How To Become Wealthy (Millionaire Strategy)

I've recently finished interviewing a handful of self-made millionaires in NYC.

My reasoning was simple: if someone else has become a millionaire, that means maybe I can do the same, provided I learn what they did to get there. This would also save me a lot of time, possibly shaving years off my "learning curve" in my struggle to become wealthy.

Luckily, MANY people have become millionaires. Their particular traits vary quite a bit, of course, but I have found 3 striking commonalities:

1. They spend less than they earn, without exception. Many of them underwent periods of "ultra frugality" at the beginning of their wealth building journey, until they had enough capital to invest in something more lucrative.

2. They want to become wealthy. Becoming a millionaire wasn't just a byproduct or happy accident. We always read stories of how if you "follow your passion, you'll eventually come out ahead financially." Some of these folks followed their passion, others didn't. But all of them kept the end goal in mind: wealth.

3. They don't lament the rules. What do I mean by this? If you want to become an NBA player someday, you don't go around saying, "Damn, if only they gave you a point every time the ball hit the hoop, regardless of whether it goes in... why are there 'three-pointers' in the game? They should get rid of that." And so forth. Basketball players become as skilled at their game as possible; they don't try to succeed by questioning and arguing against the rules.

And yet, so many wannabe wealthy types do this to the point of absurdity. When I first meet someone, I can usually tell within a minute or two of conversation if they are someone who will be financially independent within a few years -- or never independent.

"They need to lower taxes... they need to raise taxes... the corporations are so ruthless, it's impossible for the little guy to get ahead in America today... free trade..." Etc.

If you don't like the fact that some of your money is being eaten up by taxes, the solution is very simple: MAKE MORE MONEY. Then you'll have more left over after the tax man takes his cut.

Instead of increasing income, though, many would seemingly prefer to join tea parties. Making posters and shouting slogans won't add to your bank account. And it won't likely change the tax code any time soon.

And losers who cry to me about how ruthless and efficient and profit-motivated modern corporations are... Well, after hearing all of that, I go, "Man, these corporations sound great. Only interested in returning value to their shareholders (me)? Obsessed with managing resources efficiently? Where can I sign up for a piece of this action?"

Oh, that's right, there's the stock market, silly -- you can own a piece of that ruthless action. Or you can start your own business. Or you can invest in a friend's business.

Complainers complain. Winners focus on playing... and winning. The rules haven't changed all that much. I was re-reading part of billionaire oil man J. Paul Getty's How to Be Rich the other day (yes, on Christmas day, ha!) and was totally SHOCKED by some of what he said.

He talked about how losers were always complaining about "creeping socialism" and low wages and too much regulation, or not enough regulation. Even though his book was compiled well over 50 years ago, the same concerns are voiced today: minimum wage is too low, Obama wants to socialize everything on planet Earth, companies aren't well-regulated, companies are too regulated...

You can be a player, or you can be a critic. I'm not saying I love everything the way it is right now. But I don't have the time to be a complainer. I'm too busy making money, building wealth, and enjoying the ride.

Also, interesting parallel: great artists and writers are RARELY, if ever, the great critics. You won't see Roger Ebert making any blockbuster films or starring in them, even though he is an excellent critic.

If you want to be a critic, you'll miss out on a lot of opportunity. 

Just some fresh food for thought... By the way, you can read more of my observations here. 10,000 readers per day can't be (entirely) wrong.

Outlaw

Photo Credit: amagill / Flickr

Comments

[Roy Weissman]

In addition to saving money why not also add to what you're making. One great way to do this is by setting up a website and selling other people's products through affiliate marketing. You can set up a website for free with Wordpress, the free software. You don't need to be technical to set it up. Its very user friendly.

Once you set up your site look for affilate programs and then email your friends and make some commissions and sales.

Roy Weissman
Publisher:BuildMySiteforFree.com

[rachael]

I like the advice. My goal is to be a millionaire. I just started a blog on my millionaire journey. Just a newly widowed mom of 3 and her journey to becoming a millionaire.

[Ryan Endsa]

Good article. Good attitude. I like the site bro I'll add you to my rss feed.

[Eric]

My uncle is worth at least $5 million AFAIK, made most of it day trading in the early 00's -- lost a lot since then but still has plenty.