More thoughts on Millionaires

As you may be aware, we have been having a weekly discussion on modern millionaires and what they do in order to create their wealth. I have been researching the people who did not start with a lot of money, but now are worth millions. The thought process is that if we can understand how they managed to become millionaires, then we can do the same thing. Granted there are occasions where millions were made by being in the right place at the right time, but that is not always the case.

Last week we talked about our perceptions of what a millionaire is and why shouldn't we be one of them. We reviewed some of the strategies these self-made millionaires used to get to where they are today. We are going to continue this line of thought tonight.

Two of the traits of millionaires we have covered were to stay focused on where you want to go and to continuously educate yourself. Another very important trait that they all seem to have in common is passion. You need passion for what you do. We have talked at length about how hard it is to get a business going. If you are not passionate about what you are doing, then the work to get there will be that much harder. If you are not passionate about what you do, odds are you will not be successful. You may earn an income, but there is more to being a millionaire than just money. You need to believe in what you are offering and you need to have emotional satisfaction with what you are doing. If you are not passionate about your business, then you may be in the wrong business. Passion denotes emotional commitment that that is necessary for a successful business opportunity. That passion will carry you through both the good and the hard times.

Another commonality among modern millionaires is the fact that they make their money (even a little bit of money at first) work for them. They are not working for money. They make a point of spending far less than what they bring in. Then the money that they have saved, they reinvest in a place where that same money will grow dramatically. Obviously, the key is to find the right investment to grow your money. There are innumerable ways to make extra money to invest, but they all do require that you be willing to do the work. We all have some skill or talent that others are willing to pay for. Most importantly, you need to not spend every extra dime you earned. Take that money and invest it in at least a retirement fund or some savings fund if you don't know what else to do with it at the moment. You will be amazed at how fast that little bit of money will grow if you continuously spend less than you bring home. Even if you put the money in an interest earning savings account, your money is now starting to work for you and not the other way around.

What all the modern millionaires also have in common is their willingness to go out on a limb for what they believe in. If you are not willing to take risks, then you will most likely not earn that additional income. Again, you need to learn to take calculated risks, but if you take no risks, then your money will not grow at a very fast rate (like putting your money in an interest earning savings account that only earns 1%). You do need to take some risks in order to grow your money. Do your homework before taking that risk, but life is all about risk taking, so you might as well give it a shot. The light bulb would never have been created if Henry Woodward didn't continue to take risks. Each time he failed, he tried something else until he was able to get the light bulb to work. (Henry Woodward sold his patent for the light bulb to Thomas Edison who ultimately developed a better light bulb). The upshot here is that both of these gentlemen took a risk, calculated, but they still took a risk and followed a path that they were passionate about.

We all need to keep these in mind when we are working towards being our own millionaire.

If you are looking for a small business opportunity that may help you to earn that extra income, we may have something that would tickle your fancy. We have several business opportunities on our website, and one may just ignite that passion you didn't know you had. Please feel free to contact us with any questions.

Until tomorrow...