shouldn't even bother writing and failed me in her class. For years, I believed that my gift of writing could never come to fruition, even though I had so many ideas. However, once I started writing books and articles, it changed my confidence.

Today, I reach millions of people with my words - words have power

Fixing my attitude
Creating excuses was one of my greatest obstacles.

I used to blame my environment and upbringing. I allowed my circumstance to dictate my life, instead of taking control of my life. Eventually, I had to let go of these excuses and limitations. Many times, I had to submit myself into the "attitude shop," where I would sit in my study to renew my mind and change my perspective.

Trusting others 
When I became emotional, I'd have to check in with my confidants, telling them the brutal truth about my situations. 

In the process of making myself vulnerable, I was able to gain freedom, releasing myself from false pressures and anxiety. By sharing myself with others, I was able to maximize my efforts and make major breakthroughs in my life.

Customer Service
You can treat each customer, new and old, like a real human being. When you are a small business, there’s no excuse for having poor customer service.

Your best new customers are your old customers, and the best way to touch your old customers is to provide quick help when they need it. Customer service is the most reliable touch point to keep selling your service to them.

Taking risks 
Before reaching the 7-figure mark, you must take many risks - some of them very uncomfortable.

Taking risks requires much faith in yourself and others, but it must be done. Faith is knowing that what you want will eventually happen as long as you believe it. You'll have to take major leaps in your life, sometimes not even knowing where it will lead.

However, it will pay off once you get to the other side, even if you burn a bridge or two in the process.

Showing up (on time) 
If I showed up, I would come in "fashionably late."

However, I realised I had to stop this behavior once I missed an international flight. That day, I sat in the airport and looked at my watch: I was only 2 minutes late. After facing that great disappointment, I vowed to be early for the rest of my life.

I've kept true to that promise.

Becoming professional 
"If you really want to do something, you'll find a way. If you don't, you'll find an excuse," says Jim Rohn.

There's a great difference between an amateur and a professional. In my amateur days, I would design my own websites, cut my own hair, and change my own oil in my car. All of this would take up valuable time and effort, causing major frustration in the process.

Nowadays, I leave these duties to the professionals since that's what they do best. This way, I maximize all of my talents, which allows me to reach my highest potential. Today, I only keep the best people around me. It costs a little bit more, but I've learned the value in "paying the price."

That's what professionals do - and you must act like one. 

Studying relentlessly 
Each year, I faithfully read more than 100 books. I also skim dozens every month.

In order to become an expert, I've learned that amassing knowledge in my field requires at least four hours per day. Along with this, I learn from everyone I meet, studying their intent and purposes, doing my best to understand human nature.

Acquiring skills
You need the skills to pay the bills. I'm always practicing my keynote.

 I'm writing a minimum of 3 000 words per day. I'm sending out hundreds of emails each week and making at least a dozen calls on my busiest days. Do my skills increase? Substantially. That's why I'm continually adding more value to more people in less time.

Embracing opportunities
Early on, I would travel for hours to make a 'free' appearance.

Time after time, this was worth it since I was learning about the world of business, shaking hands with people from all over the world. Some of my greatest opportunities came from philanthropic endeavors when I expected nothing from those I visited.

Pick a boring business
Everyone is always on the lookout for “the next big thing.”

The next big thing is finding rare earth minerals on Mars. That’s hard work. Don’t do it! Pick a business that every merchant in the world needs. You don’t have to come up with the new, new thing.

Just do the old, old thing slightly better than everyone else. And when you are nimble and smaller than the behemoths that are stuck with bureaucracy. You can often offer better sales and better service, and higher touch to your customers.

Customers will switch to you.

Declining opportunities
With hundreds of inquiries every week, I need to constantly keep track of which ones are most important.

I cannot afford to take $10 000 opportunities when $1 million opportunities are available. By using great discernment, I must turn down parties, movies, award shows, speeches, and deals of all different kinds. Does it bother me?

Not at all. I just pass along to those who need these opportunities.

Think bigger
One of the greatest decisions I ever made was switching from consumer to producer.

Here's the difference: consumers eat the pizza, producers make the pizza; consumers watch the videos, producers make the videos. You get the point. Instead of selfishly pleasing my own desires, I sought out ways to help those who were in need.

Give relentlessly 

As a teenager, I naturally scoffed at people who volunteered in my community.

By my early 20's I became the biggest volunteer in town! My life was changed once I learned the value of giving my time, energy, money, and creativity to others. When you give, you get far more in return.

I discovered that the richest people give the most, that's why they get the most! The secret of living is giving. "From what we get, we can make a living. What we give, however, makes a life." – Arthur Ashe

Set big, juicy goals 
You must also set goals that scare you.

You must become ultra-specific when you set your big, juicy goals. In my first year of business, I shed blood, sweat, and tears to achieve these goals. I had many sleepless nights, doing whatever it took to get the job done. 

Today, I've achieve far more than I would have imagined for myself.

Following your purpose

I was deeply enlightened when I learned this fact: when you become bigger than your purpose, you can't do anything.

However, when your purpose becomes bigger than you, anything is possible. This means that if you take part in a purpose greater than yourself, you can achieve every goal you put your mind to! Let me simplify how you can become a millionaire in under five years: be true to yourself. 

Only take opportunities that allow you the greatest chance to promote explosive growth in your life. Usually, it's by taking a sales position or starting your own business.

If you have the desire and potential to make it happen, you can become a millionaire before you know it! - Online Sources 

0 comments :

Post a Comment