Picking Apart the Millionaire Mindset
I want to be a millionaire, its that simple and I am willing to be as diligent, focused and prioritized in order to get there. The millionaire mindset isn’t just about changing habits, but moreso the mindset that is needed in order to achieve it.
How to Think Like a Millionaire and The Millionaire Next Door
What is the millionaire mindset?
Belief in Self
Millionaires align themselves not only with the goal but with the belief that they will be successful in achieving their goals. Your beliefs create your life experience, and as such if you believe that true wealth was only created for the chosen few then that will be your reality. The truth is that your mind and attitude bar your entry, and in order to achieve you must first believe.
What are your beliefs about success?
Passionate about Life Goals
They pursue their passions and make it their vocation. In essence, they’ve made their passion their life’s work. It is who they are and enables them to reach the ever elusive level of self actualization while pursuing their passions.
What is your calling? What is your life’s passion?
SMART Goals
Millionaires set SMART goals. Specific. Measurable. Achievable. Relevant. Time bound. Their goals are clear intentions with detailed steps on how they will get there. There’s something about writing your goals down on paper which sets them in motion.
What are your goals? How are you poised to achieve them? Have you written them down?
Learn from Mistakes
Millionaires learn from them. Obstacles are to seen as an opportunity to learn and grow. If they are knocked down, they get back up. Remember when Donald Trump faced financial trouble not too long ago? Look at where he is now. My personal favorite, Steve Jobs-took Apple like a Phoenix dead and buried and resurrected it into the corporate giant that it is today. He believed in his passion for Apple, took risks, failed, learned from his mistakes and is reaping the benefits.
What mistakes have you made? How will you learn from them?
Frugality
One thing consistent among millionaires that Ive read about or spent time with is that they are frugal and rightfully so. Wealth isn’t about spending money, it is about acquiring and maintaining it. The newest techie gadgets, shoes or designer handbags aren’t priorities in their lives. Hey, I’m talking to myself here so I’m not on a soap box. I think its hard to remain frugal with constant bombarding of advertising of juicy new tech gadgets like the new apple thin notebook, Yves St Laurent Muse and Balenciaga handbags. Its hard being a young fashion forward fashionista but it must be done. I am not advocating being cheap, there’s a thin line but to be conscientious about our purchases.
What areas of your life are you most frugal?
As you can see, being a millionaire isn’t just about spending money on “bling”, but its an intentional mindset. One that demands careful planning and prioritizing in order to get there. Personally, it isn’t about having a net worth of a million dollars, it is also knowing that I am committed to remaining true to myself and all of my ideals in order to get there. Achieving this mindset is something that will take work but I am determined to get there.
What are your life’s passions?
Do you want to be a millionaire?
How do you plan to achieve that goal?
photo credit: Black Collegian
About the Author: Girls Just Wanna Have Funds is for the woman that wants to take charge of her personal finances. We value budgeting, investing, frugality and remain mindful of our spending habits. Move over and make way for women who are in control of their financial destinies and not afraid to say it. We're armed with a positive net worth and not afraid to flaunt it while breaking financial ceilings one stiletto at a time!
K. (2 comments.) | Jan 20, 2008 | Reply
Have you read Millionaire Next Door? It’s a great read. Basically it profiles millionaires and found that the average millionaire isn’t neccessarily rocking the latest high-end fashions, cars, nor do they subsidize their adult children’s lifestyles. Very interesting stuff.
Maya | Jan 20, 2008 | Reply
What’s funny is that the masses believe that the “blinging” is what being rich is all about. They only see the nice cars, furs and big houses and never think about how those people got there and stay there. *sigh*
Great post girl! We all need to be thinking about these things to get where we want to in life!
Crystal | Jan 20, 2008 | Reply
Love your site!!! We need more female bloggers like you who post about things like this! Right now we are so concerned with consumerism and not about saving for a rainy day and being frugal even when we do have it to spend. I wish they taught these concepts in school.
Crystal | Jan 20, 2008 | Reply
K, Millionaire Next Door is so insightful and I think everyone should pick up a copy! Ginger, once again something for us to think about.
Tia | Jan 20, 2008 | Reply
So you wanna be a millionaire huh? I think Imma hafta join you in that quest. Anything is better than where Im headed now.
Franklin (1 comments.) | Jan 21, 2008 | Reply
All of us get at least one chance to make it. The millionares are simply the people who took that one chance.
Young Investor (5 comments.) | Feb 25, 2008 | Reply
Hey Girl,
I love the fact that you want to be a multimillionaire. I think that actually acknowledging that is already the biggest and first step in achieving that! I’m right there with you girl!!!
Franklin says that we only have once chance to make it .. well i think that we have more than one chance. I reckon that we are presented with opportunities to make our lives better every single day and the more that you out yourself in that millionaire mindset then the more you are going to be able to take advantage of them!
All the best girl, keep us posted!
Young Investor
http://www.investmentrealty.blogspot.com
SD Girl | Mar 8, 2008 | Reply
If you liked The Millionaire Next Door, I strongly recommend Millionaire Women Next Door. I re-read it every so often and find that it is a great reminder of things we already know, but the added value hearing the specific stories of women successfully managing their wealth is very encouraging to me!
Ginger | Mar 8, 2008 | Reply
You know SD Girl I saw it at the bookstore for $3!!! Maybe I should pick it up afterall….I’ve become so used to audio books now…
DallasHoney | Mar 12, 2008 | Reply
Love your site Ginger! And yes, I want to be a millionaire. I went to the mall with a girlfriend yesterday and saw a L.A.M.B bag that I loved. But then I said to myself, “Gwen Stefani is a multi-millionaire and I’m not!” Needless to say, the bag is still at Nordstrom and my money is in the bank!! Thanks for the timely articles. Keep up the good work.
Dionne (1 comments.) | May 9, 2008 | Reply
I too share the passion for achieving and sustaining millionaire status. After visiting your website, I purchased several books to add to my library–How to Think Like a Millionaire and Debt is Slavery, which I read in one day (fast read and I highly recommend it).
My fellow aspiring millionaires–my advice to you is simple…Pay yourself first, Invest and Save! Really analyze your purchases because more oft than not, the lady carrying that new, hot bag probably doesn’t have sum total of that purchase in her wallet, much less her account! Best of success in your quest.
Clair Schwan (1 comments.) | Jun 11, 2008 | Reply
I like the idea of being a millionaire, but I think we really put too much emphasis on that “1″ with 6 zeros after it. The focus for me is to have financial freedom and peace of mind, and that doesn’t require $1M in net worth. It can be done with much less.
Having money can help you with financial freedom and peace of mind, but mostly, money gives you options. And, it is what you do with the options that determines whether you’ll have financial freedom over the long haul that contributes to your peace of mind.
Success in my life has been based largely on foresight to invest in my future, determination to earn more, and saving to achieve specific goals. For me, success requires a deliberate attitude and approach.
If you don’t have goals, then you aren’t going to be motivated, and how will you know when you “have arrived” at your destination? I’ve achieved many of my goals and now I am working on new ones.
Focus is important. A willingness to be different is also very important. Enthusiasm, recognition of opportunities and planning are also key to success.
I think the most important thing is to plan for success with clear goals, then work the plan to achieve the goals. The plan can change, but you need to be deliberate about everything you do.
You also need to be realistic with your goals and cautious with your actions. If you throw caution to the wind, don’t be surprised if you see your money blowing in the wind right along with it.
Good fortune to all, whatever your destination may be,
Clair
Caroline | Jun 25, 2008 | Reply
I think a realistic goal for most women is to accumulate at least $400,000.00 by the time they turn 40. I attended a real estate seminar where James Smith said that if women don’t have at least 400k by 40, they are headed toward “the dark side of the moon”. Basically, what he meant was you will have a real hard time of it if you don’t have at least that much by then. I don’t have a fancy job or fancy degree, I work as a security guard, but I made the 400k by 40 mark, by basically working as much as I can and being frugal as all get out. If I can do it, ladies, you can do it too.
P.S.: It is a sad commentary on how our society is set up, but the less children you have, the easier time you will have of accumulating wealth.