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6 Important Skills of Self-Made Millionaires

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6 Important Skills of Self-Made Millionaires

There are ambitious individuals all over the world working hard to achieve millionaire status. It is a status that most would agree epitomizes financial success. We’ve all heard countless success stories of people who have become millionaires, some even at a young age. We also know that many of these people started with nothing, which is likely where the term “self-made” comes from.

There are many paths a person can take to become a millionaire. Some have become millionaires by investing in real estate. Some have done it by building and selling a business. Some have done it by investing in other businesses. Some have done it by creating and selling digital products such as software, mobile apps or information products.

So we know that it’s possible, and we know that there are many ways that people have done it. But what we don’t often hear about are the specific skills that these self-made millionaires possess that are paramount to their ability to create substantial financial wealth, regardless of which path they take to create it.

After interviewing dozens of self-made millionaires, here are 6 specific skills that I’ve found to be common in all of them: 

 

1. They know how to manage money

Self-made millionaires know how to manage money. They know how to use the money they make to make more money. They multiply their wealth by getting their money to work for them. Most people don’t know how to make money work for them, so they never stop working for money. Most people spend the majority of their income on personal expenses and whatever is left will typically sit in a low-interest savings account.

While most self-made millionaires began by working for money, they kept personal expenses low and put their remaining income to work. They didn’t let their money sit in any one place for very long. They put it work by using it to grow their business or purchase investments that would yield a return. By minimizing personal expenses consistently for several years while continuing to re-invest as much money as possible into income-generating activities, these individuals were able to compound their wealth in relatively short periods of time.

 

2. They know how to create win-win relationships

Self-made millionaires know how to build and cultivate win-win relationships. Believing that their network is equal to their net worth, they make a commitment to cultivating relationships with people who can help them achieve their goals, and in exchange they help those individuals achieve their goals. By continuously expanding their network, they can create opportunities by connecting the right people together. And as their network expands, the number and quality of the opportunities they are presented with also increases.

 

Jim-Rohn
 

3. They can delay gratification

Self-made millionaires have the discipline to delay gratification. Most people are very impulsive and entertainment driven. They often spend money on unnecessary things that give them immediate pleasure but have no real long term benefits. Most self-made millionaires had little interest in short term pleasures as they built their wealth. They had the discipline to not waste money on unnecessary items or waste time on unnecessary activities. They made plenty of sacrifices that the average person doesn’t make, and as a result they are now able to enjoy life at a level that the average person can only dream of.

 

4. They know how to influence others

Self-made millionaires know how to influence and persuade others to help them do what they need to do. Even though the term “self-made” implies that no one else’s help was used, in reality we all require the help of others to achieve our goals. For example, a real estate investor will likely not build wealth in real estate without the help of real estate agents, appraisers, mortgage lenders, contractors, or tenants. A large goal often requires the involvement of several people. Self-made millionaires know this, and have therefore become skillful communicators. They are able to effectively persuade others to willingly contribute whatever services they can.

 

5. They are resourceful

Self-made millionaires seldom let a lack of resources stop them from achieving their goals. If they didn’t possess the resources they needed to seize an opportunity, they found someone who did and negotiated a win-win arrangement for both parties. If they needed money, they found where to get it. If they needed certain talents, they found the right people. Self-made millionaires know that a lack of resources is rarely the problem – a lack of resourcefulness is. When resources were scarce, they learned to be very efficient with what was available to them. Being efficient with a little was practice for being efficient with a lot.

“Empty pockets never held anyone back. Only empty heads and empty hearts can do that.”Norman Vincent Peale

6. They know when to delegate

Self-made millionaires are conscious of the value of their time. They deliberately spend the majority of their time on high-value activities (activities that yield the greatest return). For example, an entrepreneur whose goal is to earn $1,000,000 in a single year and is prepared to spend 2,000 hours on work-related activities, calculates that the value of one hour of his time is $500 ($1,000,000 divided by 2,000 hours). In order to achieve that goal, that entrepreneur must spend his time on activities that are worth $500 per hour to their business. All other activities need to be delegated. You can’t expect to earn $1,000,000 in a single year if you spend the majority of your time on activities that can be delegated to someone else for $20 per hour.

Self-made millionaires identify which of their daily activities are most productive in terms of growing their wealth. They focus as much time as possible on those activities and they delegate the other activities (paperwork, administration, running errands, etc.) to other people. They abide by the Pareto Principle – also called the 80/20 Rule – which states that 80% of results come from 20% of activities. Self-made millionaires invest their time in the right activities.

I would love to hear your thoughts about my article in the comment section below!

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How Your Friends Determine Whether You Succeed or Not

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Can anyone do without having friends? We all have our friends, we share ideas with them, talk together, have fun, and fight. Yes, that’s the baseline of friendship. But, do you know that aside from you, your friends can determine whether you achieve success or not?

There are two things in friendship which are the ability to ”love” and the ability to “influence”. This means you are loved and you are influenced. How do your friends affect your success in life? How are they one of the biggest deciding factors of your success? Let’s find out.

What type of friends do you keep? 

First, what type of friends do you keep? Who do you call your best friend? There are two different kinds of friends, good friends, and bad ones. A lot of people have lost their pathway to success and some have also found their road to success all because of the friends they keep, the people they mingle with. 

Who is your best friend? Answer carefully. Having a best friend means you find each other compatible and understanding. Analyze who your best friend is. If your best friend has not motivated you to do something positive, if who you call your bestie has never given you positive advice, lastly if your best friend has never informed and advised you on your shortcomings, then you don’t have a best friend.

This quote tells us “birds of the same feather flock together”. Countless people have changed from their good nature into a bad one all because of friends. One thing to note is, “negative people move with negative aura”. If your best friend is filled with negativity inside-out then you will surely be affected by his/her negative aura.

They influence your success with positivity or negativity 

The friends you keep can either influence you with positivity or negativity because your friends have the power to change your kind of person completely. 

This is how your friends influence you:

  1. They influence you indirectly with what they do
  2. They influence you directly by teaching and giving you advice 

Yes, that is how they influence you. For instance, you watch a movie and you like the way the actor walks. The question is if you truly like the way the actor walks, won’t you try to imitate the actor? Of course, you will.

Just the way you imitate the actor is the same way your friends can influence you with their character. However, the funny part is, they don’t have to teach you to do things like them. You just find yourself imitating and copying them gradually.

An important question to ask is, are you imitating a good friend or a bad one? If you imitate a good friend then you will be good, but if you imitate a bad person, you will surely become a bad person.

Everyone wants to succeed, a good friend will always teach, enlighten, and motivate you for success. A bad friend will only motivate you to do evil things (smoking, drinking, fight, envy,).

And you should know that things like that are a great enemy of success and even of God. So, if you have these bad elements in your life, how will you achieve success? There is no way!

And also, they can teach and advise you directly. But, what do your friends teach you? When you ask them for advice do they inspire you positively or teach you the bad stuff.? A lot of people have regretted lifelong decisions just by listening to the advice of friends. 

The company you keep has the power to influence and change you. Never forget that a positive influence will teach, motivate, and brush you up for success. While a negative influence will inspire you to become a bad person, change your good nature, and leave you with regrets in the end.

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The 3 Step Process to Building a Profitable Pitch

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As a communication coach, one of the top questions entrepreneurs ask me is how to deliver a winning pitch to potential investors. They want to know if there’s a magic formula to get an investor to say yes and buy into their dream and their business. (more…)

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The 4 Pillars of Wealth and Abundance

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Have you ever wondered what the formula for a wealthy and abundant life is? Many people have. Lots has been written about the subject of wealth creation and living an abundant life. It was a breaking point in my journey and pursuit of success when I found out that there is a clear path to achieve success in life. Thanks to those who have shared their journey, we can clearly see and follow the principles of prosperity. (more…)

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Here Are 4 Reasons Why You Should Have a Podcast, Youtube Channel or Online Show

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why you should have a podcast
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Confidence comes from a place of strong understanding of self. After close to three years on radio, I’ve grown from a shy introvert to a shy introvert with an extrovert persona. When the mic is turned on, I can channel a version of myself that some say is attractive, strong, and of course, confident but it wasn’t always this way.

What I want to share with you is what I discovered on this journey into broadcast that you can apply to your life, your ventures, and your personal development. This doesn’t require any fancy gear. It does require a leap of faith on your part because once you go down the road of media; it can change your life.

1. Perceived Expertise

When you go to a doctor, you expect their knowledge will guide them to a solution to your problems. When you have a show, you become your listeners’ doctor. For all the multiple thousands, maybe millions, of YouTube channels, podcasts, and user-created content in the world, each person that gets behind a mic takes a position on their passion, their opinions, and their themes.

They challenge the status quo for the benefit of their listeners in hopes to entertain and educate. With consistency on your side, those fans place you on a platform and give you permission to influence them.

2. Global Acknowledgement

One of the benefits to increasing confidence is when you receive thank you notes from people you may never meet. The feeling of enriching someone’s life from halfway around the globe, provides validation you’re enhancing someone else’s life with your wisdom and your wit.

The very first time I was told I was making a difference in someone’s life in a country other than my own, I felt like I caused massive impact that transcends my circle of influence. When you experience just how much you can cause impact and it comes back to you, it’ll change your worldview.

“Be grateful for what you have and stop complaining – it bores everybody else, does you no good, and doesn’t solve any problems.” – Zig Ziglar

3. Backed By Numbers

One of the most exciting ways to measure success is to quantify your growth. It’s not enough to just broadcast. Having subscribers and downloads helps to know, numerically, how well you’re doing. Word of caution. This can be a way to set yourself up for distress because of number envy but if you understand what the numbers mean; you can control the narrative of the numbers.

The major number that makes most people smile is 10,000. I’d advise it to be 1. Here’s why. As you grow in your industry, so does your reach. If you learned that the one person that subscribed totally changed for the better because of you, wouldn’t that be worth the effort?

4. Effective Communication

While it’s not talked about much, having a show is documentation. You create a dynamic account of your life, your industry, and the pulse on what’s important simply by having a show. When you find a channel to improve your communication skills, you demand attention and people will listen to you. You become more trusted as a leader and people will follow you once they believe you can lead them to their wants and needs.

“To effectively communicate, we must realize that we are all different in the way we perceive the world and use this understanding as a guide to our communication with others.” – Tony Robbins

These insights have helped many people become leaders and, ultimately, move others to their best selves. It’s worked for me and I hope it works for you. At the end of the day, it’s all about showing up and showing out.

Have you ever thought about having a radio show? If so, what would you talk about? Let us below!

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