You Won't See Millionaires Doing These 6 Things - Timothy Sykes

You Won’t See Millionaires Doing These 6 Things

Just the other day I posted “8 Millionaire Traits That You Should Have“, today’s post is the exact opposite of that, as it’s good to know the “do’s” and “don’ts” if you truly want to become a millionaire.

I would do a video lesson right now on all of this, but as I write this, I’m actually in the middle of the jungle in Southeast Asia as one of my charity’s newest schools officially opened today and I got to meet 1,000+ kids who will be studying there, which was a great experience, but the wifi is so bad here it’s crazy!

I bring that up because even with my situation here, I still made roughly $2,000 today in trading and I’ll post a detailed video lesson for my subscribers in a few days when I get back to a big city.

Download a PDF version of this post.

For now, just remember that there are plenty of meticulous things that you will see millionaires do; for example, you’ll see us working hard, changing the business landscape with our grit, making things happen through sheer determination, and constantly challenging ourselves to get the absolute best!

However, there are also some things that you’ll never see millionaires like me and my top trading challenge students doing. These are in fact toxic behaviors that can hold you back from success.

Review this list and be honest with yourself: are you guilty of doing any of these things? If so, work to eradicate these behaviors ASAP.

1. “Winging” it. Sure, there are a few exceptions…but by and large, most millionaires didn’t attain their level of financial success by accident. Following a whim or jumping on the latest bandwagon of get rich quick schemes isn’t how you get rich. Nor is it simply by following your gut.

Millionaires are calculated. They set specific goals, and then they put in the work and gain the knowledge that is necessary to help them reach them. This can be a lifetime process, but it can also happen far faster. But make no mistake: millionaires aren’t just throwing themselves out in the world and seeing what sticks. They are sticking to their resolution to make money, and this is what will make them rich.

2. Disregarding the rules and taking unnecessary risks. Sometimes, bending or breaking the rules is necessary to break the mold and reach financial success. But and this is key Longtime Millionaires know that before you can bend or break the rules, you have to learn them.

For instance, if you have decided to become a penny stock trader, before you can think outside of the box, you’ve got to learn what’s in the box. What does that mean, exactly? Before you think creatively as a trader, you have to learn how the system works. You have to learn the rules of penny stock trading so that you know where you can test the limits but remain on the good side of the law and of ethical conduct.

The Tim Sykes Millionaire Challenge provides such an education, allowing you to build a foundation of the “rules” so that then you can decide when, where, and how to break them.

Once you learn these rules, you won’t break them because you’ll understand they exist to help you in your journey, no different than how when you have a Lamborghini or Ferrari like me, you abide by the speed limit and you don’t go 200mph in a 35mph zone as that would be too risky.

Similarly, you can’t trust wild animals and even though the featured image of this blog post makes me look like I’m doing something very dangerous, it’s an optical illusion, the tiger is actually a few feeet in front of me and he’s yawning, now growling like I am 🙂

3. Spending $ like there’s no tomorrow. You might be saying here, “but Tim, you regularly post pictures of your Lamborghini!”. Yup, it’s true. I have some pretty cool cars. But I didn’t blow a hole in my bank account to buy them.

It’s a common misconception that millionaires are leaving trails of hundred dollar bills wherever they go. But it’s simply not the case…read this blog post on The REAL Millionaire Lifestyle to better understand this greatly misunderstood topic.

Millionaires are actually very good at saving. They save not just some, but the majority of their earnings. This is because they know that by saving money, they have more to invest in improving their position in the stock market, and more money to invest in business ventures.

By reinvesting in their business, they are able to grow the business, which means greater dividends. This means that in time, the amount they do have to spend becomes greater and greater. So that car becomes a luxury, but one that you can easily afford rather than living on credit.

4. Blaming others. Are you constantly complaining about how you can’t get ahead because someone or something outside of your control is holding you back? Chances are, you’re not a millionaire or even a successful person. And with that attitude, chances are you never will be.

Millionaires take ownership of their actions, whether the outcome is good or bad. While this can suck when things go wrong (nobody likes admitting they made a mistake), it ultimately makes you a more distinguished and respect-worthy individual.

At the same time, when they do attain success, they can be confident in knowing that it’s the result of their hard work; it means that they can bask in the credit, and not dismiss it as luck or being the right place at the right time.

Instead of focusing on who or what is holding you back, focus on freeing yourself from the jail that you’ve created for yourself. Begin to take pride in what you’re capable of, and take the scary step of owning your actions. It will make you a better businessperson.

5. Working alone. Millionaires didn’t get to where they are without a little–make that a lot–of help from friends.

Think about how actors have a thank you list a mile long when they accept an Oscar. Similarly, a millionaire has many little (and big) people to thank for their success.

First and foremost is a mentor. A mentor is a powerful influence in any businessperson’s life, and can be particularly helpful in the stock market process. A mentor can act as your guide, taking you from the beginning stages and guiding you through the process so that you can avoid many a common mistake.

But it doesn’t end there. In addition to a mentor, you also need to develop a good circle of peers, as I have established in the Timothy Sykes Million Challenge Team. You never know when an opportunity might arise from a relationship you’ve cultivated.

6. Giving up. I can pretty much guarantee that everyone in a place of success has wanted to give up at one time or another. Probably on more than one occasion. But what differentiates millionaires from the masses is that they are the ones who did not give up.

Working toward what you want isn’t for the weak. To become a millionaire, you’re not only going to have to educate and apply yourself, but you’re going to have to stick with it through the good times and bad.

Remember your goals. Take a break and focus on your family, a furry friend, or your inner circle. But always keep coming back to what matters.

While there’s a lot of focus on what to do to become a millionaire, sometimes it’s just as important to focus on what not to do. By reading through this post, I hope that you’re inspired to avoid these toxic behaviors that will hold you back from finding your true success.

Are you ready to be a millionaire? Leave a comment if you are and tell me how hard you’re willing to study/work to make it happen!

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66 comments

Timothy Sykes

Hey Everyone,

As many of you already know I grew up in a middle class family and didn't have many luxuries. But through trading I was able to change my circumstances --not just for me -- but for my parents as well. I now want to help you and thousands of other people from all around the world achieve similar results!

Which is why I've launched my millionaire challenge. I’m extremely determined to create a millionaire trader out of one my students and hopefully it will be you.

So when you get a chance make sure you check it out.

PS: Don't forget to check out my free Penny Stock Guide, it will teach you everything you need to know about trading. :)

  1. SpaceBoundT

    In regards to these traits:
    1) No. I need hours of preparation to show for minutes of work. It doesn’t hurt to be over prepared but it will hurt if you are under prepared. My biggest flaw is that I may have felt that I’m not prepared enough so I fail on execution, but in actuality I was well prepared and simply second guessed myself.

    2) Generally I don’t like breaking the rules, except one, and that will be entertained with time. Sometimes you need risk. No risk, no reward. I don’t want to be 60 and say “I wish I woulda…”

    3) No reckless spending for the most part

    4) Blaming others is an excuse. Take responsibility for everything life deals you.

    5) Working alone, for the most part, AFTER learning from a mentor to BECOME a mentor in order to teacher others.

    6) Which Eminem song do I listen to about not giving up? It has been many in the past but more recently I like to listen to “Phenomenal.” It puts me in the right mindset to persevere and overcome any obstacle. I don’t know how to give up.

    Great blog, Tim!

  2. Stefano

    Thank you Tim for the great post. I’m willing to work very hard: I’m watching all of the video lessons, I’m attending live webinars, I’m analyzing the trades of more experienced traders, taking notes, practicing with paper trade software (Stocks To Trade), learning from my mistakes, reading a good book called “The Psychology of Trading” and most of all I’m learning to not let my emotions cloud my judgement.

  3. Zach

    Thanks for the advice Tim. Lets not stand in the way of our own success. I’m going to keep this one bookmarked. Safe travels.

  4. Jameson

    I have been trading less than a month and already I can see improvement! At times it gets frustrating but learning these key lessons keeps me moving in the right direction. Thanks Tim for your dedication as a teacher! Truly inspiring.

  5. Jameson Rice

    I have been trading less than a month and already I can see improvement! At times it gets frustrating but learning these key lessons keeps me moving in the right direction. Thanks Tim for your dedication as a teacher! Truly inspiring.

  6. Anonymous

    Millionaires on occasion have left money in hotel bathrobes .. But that’s a minor detail often overkooked … The details in this blog are not to be overlooked NUNCA, NIE, לעולם לא, NEVER!

  7. Tim Perkins

    Thanks Tim! Very grateful how generous you are with your time and wisdom. Absorbing everything as fast as I can.

  8. Jesus Izaguirre (Izzy0034)

    I had been looking for something to give me the freedom to live the life of my dreams. While on F/B I saw your interview with Steve H. and was blown away. All those YouTube videos you’re making crazy analogies of movies sold me. LOL that’s what i do!!!! I said, this is what I want to do. The best thing that happened to my career is joining the challenge. All I do is study the DVD’s, study past lessons and read Reminiscence of a Stock Operator and listen to Trading for a living by Alexander Elder my DVR is getting full I don’t watch TV anymore. I take one day at a time one lesson at a time. I focusing on the the Chart the money will come like Dux said. Thanks for keeping it real.

  9. Nicoli

    I’m ready for it. Been learning. Making my mistakes with small positions while I’m starting. I quit a game that I’ve played 12 years because I was tired of wasting time at my computer.

  10. Chris W

    Hi Tim. I am juggling a full time career as a regional director for a $30B publicly traded company and yet I still find time to study every day. Many times it is while I am working out and late nights. Smarter not harder. I have 2 small kids and a stay at home wife and while it may look great from the outside with the house and cars and vacations my career has taken my #1 asset and that is my time. I am driven to be a day trader – I have been thinking about this line of work for 20 years and the time is now. I have been studying for about 6 weeks now and just starting to see the fruits of the labor. Seeing trends and marrying technical analysis to live trading scenarios is really exciting. Still paper trading (in STT), but today marked my 7th green trading session in a row (and yes I don’t trade every day). Thank you for your dedication to teaching and thanks for being the inspiration to people like Tim Grittani. His seeming humility and perspective is super impressive – especially for his age.

    The time is now and I won’t be stopped. I may not have as much time as others to study, but I will make the most of what I have and if it takes longer that’s fine I’ve still got time. $5Mby50 is the goal – that is 7 years from now. There’s not a back plan for me I am driven to success and am excited when the time is right to break free of this job that takes too much of my time and too much of my energy – time to create a life that is beyond my wildest dreams.

  11. Heike Franzen

    Hi Tim!

    Love the way you teach, like the how you get to the point without all the sugar coating.
    Just signed up for the silver packed 2 days ago on my 49 B-day. Single mom with the most amazing almost 4 years old son Henry!

    Unfortunately fulltime working in a high time demanding job. However, I faced challenges before in my life, this miner detail will not stop me putting in as much time as I can and work hard as I can with full dedication to learn from you and the best of your team.

    My biggest motivation is my little peanut I love so much!
    Here my goal: In 2027 I will have a new red Mercedes Benz in front of my house standing, my mortgage will be paid and I will be able to take my child to Germany, where I was born, for longer vacations and will be able to show him the world on his summer breaks.
    Also, I really hope I can help less fortune kids in my chosen hometown in NY. Love your charity work, hope in 10 years at the latest I will be able to donate to it as well!!!

    Thank you very much! Looking forward to a great high demanding, life changing journey!
    Heike

  12. King Ramza

    Great article. I’ve been trading for a couple of months and STT has been an amazing tool along with Pennystocking Silver. Recently I’ve been able to successfully find my own long and short positions. It’s pretty exciting and I owe it all to the plethora of information you have provided. Keep up the great work.

  13. OceanRider

    All of your comments are great because they are learned from trial an error.

    I think being self motivated is necessary for success. That means finding way to motivate myself. Finding ways to get excited about things that might be boring or doing things that others are not doing. Each minute I work at night, on the weekends, in the morning, on holidays is time spent others aren’t working and eventually the payoff comes and it is all worth it. The harder I work, the more fun it becomes because I know it is only a matter of time and I am just getting started.

    One important thing, successful people do not say, ‘that is not possible’, or ‘that can’t be done’. Anyone that works hard enough to achieve something has an entire lifetime to achieve it. Successful people do not listen to naysayers (or others) if are not supportive. My success is up to me. I own it.

  14. Timothy Davidson

    Thank you Mr. Sykes this is a very insightful article. I will certainly heed the advice you’ve offered. I also would like to thank you for your philanthropy towards the kids. That’s very admirable to say the least. Very interested in becoming a student of yours.

  15. Johan Friesen

    I’m already a member. I grew up with very little, no toilet in the house, no electricity or even a car or pickup, just buggies and horses, oh yes, we had tractors to work the fields.
    I started dreaming big ever since leaving my culture and started the English language. (born and raised in Chihuahua Mexico) now living in Canada, I started driving truck and reading books, both at the same time. I don’t have a personal mentor now but use to, I read books like The Magic of Thinking Big, Wooden by John Wooden, How I raised My self From Failure To Success in Selling, 7 Habits… those types of books.
    I’m not where I want to be but also I’m not where I use to be.
    Now I’m learning from you and holding on to my dream. At 58, I have doubts creeping in that I will never make it, but I’m not giving up trying to free my self from the jail I created for my self, DEBT FREE
    Great Post Tim.

  16. Pingback: You Won’t See Millionaires Doing These 6 Things - Trade Wisely

  17. P. Sean Scott

    I’ve already applied, done all the homework, and i have received the invite for the interview, but I still need to come up with the capital to start the investing. I have just over half, and continue to try to trade for the rest, but I quickly learn how unlearned and undisciplined I really am. So I watch, all of these that I come across so hopefully I can learn enough to raise that money quicker, and to be better prepared for when the time comes. but the time is coming. Thanks for the inspiration to change my life.

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