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Learn How the Millionaire Mind Works

Jun 17, 2008
The mind of a millionaire may seem tricky, but it's not as complex as you might think. When you look at it in depth, most millionaires have a few things in common. If you are going to learn how to become a millionaire, you'll be best served to learn how to think like a millionaire.

One way to start is with reading the right books. Two good examples are How to Think Like a Millionaire and The Millionaire Next Door. Once one digests the information inside, the millionaire mindset becomes apparent. In particular, there are five things that stood out for me:

1. Passionate to succeed in life's goals - If you want to be successful in anything, passion is a requirement. If you don't have that passion, achieving your goals is going to be like climbing Mt. Everest.

2. SMART Goals - This is a famous project management skill. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. If you make sure your goals have those qualities, you should know where you stand.

3. Belief in Self - While you may think this is common sense, you'd be surprised how many people miss this crucial detail. You simply have to believe in yourself or no one else will believe you have what it takes to become a millionaire.

4. Learn from Mistakes - Everyone makes mistakes - you are going to make them too. The difference is that millionaires learn from them and use it to their advantage. If you are like many people, you may be tempted hang your head in shame. That's a recipe for failure. Worse yet, you may stop trying to execute on the plan for fear of making more mistakes. Remember, even Bill Gates misjudged how important the Internet would be.

5. Ability to Save Money - It's hard to have a million dollars in the bank when you are spending it at every point. There's some truth to that. However, a lot of people who have a million dollars did it by saving and investing in small increments over time. In order to have this money to invest, you should try to spend less than you earn. Of course you could just be lucky or extremely talented, but since you can't count on luck or being that talented, you can control your own millionaire destiny by being frugal.

Are you on your way to becoming a millionaire? Do you have the millionaire mindset?
About the Author
Money Millionaire writes about how to become a millionaire. Learn why a million is not enough by going to http://www.moneymillionaire.net for more information.
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