6 Secrets All Self Made Millionaires Use
In today’s post we’re going to be taking a look at the top self-made millionaires and billionaires and check out the 6 traits that they all had in common.
So many times we let our past determine our future. We say I can’t have X, I can’t have a million dollars, I can’t be on the path to a billion dollars because here’s all the reasons in my past and ways I failed that are preventing me from getting there.
We let being realistic stop us and hold us back from the life we want, from the life we deserve. We need to stop settling and start living and the first step to doing this is a concept called zero based thinking.
Zero Based Thinking
This concept comes from Brian Tracy and he simply asks a few questions. If you could start over today, if you could scrap everything in your past, how would you act, what are the habits you would instill, who would you hang out with?
Would you be in the same business you’re in right now, would you be doing the same things you’re doing every single day, would you be living in the same environment, would you be dating that person, would you be spending money on what you’re spending it on?
There’s no right or wrong answer here but if you answered no to any of those and want to change something, then get moving and change it.
Steve Jobs said it best and he says look around you, everything around you changes when you realize it was built by people who are no smarter than you. Allow yourself to dream, to think big and that’s how you get the results. That’s how you break task limiting beliefs.
Now that we’ve thought big enough, let’s talk now about the nitty gritties on how to live life on your own terms. There’s two ways I like to think about this and Derek Halpern likes to tell the story about a locksmith.
The Value For Dollars Mindset
Now this guy starts out and he goes around to the clients house and unlocks their locks that are stuck. First it takes him two and a half hours, he’s sitting there fiddling with the lock. Struggling he can’t get it open and then finally BOOM it opens, that’ll be 250 dollars.
Well what happens over time is this locksmith gets better and better at his job. Pretty soon it only takes him an hour and then eventually he can get that lock open in just 10 minutes, that’ll be $250.
What he noticed is when he charged people $250 for the two hours they would happily pay it but as this locksmith started getting better and better at his job fixing locks quicker and charging the same amount, his client started throwing a fit.
What do you mean $250! I saw you open that lock with the click of a button in ten minutes but what the locksmith understood is that he wasn’t compensated for his time. The locksmith is compensated for the value.
You need to adopt that mindset of being compensated for the value, the results we give to a company, to an organization, to ourselves in our business to others, instead of the amount of time we put in.
If you want to live life on your own terms you must ditch the time for hours mindset and start thinking of the value for dollars mindset.
Increase The Size of Those You Serve
Jim Rohn a legendary motivational speaker said “the more I serve the more I earn.” I know a trainer at the gym and I got to be good friends with him.
This man works himself sick, he works 14-hour days 6 days a week and trains 50 to 60 clients every single week. He’s very open with me and he makes about 80K a year.
What’s wrong with this is that he’s tapped out, he’s pushed himself to the max, 80K is the most amount he will make. Now what would happen if he took one or two days off and instead of 80k for 50, 60 clients, he trained 40 or 30 clients and brought in 40k a year.
But in those two days he focused on serving the masses. In other words, he put it into creating videos on YouTube, he put it into growing an email list and he put it into marketing himself as a trainer online going after the masses of people.
Over time he would eventually make up the difference of that 40K a year because once you know how to make 40K it’s easier to scale that up to 400K.
If he took one or two days and focused on how do I serve the masses, how can I scale what I’m doing, can i film these workouts and post them online, can I attract people to me by giving away free information and then eventually release products to them.
Pretty soon over time you’re making up the difference of that 40k by now working three days a week instead of five.
I love the quote Tony Robbins has. He says the quality of your life is the quality of your communication. This really comes down to two areas, how well you communicate with yourself which is the zero based thinking but also how well you communicate with others.
Look at self-made millionaires and billionaires. Look at Steve Jobs, Opra, Tony Robbins, Bill Gates what do they have in common? They have a method of speaking to people that connect.
Warren Buffett one of the richest men of all time said that taking Dale Carnegie’s public speaking course was one of the best investments he’s ever made in himself.
Let’s end this on a quote from Tim Ferriss out of the 4-hour Workweek. He says that a person’s success or failure in life comes down to the amount of uncomfortable conversations he or she is willing to have.
Communicating means speaking well to others, connecting with others but also being okay with having the tough conversations that moves you forward.
Decide, Commit, Achieve
We got to go after our goals, go after success with laser targeted focus almost an obsession and then it will happen. Bill Gates said he didn’t leave his cubicle for ten years, ten years before he eventually became a success.
One of the richest man of all time now but when you follow stories about Bill Gates what do you see? You see him speaking on stage, you see him revealing products, you see him talking with people.
You don’t see him hunched over in a cubicle for those ten years that he was grinding it out and killing himself just to become successful. Bill Gates didn’t try 50 things and then stumble across one that worked. He went after one with laser targeted focus.
One of my biggest lessons starting out was I used to think I’ll try things until something is successful. Now I think I’ll commit and stick at something until it’s successful.
The point is we don’t know sometimes how close or far away success is. What if you quit ten feet before the finish line? All your results are lost, everything you worked for is gone.
Success comes to those who have that laser targeted focus and go after what they want and are ruthless with getting it.
Model the Masters
Going back to a Jim Rohn quote: Success leaves clues and hat’s very spot-on. You are who you hang around, birds of a feather flock together. If you look at the five people you hang around most, your the average of them.
You have to seek out people who are ahead of you and average yourself up instead of hanging around what’s comfortable or even what feels good.
Subconsciously you know if you hang around people who are doing worse than you, you get an ego boost from them because you’re the successful one. You shouldn’t feel like that among your friends.
Find five people, find communities, find people online and average yourself up into the top five people you hang around most. Seek out mentors, seek out coaches, seek out people who have been there that you can learn from and shorten the learning curve.
6 Secrets All Self Made Millionaires Use – Conclusion
Those are the six mindsets of self-made millionaires and billionaires. Before I go I want to share this stat with you and why you need to start creating your own path.
Take any 100 people follow them for 40 years from when they started working and here’s what you’ll find according to Social Security Administration:
1 will be wealthy
4 will be financially secure
5 will continue working (not because they want to, because they have to)
36 will be dead
54 will be dead broke
If you liked this post please let me know in the comments below. Be sure to share this with your friends and check out some of my other posts to help shorten your learning curve.
If you’re looking to start a business, if you’re looking to just create things around what you’re passionate about shoot me a message and let me share some tips that will help get you moving in the right direction.