I’m SO obsessed with creating more Millionaire Millionaire Habits“…this blog post is going in there too, but I suggest you read them all, as you must study harder than the rest, to help you succeed where so many fail.students from scratch, I have a whole category on this blog called “
After reading the title of this post, I’m sure that a few of you are thinking: “that’s easy; to become a millionaire, you need to make a lot of money.”
That’s true, but making money was secondary to getting in the millionaire mindset and developing good habits from the start that allowed me to actually succeed in my goals. By shifting my thinking and the ways in which I conducted myself, I helped set myself up so that I could try to make money. So, by following these steps, I cleared the way to making it more feasible for you to become my next Millionairestudent…and understand the journey is NOT easy, but with enough hard work and dedication, it IS possible.
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1. Make a commitment. It’s said that every journey begins with a single step. But, before I took the first step, I had to decide to make that step. Basically, what I am getting at here is that before I needed to become a millionaire, I had to make it a clear intention in my mind…as it doesn’t happen overnight. I had to mentally prepare for it being a journey and this journey has peaks and valleys too.
Idly thinking that I wanted to be a millionaire and day dreaming about it simply wasn’t good enough. Overall, the first step to how to be a millionaire was deciding that I wanted to become a millionaire. This step is easy, but it’s also important.
2. Figure out what I want. Here’s where I had to ask myself an important question: why did I want to become a millionaire? If it was to have a lot of money, then I had to think again. A desire to simply be rich wasn’t going to fuel my fire when things got tough. I needed to set specific goals for what I wanted.
I really had think about what my goals and desires were in life. What would make being a millionaire awesome? Is it the ability to buy a house by the water or to have the money to start a restaurant? Or, to start a charity like I have here. Whatever goals were set, I had to make a list of them, big and small. I had to think of the money I made as not just dollar bills, but the means to make my dreams come true.
3. Figure out what I want to do. This may sound obvious, but that money I wanted wasn’t going to earn itself. Once I figured out why I wanted to become a millionaire, it was time to figure out how I was going to do it.
There’s not just one way to become a millionaire. The options are endless like- start buying and flipping houses or perhaps starting a business. Or, making a killing in the stock market. For many longtime millionaires, their riches don’t come from just one source; many have multiple income streams.
4. Seek guidance. This step, I personally did not have. But now with my knowledge, I can offer it to you. If you want to follow my lead and make money as a trader, then I can help. I set up the Timothy Sykes Millionaire Challenge so that I can act as a mentor to a chosen few students. I’ve now turned $12,415 into $4.6 million** and I want you to be able to do the same, if not better, like this great student of mine has done lately. In my teachings, I pass on my knowledge so that you can learn from my experience and so that it can help you on your own path.
5. I applied myself. Once I found my means to making millions, it was time to get to work. (If you’re a student in the Tim Sykes Millionaire Challenge, this means learning all that you can about trading and beginning to start making trades.)
Even trading from a small account, I was able to accumulate earnings. I payed attention to the studies and continued to learn along the way. Every trade is an opportunity to learn something new.
6. Save. Yes, you heard that correctly. To make millions, I had to become an expert at saving. Here’s why.
While trading from a small account is a great way to begin, I ultimately wanted to increase my position in the market. When I had more money to invest, the potential profits were that much higher. The way to do this is to save. Even if my earnings were relatively low, I saved a good portion of them. This means that the next time I made a trade, I had more to work with. Over time, I found that the amount that I was able to save became higher, but so was the amount that I got to enjoy. Overall, this was the point at which I was able to start buying some of those things I wanted without eating into my savings.
7. I surrounded myself with successful people. To paraphrase a famous saying: aim for the moon. Even if you don’t make it, you’ll land among the stars.
In essence, I had to be aspirational in my networking. If I hung out with your college buddies who were still working dead end jobs, how would I be inspired to get ahead? In terms of professional networking, I had to surround myself with super successful people. I was amazed at how much their success could rub off on me. For one thing, I picked up subtle social cues as to how successful people conduct themselves. Second, I was opening myself up to opportunities. When surrounding oneself with big players, they might think of you when a business opportunity comes up.
8. Keep learning. This step is key, because oftentimes, traders or business people forget about it. Once I started to hit my stride and was consistently making profits, it was of the utmost importance to keep learning. (You can keep up on your lessons in my; read the news; listen to business podcasts; let your mind be a sponge, absorbing everything.)
Continued learning helped me stay relevant and kept me from getting complacent. Lifelong learning is a common habit of longtime millionaires and I made it one of my habits, too.
9. Keep getting better. In addition to continuing to learn, continuing to improve. This requires a degree of self analysis. I had to look at my progress and have the ability to evaluate how to streamline my process. Also being able to evaluate my weaknesses and bad habits, and work hard to eradicate them.
I considered this my secondary intention: to keep getting better all the time and to remain in that beginner’s mindset where I knew I still had so much work to do.
10. Love what you do. Whether you’re trading like me, flipping houses or whatever, learn to love it. Learning to love the process of what you do is not always vital to attaining success, but it’s essential to maintaining success. If I didn’t love what I do, I would burn out sooner or later. So why not learn to enjoy the ride so that I could enjoy a long and healthy career?
Overall, so much of the process of how I became millionaire is a mindset. By doing the ten things listed in this post, I was able to set myself up make millions in a smart and sustainable way.