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Do You Have What It Takes to Become a Millionaire?

Do You Have What It Takes to Become a Millionaire?

Here are six steps to help assess your seven-figure potential. August 21, 2019 4 min read Opinions expressed by Entrepreneur contributors are their ow

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Here are six steps to help assess your seven-figure potential.

August 21, 2019 4 min read

Opinions expressed by Entrepreneur contributors are their own.

You often hear a lot of self-proclaimed experts say they can make you a millionaire from their teachings or system, practically overnight. That is a hard promise to deliver, especially since it probably took them years to get there themselves. It also took them more than action to make it happen. So, unless that expert plans to live with you, invest with you and give you their absolute, no-fail strategy, it’s not likely to manifest overnight. If it were that easy, there would be a lot more wealthy people. 

Vision alone is not enough to make money magically appear. Going from making $50K to $1 million a year with the same knowledge, skills and opportunities you currently possess may make for an exciting fantasy, but you also need to be realistic. You’ll need a strategic plan and organized timeline to achieve your big win and set off on your journey. 

One of the first things to understand about millionaires is that they think and act differently than the average person, but that doesn’t mean you can’t learn how to follow suit. Below is a list of six defining factors you’ll want to focus on as you embark on the road to riches. 

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1. Millionaires possess unique traits and skills.

Therefore, you’ll want to start thinking and acting as if you’ve already arrived at your big goal. Millionaires spend time conceiving new ideas and methods instead of dwelling on the day-to-day operations of their business, thereby expanding their mind and innovating ways of thinking, doing and achieving. 

2. Millionaires are long-term thinkers.

They think about the future and long-term goals instead of instant gratification, developing discipline and that enables them to see the big picture. Hold that vision clearly in your mind until you achieve ultimate results and relish your big win. 

3. Millionaires embrace change.

Change can sometimes be intimidating, yet fearing what’s new also keeps you from creating opportunities. Millionaires understand that change, whether it be positive or negative, will still benefit them in some way. That mindset in turn engenders more self-confidence and self-assurance, only enhancing the sense that no matter what comes your way, you can handle it.   

Related: How to Become a Millionaire By Age 30

4. Millionaires are extraordinarily determined.

Don’t assume that money is their only motivator. Most often, it’s their passion or a mission in life that drives them to kick into overdrive and go for it. You must be able to find your purpose, your passion that motivates you to surmount any obstacles that get in your way. Ask yourself, “How can I make $1 million a year doing what I love?”

5. Millionaires are willing to take risks.

Therefore, you’ll need to be able to minimize your risk-aversion. The best way to do this is to calculate your risk/reward ratio as a predictor of return on investment. 

6. Millionaires never stop learning.

Becoming a millionaire will require upgrading your knowledge with new information that helps generate more opportunities and wealth. Read more self-improvement books, and find mentors and other successful people to support and guide you. As you continue to expand your horizons, more opportunities to prosper will follow.

Millionaires don’t just think about creating success; they take 100 percent responsibility for it and do whatever it takes to reach their goals. Become a “doer,” focus on the big win, and don’t allow anything to get in the way of achieving your dreams.

This article is from Entrepreneur.com

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