I want to share with you the 5 habits of young millionaire entrepreneurs.
Success starts in your mind. If you want to be a millionaire, you need to start thinking like one.
My fiancée, Tatiana, and I were blessed to become millionaires at 24 and 27 years of age, respectively. Early on, we made smart life and business moves.
As a result, today we have achieved financial freedom.
If you're ready to start developing success habits that will help you build long-term wealth, keep reading…
Watch the video below:
(Click here to watch on YouTube)
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Are you ready to build a successful online business and become a millionaire? CLICK HERE to take my FREE quiz to determine which business is best for you!
Everyone has the potential to become an entrepreneur
In today's digital world, there are so many opportunities to make money online, whether that's selling physical products on Amazon, doing affiliate marketing, or being a Kindle book publisher. What is even more incredible is that you don't need a college degree to become a successful entrepreneur.
Don't get me wrong… a college degree is needed for certain careers. However, entrepreneurship is not one of them. A SurveyMonkey small business survey shows that independent business owners without a four-year degree now outnumber those with a bachelor’s degree or higher.
Tatiana and I are both self-taught entrepreneurs. Choosing this path wasn't easy, but our drive to succeed overpowered every obstacle. Building an online business requires discipline, persistence, grit, sacrifice, and a lot of hard work. At an early age, when our friends were drinking, going out, and having fun with friends, we were building our businesses.
The payoff from our efforts has been well worth it. Today, we have the luxury of financial freedom. Keep in mind that entrepreneurship is not for everyone. At the end of the day, it depends on how bad you want success.
Highly successful people engage in similar patterns of thinking and behaving. Let's talk about the 5 habits of young millionaire entrepreneurs. Both Tatiana and I modeled these habits from successful people whom we looked up to when we were in our 20s.
1. The Habit Of Delayed Gratification
Young people have more time on their hands and fewer responsibilities than adults do. Yet, they aren't always aware of this reality. Practicing self-control and being a teenager sounds like an oxymoron at best. Unfortunately, we live in a society where young people are conditioned to be impatient.
Avoiding a temptation that’s standing right in front of you so that you can hold out for something substantially better down the line can be challenging. However, if you cultivate the habit of delayed gratification early on, it will eventually become second nature to you.
Don't get me wrong, it's still important to have fun when you're young. However, if it's at the expense of building your future, you need to rethink your priorities. In our 20s, Tatiana and I spent most of our time focused on personal growth and building our online businesses.
We purposefully planned our lives, delaying short-term gratification for long-term rewards. Research shows that people who learn how to manage their need to be satisfied in the moment thrive more in their careers, relationships, health, and finances than people who give in to it.
Use your time wisely. Invest in your personal growth, make smart decisions, and build your self-discipline. Your future self will thank you for it.
2. The Habit Of Self-Improvement
Unfortunately, the traditional education system is not designed to help young people become millionaires. If you want to become a millionaire, you need to become an entrepreneur.
However, you won't learn how to be a successful entrepreneur by taking a business course at college. Instead, you have to learn from people who have already achieved the success that you desire. You are the number one resource in your life. The fastest way to succeed is to commit to being a student of life.
This is why I'm a big believer in learning something new every single day. Tatiana and I are always trying to shorten our learning curve by learning from other peoples' successes.
This is how you compress time and achieve success at a much faster pace. Read a book every day, listen to inspiring podcasts, invest in courses, hire a coach, find a mentor, attend seminars – anything that will help you develop a success-oriented mindset. The greatest investment that you will ever make is an investment in yourself.
You never lose when you work on your personal growth and development. In the words of Warren Buffett, who is one of the richest men in the world, “The more you learn, the more you earn.”
3. The Habit Of Taking Action
Younger people tend to be more open-minded and flexible. As people get older, they start building belief systems that aren't always advantageous. Sometimes they become more rigid in their thinking, which inhibits them from taking action. They wait for the perfect time to take action, failing to realize that there is no perfect time to do anything.
Interestingly, one of the reasons why Tatiana was able to become successful at such a young age was her naivety. When she was told to do something by someone she trusted and respected, she took action. She didn't question why something wouldn't work.
This mindset served her well, especially when it came to building her online business. She was a sponge, meaning that she was very curious and was driven to seek out and absorb new knowledge. Today, she has built a 7-figure business herself, helping people create financial freedom through building an eCommerce business on Amazon & Shopify.
If you have the desire to build an online business, I encourage you to follow her YouTube channel and Instagram page where she shares her best tips and strategies for success with eCommerce.
Be an action taker AND a finisher. Dabbling is a bad habit. If you want to be successful, you have to take focused action over a continuous period. This is how you build momentum and create long-term results.
4. The Habit of Contribution
The definition of an entrepreneur is someone who solves people's problems at a profit. The only way that you become a millionaire is by receiving money from others. The only way you receive money from others is by contributing to their lives in an empowering way.
You have to be creative and think outside the box. Create a unique product or service that adds massive value to your audience. Your income is in direct proportion to your contribution. If you want to make millions of dollars, find ways to impact millions of people, or solve the problems of millions of people.
As an example, both Tatiana and I have found ways to add value to millions of people on YouTube. Because of that, we have been rewarded financially. We have leveraged the power of the Internet in such a way that we've been able to scale our online businesses to 7-figures.
In our experience, if you help enough people get what they want, you will eventually get what you want. Take the focus away from yourself, get into the mind of your audience, and determine what their pain point is. Create a product that is so irresistible for them that they are willing to give you money in exchange.
Make your audience feel that they are getting so much more value than what they are paying for. If you can do this, you'll create raving fans and money will naturally flow into your life.
5. The Habit Of Goal Setting
By nature, young people are more inspirational and optimistic about the future. If you're young, use this mindset to your advantage! Set goals for yourself and create a compelling vision for your life. Get clear on exactly what it is that you want your future to look like.
Goals give you a sense of direction. However, your habits are what will determine how far you go and who you become. With so many of your actions controlled by your habits, it makes sense to focus your attention on building habits of success, equally as much as you set goals.
A lot of people fall into the trap of setting unrealistic goals. Not surprisingly, they get disappointed in themselves when they come up short. In turn, they may drop their goals altogether.
When it comes to goal-setting, I suggest that you break down your goals into smaller, manageable pieces and tackle one at a time. Create a list of actionable steps that you will need to take to ensure that you achieve every goal that you set for yourself.
These are the 5 habits of young millionaire entrepreneurs.
If you want to build long-term wealth, focus on building these million dollar habits into your daily life. Be willing to do the work to upgrade your mindset. Foster healthy ways of thinking and behaving that condition you for success.
Anyone can become a millionaire, but not everyone is willing to do what it takes to become one. Achieving success of any kind always comes down to how bad you want it.
It's time to get real with yourself… how bad do you want to become a millionaire?
Are you ready to build a successful online business and become a millionaire? CLICK HERE to take my FREE quiz to determine which business is best for you!