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Who Wants To Be A Millionaire? The Magic Formula Revealed

Do you want to be a millionaire so freaking bad? Or why stop there… how about a billionaire? Being rich (monetarily speaking) is entirely possible if you really want it. Desire and belief are a critical starting point. But you also need the right mindset and strategy as well as being willing to work extremely hard and to prioritise that over other things in your life. 

What’s that, you are? Well, let’s make some money…

 

Firstly, consider your motivation

This is always going to have to be at the forefront of your mind. It needs to be strong enough to get you through the lows and keep you grounded through the highs. You will need to be driven by something other than just the desire to be rich. Put some real thought into this. It’s not for everyone and you’re not a failure if you don’t hit a certain income by a certain age. To nail your earning potential, you’re going to have to let go of other things like hobbies, family time, friends and sleep. Are you willing to do this and why? Dig deep.

 

Seven steps to the millionaire mindset

 

1. Don’t fear failure 

It’s unlikely that the first business that you set up will make you a millionaire, it might not even be your second or third. Simon Cowell had great success and then ended up broke and living with his parent’s age 30 before dusting himself off and starting again. Every failure is one step closer to success and more lessons learnt (just make sure that you do learn them). 

 

2. Work, work, work, work, work, work 

You’re probably going to have to get up early and/or go to bed late most days. Keeping a healthy body and mind is going to help you here. 

“Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine.”

Jack Ma, Founder and Executive Chairman of Alibaba Group

 

3. Surround yourself with people inline with your goals  

Follow people on social who inspire you. Read books by people that push you forward. Network with people who can help you. 

 

4. Fake it till you make it  

Take a nice car for a test drive, arrange a viewing of a penthouse apartment, window shop at Liberty. Whatever helps you visualise the dream. 

 

5. Continually improve 

Know-it-alls need not apply! Learn from your mistakes and absorb information at every turn. You’ll need to have a good level of knowledge about all aspects of business over time to excel. 

“I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better. I think that’s the single best piece of advice: constantly think about how you could be doing things better and questioning yourself.” 

Elon Musk, Founder and CEO of Tesla Inc.

 

6. No excuses

You’re going to come up against barrier after barrier. Don’t let anything hold you back. Not money, not time, not the naysayers (and they’ll be plenty). 

“I only spoke a few words when I arrived in the country… I had about £150 in savings for the business and went to three banks to ask for a start-up loan but was unable to get one as I had no credit history.”

Read Harsha Rathnayake’s full story

 

7. Let go 

Perfection in every arena won’t be possible. You need to know what to let go of and what to prioritise to reach your goals.

If you don’t find a way to make money while you sleep, you will work until you die.

Warren Buffet

Business strategies behind making lots of mone

Not every idea will have the potential to drive lots of revenue. And there is a science behind it. Go through this checklist to see if your business ideas are up to making you a tonne of cash. 

  • Is the business idea trending upwards in popularity and usage?
  • Are the start-up costs low?
  • Is it low-risk? 
  • Have you done the maths?
  • Is the idea scalable? 
  • Is there potential to automate or outsource the business so that most of it can run on its own? 
  • Have you tested a minimum viable product?
  • Are you able to keep costs as low as possible?
  • Do you have a savings plan? 
  • Do you have ideas for multiple income streams?

 

What are the 7 streams of income?

Don’t get caught up in one big idea. It’s said that millionaires have on average seven active and passive streams of income.

  1. Earned income – from the time you work  
  2. Profit income – business income by selling something for more than you made it for 
  3. Interest income – from savings and loans 
  4. Dividend income – from investments and partnerships 
  5. Rental income – from property 
  6. Capital gains – coming from the sale of investments 
  7. Royalty income – from products you sell or licence 

 


 

Money really won’t buy you happiness and you’ll have to make a lot of sacrifices on the way to being a millionaire so first analyse what your dream really is. Whether you’re setting up a business for the money, the flexibility or to save the world, make sure your reputation precedes you, in the best way. 

“All you have in business is your reputation. So, it’s very important that you keep your word.”

Richard Branson, Founder of Virgin Group

Steer well clear of the ‘get rich quick’ schemes and knock any bad spending habits on the head. They’ll only ruin your chances of being successful or be exacerbated with any money that you make.

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Sophie Cross

Sophie Cross is a freelance writer and marketer specialising in business and travel. She is the editor for London Revealed magazine and her clients include lastminute.com Group and Merlin Entertainments.

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