This is a guest post from Chris Alarcon. Chris’s obsession with financial independence led him to create the Financially Well Off blog, and to interview entrepreneur rockstars like JLD from EOFire and Raegan Moya-Jones from Aden & Anais. For motivation on building wealth and success habits check out FinanciallyWellOff or Facebook. Let me know if you would like to guest post on RFI.
Not everyone is lucky to be born to wealth.
The reality is most people start from scratch and pave their way to become millionaires.
Unless you win the lottery, there’s no quick way to become wealthy.
So what does it take to become a self-made millionaire?
Which money habits can help you make the big bucks?
Let’s explore the answers to these questions from none other than the three renowned self-made millionaires who gave us their best bits of advice on the matter.
What is Considered a Self-Made Millionaire?
As evident from the name, a self-made person has attained success and money by his efforts and consistency. They start their struggle from scratch, without owning an inherited fortune or an elite social circle.
So a self-made millionaire is a person who earns millions by starting from zero.
The key is to adopt the proper habits and stay consistent with them. These habits may include your working habits, money managing habits, or spending habits.
When you figure out what works the best in your favor and stay focused on your goal, you are on track to achieving your financial dreams.
The self-made millionaires must do something different, something better to become millionaires, while most of us keep struggling.
Let’s find out what they are doing differently that we need to adopt in our lives.
My Interviews With Self-made Millionaires
I interviewed successful entrepreneurs through my podcast in 2019 to find the secrets to their accomplishments.
I learned many valuable and priceless tips that I cannot wait to share with you.
Dame Stephanie Shirley (Steve)
Dame Stephanie Shirley, also known as Steve, came to the UK as a refugee, surviving the holocaust.
She wanted to prove that her life was worth saving, and so at 29, she started her multi-million dollar business.
Steve founded “Freelance Programmers,” a software company where she employed hundreds of women. She aimed to create opportunities for women in a male-dominated business world.
Dame Stephanie has to disguise under the name Steve to get business opportunities since no one took women seriously.
Because of her, 70 of her team members became millionaires.
I had the privilege to interview this exemplary personality.
One of my most anticipated question to her was,
What’s the best way you’ve found to never give in to what people and life give you?
According to Steve, one should not let go of three essential things in life:
- Peace of Mind
Steve believes it is your values to keep you steadfast during testing times. Even when the times are good, your values help you stay firm and progress.
She says that only with health and peace of mind can you embark on a journey to achieving great things in life.
John Lee Dumas (JLD)
John Lee Dumas, better known as JLD, is the Founder and Host of EOFire, an award-winning Podcast where he interviews today’s most inspiring Entrepreneurs 7-days a week. With over 2000 episodes and 7-figures a year in revenue, JLD has shown the world what it takes to be a self-made man.
He is on a mission to help you in your entrepreneurial journey.
He was another exciting guest on my podcast.
I asked him, “How were you able to have the discipline to save over a year’s worth of income to leap into entrepreneurship?”
JLD mentioned having received an army scholarship that lasted him through college without debt. He relied heavily on his savings for thirteen months in duty without tax.
But what truly worked for him was delayed gratification. He has his priorities set. He would resist a temporary temptation to achieve something more valuable, in his case, his podcast.
With the proper saving and spending habits, he could generate investment for his entrepreneurship goal.
Grant Sabatier is the Millenial Money blog founder, with over 10 million visitors, and hosts the Millennial Money minutes podcast.
He became a millionaire in 5 years, reaching the financial independence he has always aspired for and had many intelligent tips and habits to share.
I asked him, “What advice would you give to people who are currently struggling with their finances and feeling hopeless?”
He was upright and confident in telling me the importance of realizing that nothing is forever. The struggles, the feeling of failure, and hopelessness are temporary.
Success comes to those you keep fighting, who keep pursuing their dream. Everything that comes in the way is short-lived.
He also talked much about the significance of staying connected with nature. While spending time in nature, you get your best ideas and motivation to work on them.
Do not lose that connection.
What Traits Do Millionaires Have In Common?
Hefty bank accounts, a comfortable lifestyle, and a stress-free future are not the only things common among self-made millionaires.
While these are the outcomes of many endeavors and long periods, several self-made millionaire stories show some common traits among the millionaires that enabled them to share this bliss.
All millionaires believe in the power of putting their thoughts, dreams, and visions into action.
Mere words are nothing to them until you give them a practical shape.
They are not afraid of failing. Every mistake is a lesson learned and an opportunity to do better. They drive their motivation from minor drawbacks and push themselves further to do better.
Most millionaires reflect on their skills, polish them and use them to do wonderful things. One can do much better in something he is good at and the thing he enjoys.
Millionaires do not believe in doing something that non-aligned with their minds, heart, and values. One excels in things he most relishes in, so they focus on the things they are good at and polish them further.
Therefore, passion, commitments, and a courageous attitude towards risks are what most millionaires hold common among themselves.
How Do I Become a Self-Made Millionaire With No Money?
It is natural to think that to become a self-made millionaire, the most obvious thing is to have money.
This notion can be dangerous to entertain, as it can become the biggest obstacle in achieving your dream.
My interviews with Steve, JLD, and Grant have clarified that money is not as significant as we like to think. There are more critical things that, if you accomplish, can help you become a self-made millionaire.
It all begins with having an evident vision and perspective of what you want to achieve. When you are adamant about achieving a goal, you do not let any distractions get in your way.
The next step is to have a rational plan and then adopt proper discipline to stay consistent on working towards it.
While working towards it, it is also vital to manage your money and be mindful of your spending. Invest whenever you find a splendid opportunity and take calculated risks.
5 Tested and Proven Millionaire Habits You Should Adopt Right Now
It all boils down to a few simple habits, which, if you adopt, can become valuable in your journey to becoming a self-sufficient man.
Many millionaires I have come across are very frugal in their lifestyle and spending. Not that they cannot afford extravagance, but thrifting things of value are wiser than overspending.
Do not be afraid to think out of the box. If you have a unique idea, pursue it. It is one thing common among the millionaires that they believe, unlike the ordinary people. Thinking big is what takes you to elevated status.
Build a Strong Support System
Equally important is to have a robust support system to motivate you in your journey. Positive reinforcement from the right social circle can boost your performance a great deal.
All millionaires have a disciple of hard work, consistency, and determination. With the right discipline in life comes the desired outcomes.
All millionaires keep themselves well informed about everything that goes on in their field. It is essential to educate yourself on market trends, new technology, better principles, and risks before deciding on something.
Now You Know the Secret to Achieving Financial Success
Most people believe that becoming a millionaire or being wealthy is only for a selected few.
Although a few people reach millionaire status, the truth is many can achieve financial independence and not have to depend on a job to sustain themselves, only if they adopt the right habits and values.
Although the entrepreneurs I interviewed mentioned different tips, they all worked hard to reach their financial success and let nothing divert them from the managerial habits and values.
The biggest obstacle to your financial success and happiness is you. Now that you have the tips to financial success from self-made millionaires, what will you do to build wealth?