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How To Develop A Millionaire Mindset In 8 Easy Steps

To become a millionaire, you must learn how to develop a millionaire mindset.

We all dream of becoming financially wealthy, but why is it that only a few people manage to be successful? Simple: most people haven’t developed the mindset necessary to become a millionaire.

Even though they might not be happy with their current financial situation, they’re too comfortable with their life to make the necessary changes needed to create more wealth. Comfort is the enemy of growth!

If that sounds like you, I hate to break it to you, but winning the lottery or getting lucky in the stock market notwithstanding, you can’t become a millionaire without first changing your mindset. 

More specifically, you need to develop a millionaire mindset, lest you want to continue spinning your wheels, working just as hard, but never getting anywhere financially.

No more playing around . This guide will teach you how to develop a millionaire mindset in order to increase your chances of actually becoming a millionaire.

How To Develop a Millionaire Mindset

In order to be a millionaire, you must learn how to develop a millionaire mindset.

Would you agree that if you want to be rich, you have to think like someone who is already rich? 

The following tips will help you think like a millionaire and put you on the right track to achieving your financial goals.

1. Eliminate Your Limiting Beliefs About Money

“Money doesn’t grow on trees,” “it’s selfish to want a lot of money,” “money is the root of all evil,” “I don’t have what it takes to make a lot of money.” How many times have you thought or uttered statements such as these to yourself?

They are examples of self-limiting beliefs about money that may be holding you back from financial success. In order to have a millionaire mindset, you must banish such thoughts from your mind and replace them with more productive and positive affirmations!

Money is neither good nor evil;  it is simply a tool for exchange — a reward for offering value to others. Instead of seeing it as something that’s difficult to obtain or brings misery, see it as something that’s abundant and brings joy and happiness.

“Money comes freely and easily to me,” “people are generous and giving,” “there is enough money to create abundance,” “the money I earned is showing the value I created for others.” These are the things people with a millionaire mindset think and say to themselves.

Identify your self-limiting beliefs about money and write down positive affirmations that counter them. Repeat these written affirmations out loud or silently to yourself twice a day for at least 5 minutes each time.

2. Have a Vision, And a “Why?” 

If you aspire to be a millionaire, you have to be really clear of what you want and why you want it. Can you see yourself being a millionaire, and what does it look like? 

Just as important, why do you want to be a millionaire? What is your driving motivation to create more wealth? Is it so you never have to work a 9-to-5 job again, or perhaps to be a better provider for your family?

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Having a vision and a “Why?” will provide you with a clear sense of purpose and direction for achieving any goal, especially in hard times. They will also help you define your short and long-term goals, and guide your decisions. 

3. Become Goal-Orientated

Only lottery winners become millionaires overnight. For everyone one else, becoming a millionaire is almost impossible without setting goals and working towards them.

Don’t trip over yourself trying to get rich quickly — get rich slowly. Set both big goals and incremental goals. 

Also see: What Is Self-Agency, And Why Do You Need It It Succeed?

For example, to achieve the lofty goal of becoming a millionaire by 40 or even 30, you might want to set a milestone of achieving a net worth of $10,000 in the first year, $50,000 in the third year, and $100,000 in the fifth year.

Big goals take a long time to achieve, and most people tend to give up on them when they don’t see quick results. Cutting them into smaller, more achievable goals will motivate and inspire you to move forward. 

You will find that your dream of becoming a millionaire just keeps getting closer and closer.

4. Become Solution-Focused

It’s one thing to have goals, and it’s another thing to do everything possible to overcome any obstacle that gets in your way of achieving them.

Being solution-focused means striving to find solutions for a problem no matter the circumstances. Others may give up, but the millionaire mind knows there is always a solution and that all problems, challenges, and failures are opportunities for learning and growth.

When you focus on solutions rather than problems, you maintain a positive mindset and are not easily rattled by circumstances that are beyond your control, circumstances that may derail others.

Millionaires get excited by challenges because they know that crushing them will only bring more financial abundance. The bigger the challenge and the more uncomfortable it makes them, the more they grow. Continue raising your standards, and go after the big fish.

5. Don’t Hoard Or Spend Your Money – Invest It!

We are often taught never to waste money on frivolous things but not never about the pointlessness of hoarding or over-saving our money. 

There is no point in making money if you don’t spend it. Millionaires, especially millionaire entrepreneurs, tend to be frugal. Instead of spending most of their money on things that give them instant gratification, they spend it on the things that make them more money.

In other words, invest your money wisely — make your money work for you instead of the other way around! 

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That could mean spending it on yourself to acquire new skills that are conducive to building more wealth; investing in assets that appreciate, such as stocks or real estate; or starting a business.

I am happy to say I do all of these. How about you? What areas do you want to improve?

6. Never Stop Learning

Speaking of investing in yourself, it’s the best way you can spend your money. 

Many people think their education is over after they graduate university or college, but what every successful person or anyone with a millionaire mindset knows is that learning is lifelong.

Your personal development should never end until the day you die. Learn everything you can about how to make money and be open to learning other skills, even things you might not find interesting. 

Seemingly useless skills can oftentimes become extremely useful in the right situation.

Learn how to continuously better yourself physically, mentally, emotionally, and spiritually so that you are always ready to capitalize on any opportunity. This includes improving your self-confidence and eliminating any self-limiting beliefs holding you back from greatness.

You’re not doing it just to create abundant wealth or become a millionaire — you’re doing it to self-actualize and become the best version of yourself.

7. Think Big

While it’s always a good idea to start off with smart to have small achievable goals, you should also have a big goal in mind. 

Want to start and operate a successful business? Want to become a millionaire before the age of 40 or even 30? Those are all examples of big goals.

Personal growth only happens when we challenge our fears and continually stretch ourselves to the limits.

Never let anyone discourage you from setting yourself a big goal, and don’t feel embarrassed or ashamed if you don’t achieve it. In the words of motivational speaker Les Brown, “it’s better to aim high and miss than to aim low and hit.”

If, for example, your aim was to grow your business to make $1 million profit annually but you only managed to make $200,000, that still puts you significantly ahead of most people and businesses.

8. Promote Yourself

This good piece of advice can be a bit difficult for introverts to swallow (it sure was for me), but in order to be successful, or at least improve your chances of becoming a success, you have to be willing to promote yourself and enjoy the attention that comes with it.

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Remember, the millionaire mindset is all about growth, expansion, and going after what you want with determination. The attention doesn’t necessarily have to be on yourself (it could be on your brand, for instance) but realize and accept that fame and popularity attract money.

Not only must you not be embarrassed to get your name out there, but you must actively seek out opportunities to do so. 

Only you control your destiny, so find yourself a spotlight and be brave enough to step into it.

How To Develop A Millionaire Mindset: Takeaways

Couple holding a lot of cash.
A millionaire mindset can fast-track your journey to financial freedom.

We have given you a look into the mind of a millionaire so that you too can learn how to develop a millionaire mindset.

Remember, the first step is to eliminate any self-limiting beliefs you have about money, since they prevent you from earning more and building wealth. 

You must also develop a vision and have a compelling reason for why you want to be a millionaire so that you have a clear sense of purpose and direction; set smart, achievable goals to keep you motivated; become solution-focused so that you remain in a positive frame of mind, especially in tough times; and promote yourself because attention attracts money.

Instead of hoarding your money or foolishly spending it, make it work for you by investing it in projects that make you even more money, especially the project of becoming the best version of yourself. Never stop learning.

Finally, don’t be afraid to have big goals, and don’t be ashamed if you don’t achieve them after putting in the work. Falling short of the mark can oftentimes make you more successful than most people.

Adopting a millionaire mindset won’t happen overnight, but I truly believe that following these initial guidelines with commitment and determination will put you on a path to tremendous success like it has for me.

If you found our guide on how to develop a millionaire mindset useful, share it with your family, friends, or anyone you think could use it. And get more insightful content like it at Too Manly Fundamentals

Written By

Kwame Owusu is a personal development coach and the founder of Too Manly. He holds an MBA from a top business school and is committed to helping men all around the world look, feel and live the prime of their life.

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