Author of bestseller book ‘Rich Dad, Poor Dad’ and American entrepreneur, Robert Kiyosaki says: “The world is full of smart, poor people.” Arguably Robert Kiyosaki is telling you and millionaires have a lot of things in common such as smartness. In this blog article, we list a few commonalities as well the core reason why millionaires are where they are in life.
There are quite a few things that you and millionaires have in common. Let’s explore some of these elements and allude to what may be holding you back from also being a millionaire. Changing your mindset can make a world of difference to your current position and get you on the right path to becoming a millionaire.
Every human on this planet gets ample opportunities to become a millionaire, but most of us don’t know how to achieve it. Also, for many people, there’s comfort in the status quo, living like the majority and more specifically, the people around them, i.e. family and friends.
Millionaires are attuned to analysing opportunities, weighing up the risk and reward. This action takes hard work and discipline which millionaires thrive on, and most people avoid.
Another area of commonality between everyday people and millionaires is the need to earn money. Both parties need to work, but for very different reasons.
When a millionaire ‘needs to work’ he is doing it to grow his wealth. He will pay himself first (before paying bills etc.), and this money is put to good use, i.e. it’s invested for the long term.
Whereas everyday workers earn to get through the week or month. Paying the bills, and having some money left over for socialising is their core goal. Saving money each month is usually an afterthought, and most of the time will not happen as there is always a reason to ‘spend’ it. There is a saying “you get what you focus on”.
Once again, this is your mindset. What separates millionaires from the rest is how they think of and view money. Wealthy people find money is attracted to them with it easy to attain, and keep. For most people it’s the opposite; earning money is hard work and impossible to keep in their bank account.
Saving money for a raining day, is what we’re all taught, so while we may all save money, it’s where we put it that makes the difference.
When millionaires save, they’re making their money work for them. Millionaires have the mindset to take calculated risks, and they look longer term at their ‘savings’ investments.
Most people are saving to buy something or go on holiday. Parking your savings in long term investments is the millionaire’s mindset.
There is a saying ‘you are who you mix with’, your friends will be of similar financial position. Self-made millionaires will consciously change who they mix with socially. It’s not easy to step outside your existing social circle but to reap the rewards of networking with successful people, is why millionaires do it.
Wealthy people spend a lot of time reading and physical books. Mark Zuckerberg, Bill Gates and Peter Drucker say they love books, and they’re not usually reading fiction. They’re looking for inspiration and ideas. Reading a novel is better than not reading at all, but consider what you may get from an autobiography or biography. What you’re trying to achieve has been done before, and a lot of experience and knowledge can be gained vicariously through reading about successful people and businesses.
We all spend money; however, when it comes to paying bills, millionaires don’t just pay them without further thought. Wealthy people analyse statements, and they double-check every expense for accuracy. Then they’ll think about the payment and whether their money is well spent. This attention to detail will curb unnecessary expenses, whatever the cost. Being deliberate with spending money is an action that shows respect for money and millionaires will spend their time respecting money, so it is spent wisely.
24-Hours/ 365 days
Time is said to be much more precious than money. No divine power or human being can buy back the past time or add extra hours to a day. Nor can we subtract from the 24-hour day and 365 days year. If you’re serious in utilising your time effectively, you can become a millionaire in as less as 12 months. Millionaires, billionaires and you have time in common.
Millionaires know time is indeed money, and it needs respect. Spending wisely and investing in activities that ensure their financial security and status.