5 steps to becoming a millionaire!

These days you can’t browse the internet for more than 5 minutes without coming across the new ‘get-rich-quick’ scheme or latest guru guaranteeing you fast, easy results. In reality, the route to successful entrepreneurship for most takes planning, the right mind-set and time!

Not long ago Inc. gave a terrific overview of the new book by Ann Marie Sabath, ‘What Self-Made Millionaires Do That Most People Don’t’. These are the main points we took from the article when it comes to attaining seven figures:

1. Take calculated risks

Calculated is the significant word here! Risk can often equal reward, but without taking into account: 1) the possible outcomes; 2) the likelihood of those outcomes; and 3) the effect they would have on you and your business, you’re not giving yourself a chance. No risk worth taking will be entirely predictable though, and if it doesn’t go to plan even with your due diligence, try to remember that failures often provide the best opportunities for learning.

2. Think about the future and stay in control

If you’re unable to deal with your personal cash flow and supply yourself with a degree of certainty then the empire you’re building may come crashing down before you know it. Obviously it’s important to trust your partners and staff, but don’t let someone else manage your financial future. Pre-plan your purchases, prepare for the rainy days and build a contingency fund.

3. Think big

If you want your brainwave to bring you the success you’re going all out to get, it had better be a big one. Most self-made millionaires will find a problem to solve, rather than just moving forward with the first idea that sounds like it might work. If you can offer a solution to a problem and make life better, simpler, more enjoyable or manageable for people then you may have hit the jackpot. Don’t settle for “impossible”—have confidence in your ability and believe that you can change the world.

4. Accept change

Markets and times change rapidly, so you must keep up. Don’t be frightened to redesign yourself and your business as the market demands it. Change is unavoidable and creates opportunity for those courageous enough to embrace it.

5. Be patient and enjoy the ride

There’s absolutely nothing wrong with having the end goal of making a million, but that alone won’t get you there. You have the greatest chance of success if you genuinely live for the work you do. Make an impact that you can be proud of, revel in what you do and take your time; you’ll find yourself much happier (and probably, wealthier) for it.

If you have any questions around this topic, please feel free to get in touch with us directly on 01789 263888 or email hello@charterswealth.co.uk.