There are 9.6 million millionaires in the U.S., according to consulting and research firm Spectrem Group. The number of millionaires may have increased in recent years even after the collapse of the nation’s economy, but most Americans aren’t part of the millionaire club. Perhaps it’s because of attitude towards success or maybe even your work ethic.
However, there are certain steps to insure success at getting rich. Here are Money Examiners 10 steps to be a millionaire.
1- Spend Less
Rich people are cheap and are proud of it. They know that not spending money is the same as earning money. “It is not about how much money you make, but how much money you keep, ” said Rich Dad, Poor Dad author Robert Kiyosaki. Millionaires know that not spending money is the same as earning money.
Millionaires know that employment is limiting so they start their own businesses to leverage time. According to AmEx/Harrison survey, half of the millionaires became rich by running their own business. They use loans wisely to grow their business.
3- Financial Freedom
Millionaires look for financial freedom. They know that money is not the only means for happiness. It can be attained whatever your income is or isn’t but they are usually obsessed with money. Financial freedom is a state of mind knowing that you are free from bad debt.
4 -Not That Smart
The book “The Millionaire Mind” says that the average college grades of millionaires are at 2.9, while the SAT scores are at an average of 1190. Harrison Group Vice Chairman Jim Taylor said being disciplined in the area of learning is more important than what they have absorbed in school.
5- Pay Self First
Millionaires use the money they save to invest. He pays himself first before he pays bills, creditors and even taxes.
6 – Take Massive Action
When it is time to work, millionaires work diligently. They don’t just make a couple of sales calls. They make thousands. Millionaires keep themselves busy so that they can earn more money and avoid spending.
7- Plan Ahead
Benjamin Franklin once said, “If you fail to plan, you are planning to fail.” Millionaires know they can hit their targets if they have concrete plans on how to achieve them.
8 – Think Big
Millionaires have significantly larger visions and goals than what they can deliver as of the moment. Goals are specific, measurable, attainable and have dead set deadlines. They don’t just wake up in the morning, go to work, make ends meet at the end of the day and hope for things to get better. They wake up excited because they are working for their greater goals. Becoming a millionaire takes thinking big.
9 – Take Risk
Millionaires are courageous enough to take the necessary risks to reach their goals, but they are smart enough to make the right judgments at least most of the time. Millionaires take risks and actions to become successful.
10 – Make Billions
According to a study from the Wharton School of Business, higher income is associated with higher standards of satisfaction. The study’s co-author Betsey Stevenson said it is not about the luxurious things or material goods. It’s about the freedom that comes with having plenty of money. After making their first million, many millionaires want to make that first billion.