Are you ready to be my next millionaire trading challenge student?
Sure, everyone would love to have millions of dollars drop right on their lap, but that’s not what I’m talking about here. I’m talking about actually being in the right state of mental preparedness to make your financial dreams come true.
These are seven strong signs that you are in the right head space to really become a millionaire. How do you stack up?
1. You’re ready to work hard. How is your constitution when it comes to work? Are you content to waste the day on Facebook and procrastinating, or are you able to get down to business and get stuff done? And I’m not even saying giving up your day job or school work, you can study and work hard at night, on weekends and SO many other times that most people aren’t willing to work.
Because what millionaires understand is that it takes time to actually get stuff done. If you’re in the former camp and you don’t want to work that hard, it doesn’t mean you can’t be a millionaire, but it does mean that you’ve got to change your habits. It could be that you haven’t had the proper program or training; the Tim Sykes Millionaire Challenge could be the opportunity you’ve been looking for.
2. You want to learn. Are you a voracious reader, and do you love picking up new information and skills? If so, you might be millionaire material.
If you think you know it all, or if you want to only learn enough so that you can make money, then your values are all off. Longtime millionaires frequently credit their success to a lifetime spent learning. It’s when they become complacent or think that they’ve done enough learning that their careers begin to decline. Learning keeps your mind nimble, and keeps you current so that you have the best ideas for potential business ventures or trades. A desire to learn is a great indicator that you’re ready to make millions.
3. You have a mentor. If you have a mentor, then it’s a good indicator of a strong financial future. You already realize that you’ll be more successful with some guidance, and you’re not afraid to seek it out.
If you don’t have a mentor, the fix is simple: find one…I never had a mentor and that sucked so my goal every day for my millionaire trading challenge is to be the mentor to my students that I never had because having a mentor can speed up your learning curve dramatically and literally can make you millions in a fraction of the time. Why would you go through the growing pains and ups and downs that you can avoid simply by having an advisor who is further along in their career than you? It’s like a fast track toward success. I act as a mentor to my millionaire students so that they can have the guidance I never had in my early career.
4. You can embrace a routine. This might not be a totally sexy aspect of becoming a millionaire, but you need to be able to follow a routine to get ahead. Success and strength are the rewards of consistency. Think about it in a gym setting. If you sporadically lift weights for two hours every now and again, it won’t give you the same results as if you worked out 20 minutes a day, every day. Becoming successful at business requires the same perseverance and adherence to routine.
If you want to become a trader, for instance, this means setting aside time each day to work on your career. At first the time you put aside might be a study routine as you learn the ropes of trading. Then, as you begin to actually make trades, you’ll need to identify and make habits of the routines that serve you, like waking up early, reading the financial pages, and doing your research before trading.
5. You know exactly what you want. Why do you want to become a millionaire? If it’s some dumb answer like “to have lots of money”, then sorry, but you are not millionaire material. Millionaires know exactly what they want, and they set goals accordingly.
Does it really make a difference? Well, say there are two members of the Tim Sykes Million Challenge Team who say they want to become millionaires. One has no specific goal other than to become rich. The second one has a list of specific things that they want to buy and a lifestyle that they want to attain. If they both have the same skill level, who do you think is more likely to make it happen?
My money is on the one with specific goals. If you don’t have something (or multiple things) to work toward, then it can be far easier to lose steam when things get difficult, or to be rudderless in your trading or business efforts. When you have specific goals, it keeps you motivated and gives you a measure of your success and progress. It’s an important aspect of becoming a millionaire.
6. You can learn from your mistakes. Everyone makes mistakes. Even longtime traders/business owners. I am an established trader, and I make mistakes all the time. There are so many variables in trading; you cannot be right all of the time.
But recognizing the value in your mistakes is what can help make you millions. You will mess up, and you will lose money or lose trades at certain points. But the thing is, these experiences can actually make you a better trader. If you learn from your mistakes and it teaches you to move forward differently, you can truly emerge bigger and stronger from them. It’s like an education by fire; you won’t make the same mistake twice.
7. You’re persistent. Are you the type of person who gives up at the first sign of resistance, or when things start to get hard? Or are you the type of person who can be tenacious when needed, with the ability to persist and keep trying until you get things done?
You absolutely need to be persistent to become a millionaire, remember to read this important blog post to better understand why. You have to have a strong constitution and sense of resolve. The fact is, things will get difficult at times. This isn’t just when you’re starting out; it will be throughout your entire career. This won’t change, but your ability to deal with it can. If you have what it takes to keep going when things get hard, then you may be millionaire material.
Many people want to become millionaires, but few actually make it happen. This has less to do with the difficulty of making millions, and more about having the proper mindset and preparedness. If you meet a majority of the signs discussed in this post, chances are you’re ready to take your career to the next level.
Could you be my next millionaire student? Leave a comment below if you’re serious about achieving this goal and telling me how hard you’ll work to actually make it happen!