5 Reasons That You Will Become A Millionaire

Having learned from many multi-millionaires, I realised one thing - everyone can and will become a millionaire. But what holds us back is that we have not developed millionaire habits - because of that, many never come close to a million dollar net worth. 

Read this article and see if you are on track to building a significant net worth.

Reason 1 - You don't spend money on D.S

I try not to use impolite language in my articles, but there's not better way of saying it like how Gary Vee puts in.

Many people are spending money beyond their means simply because they want to look like they are living the lifestyle but turned out to be empty on the inside. They realise that as their income increases, they feel the need to spend even more money to impress others that they are living the "life" or they find the need for others to think that they are successful.

To be honest, the above image is very real. Most of the multi-millionaires that I have met always dressed very simply and humbly. In fact, if you met them out at the streets, you probably wouldn't be able to guess that their net worth.

On the other hand, the ones who buys expensive things to decorate themselves like a Christmas tree tend to be incredibly broke...

Reason 2 - You Invest In Yourself

Most people stops learning after their university education.

We must always remember - the more you learn, the more you earn. But at the same time, you need to be very specific of the things that you learn. Are you learning the skill set that benefits your company? or are you learning skill sets that benefits yourself.

Now, don't get me wrong - I am not saying that we shouldn't care about our company. But here's a quote I live by.

For myself, I focus only on two categories of skill set: investing and business - for good reasons. These two skill sets will make people very wealthy and I learned this concept from a book called the Cash Flow Quadrant by Robert Kiyosaki.

Take some time to read the book, "Cash Flow Quadrant" and internalize these concepts. If we truly want to be wealthy, we need to spend more time in the Business-and-Investor quadrant.

If our sole source of wealth is from being an employee and self-employed, then we have a huge problem. we are exchanging time for money, and it takes no genius to tell you that we only have 24 hours a day - then clearly our income has a ceiling.

But being in business and investing is different as time is no longer in the equation of making money. By doing so, the sky is the limit for our income.

Reason 3 - You Are Not Afraid Of Making Mistakes

Formal education such as universities serve only one purpose - to make us obedient and competent employees. We have been wired in formal education that making mistakes are a bad thing and should be punished for it. Because we are so afraid of making mistakes, we always try to look for the "model answer" and never had the courage to do things differently from others. Why? We are afraid of screwing things up and being judged by others. In fact, let's be honest - some of us don't dare to tell others that we are investing in the stock market, simply because if we lost money, we are embarrassed to share about it.

Sadly, that is the kind of society that most of us have been conditioned to live in - a society where making mistakes and failures are the taboos of life.

Those who are incredibly wealthy are very confident. But do you think that they were naturally confident? I doubt so - their confidence came from the courage to fail. Confidence can be developed but only if you are constantly putting yourself outside your comfort zone and willing to fail.

In fact, Robert Kiyosaki was asked this question - "What was your biggest failure?"

His answer was epic.

"My biggest failure is my next failure."

This is the kind of mindset we need to have towards failures. We can only fail greatly when we pushed ourselves beyond our comfort zone.

Reason 4 - You Are Willing To Find A Way

Wealthy people are willing to do what it takes to achieve their goals. They are willing to put in the sweat and tears to get it done.

Another of my favorite quote is this:

If we truly find something that is important to us, we will do what is required to achieve our goals. We have to be willing to pay "success tax" to get the success that we think we deserve. These are some of the conversations I used to have in my head in the past and how I overcome them.

"I don't know how to open a brokerage account"  - Go and google it

"This brokerage account takes too long to open." - Call them and chase them to open it

"The number is overseas - how to call?" - Get a skype free trial that allows you to call an international number.

"They say the brokerage account will take a few months" - Go and open another account from different brokerage.

"But these brokerage account has a different user interface" - Go and google and learn that interface.

"I don't know how to add money into the brokerage account" - Go and email the broker or google how to do it

"What if I make a mistake in the transfer and the money is not transferred successfully and I lose the money" - Just transfer $1 first and see if the transaction is successful.

There is always a way out - and very often, the answer requires you to simply google or give someone a call. Always remember this - winners find a way, while losers find an excuse.

I cannot stress this enough - money loves speed. The more decisive we are, the more money we make.

I have met a friend of mine who took three whole years just to open a US brokerage account, simply because he kept procrastinating, a few weeks before he added some money into his brokerage account and another few months before he decided to sign up for an investing course and another few months before he bought his first stock. 

To quote Ed Mylet,

That's what makes wealthy people different - once they made a decision, they will take action fast, learn from the mistakes and keep moving forward. Let me be clear - they do not wait for the stars to align themselves, they just go and execute their plan and make their dreams happen.

For example, for many years, I have been advocating my friends to create a separate bank account and do a standing instructions to set aside a portion of their income for the purpose of investment. It is something that literally takes only 10 minutes to do, but many of us takes months before they even took action.

So to emphasize again - money loves speed. We need to be decisive in our decisions, otherwise, before we know it, ten years have already flown past us and we start to regret for the things we didn't do.

The Bottom Line

To be successful in what we do, we need to develop success habits - after all, habits are what differentiate us from others. Hopefully, this article has given you a perspective of what I have learned over the years from many of my successful mentors and shaped our thinking in a certain way which benefits us.

On a side note, I have recorded a webinar previously on my journey of investing in qualified stocks. You can catch the training video here while it is still available.