How long does it take to become a millionaire?
This is the million-dollar question that everyone wants to know. Popular media loves to promote get-rich-quick stories of success.
Don't get me wrong… they exist. But they are not the norm. For the vast majority of millionaires, success is a long-term game.
As someone who has created a multi-million dollar business, I can attest to this.
Inside this blog, I share with you how to grow your wealth the smart way so that you can get rich AND stay rich.
If you're ready to build a million-dollar mindset, read this…
Watch the video below:
(Click here to watch on YouTube)
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How long do YOU want it to take to become a millionaire?
At the end of the day, it's up to you. I first started pursuing success in my early 20s. My goal was to become a millionaire by the time I was 30 years old. During that time, I was learning everything that I could about business, marketing, investing, and entrepreneurship.
I knew that I could achieve the level of success that I desired because I was young and I had time on my side. However, I also knew that if I wanted to hit the million-dollar mark, I would have to make a lot of sacrifices and take massive action.
I ended up becoming a millionaire at 27 years old, so I over-achieved on the goal I set for myself. I'm not going to sugarcoat it… the idea of waiting until I was 67 years old to retire and enjoy life terrified me, especially after I read the book The 4-Hour Workweek.
Thus, I was willing to do whatever it took to achieve financial success. I committed to mastering every area of my life and I was consistent in that endeavor for over a decade.
Best-selling author Malcolm Gladwell came up with the idea of the “10,000-hour rule of self-improvement”. This principle states that to become world-class in any field, you need 10,000 hours of deliberate practice.
While this may hold true for some, I believe that people are capable of mastering something a lot faster if they engage in behaviors that fastrack their success. In particular, learning from people's successes and failures. I think this is a smart way of accelerating any process. This is what I do with anything that I want to learn in life.
The Correlation Between Beliefs & Financial Success
Most of our beliefs about money and success develop during childhood. We call these your money scripts – your values and beliefs about money that you grew up with that impact your habits today in ways you might not even be aware of.
For example, if you grew up believing that money was the root of all evil, naturally, you will not easily attract money into your life. You'll link pain to money. The association will be so strong that it will inhibit you from creating financial abundance.
This is why it's so important to understand what your money beliefs are and how these beliefs are holding you back financially. If you have mental software that is outdated, you need to update it so that you possess more empowering belief systems.
We live in a world where opportunities are abundant. People who struggle to achieve financial success have yet to master their inner game, meaning their mindset. People whose inner game is “off” don't feel confident or in alignment with their truth.
Mastering your mindset starts with awareness and intention. You cannot change until you know what your dysfunctional beliefs are and how they are negatively impacting your life. If you want to become a millionaire, you need to be willing to THINK like a millionaire.
Invest in Yourself and Your Financial Future
I have achieved the success that I have today because I have dedicated my life and work to never-ending learning. If you want to become a millionaire, you must invest in your biggest asset – YOU.
Read books, attend seminars, listen to podcasts, hire coaches and mentors, go through online training programs. The more that you learn, the faster that you will create a millionaire mindset, and the more money that you will earn.
Entrepreneurship is a risky endeavor, which is why I decided to start investing my money early on in my journey. When I was 18 years old, I read a book called The Wealthy Barber. It sparked my interest in the world of investing and I never looked back.
Today, I like to invest in index funds, otherwise known as ETFs. This is an investment fund that allows you to buy a basket of individual stocks. I'm not taking a big risk by spreading my money out amongst many established companies. I always pay myself first, but I put aside 10% of the money that I make and invest it into ETFs.
If you invest like this when you're young, month after month, you will see the power of compounding. By the time you're 65, you can become a millionaire, simply by making smart investing decisions when you're younger.
How badly do you want to become a millionaire?
If you want it bad enough, you will do whatever it takes to achieve that goal. You determine your success in life. If you are willing to do what others will not, and build wealth as if your life depends on it, there is no question that you will become successful.
Are you ready to set yourself up for financial freedom? CLICK HERE to take this 60-second quiz to find out which business model is the best for you to start your online business!