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 topstudents 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!