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How To Be A Millionaire In 5 Years

I have a dream. It’s a simple dream. I’ve been running this blog for close to four years now and the only reason I kept going was so that one day I can retire at 30 and retire 20 times as a millionaire. This is what my blog is all about, as you can probably guess from the title. In my quest for achieving financial freedom as fast as possible, I put together a list of what I think are the best ways to become a millionaire in 5 years from now.

Do you have dreams of being a millionaire but are worried it may take forever? And let’s not forget how hard it is to become a millionaire – unless, that is, you follow this simple, proven Step Plan!

The 7 Surprisingly Simple Ways to Become a Millionaire

Jeff Rose, CFP® | August 20, 2021

What do you picture when you hear about someone who’s a millionaire?

Let me take a stab at it . . . .

Perhaps a well-groomed old man lounging in his bathrobe, sipping on a tall glass of some complicated beverage, overlooking acres of achievement from the portico of his mansion?

Or maybe you see a fine-dressed young lady, confidently walking through a Manhattan park on her way to the corporate meeting where she will soon land a business deal worth fifty years of your income.

Surprisingly Simple Ways to Become a Millionaire

Simple tasks are not always easy tasks. If I were to hand you a spoon and ask that you dig a hole nine feet down into packed soil, that’d be pretty straightforward but it certainly wouldn’t be easy.

Likewise, you’ll find some of these simple ways to be just that – simple but not easy. But come on, you’re tenacious enough for the job, right?

Jaime Tardy, author of Eventual Millionaire who has interviewed hundreds of millionaires has this to add , “One of the main traits of a millionaire is perseverance. The ability to KEEP GOING in the face of adversity even when the finish line is very far away.”

One last thing. Remember that many of these tips are surprisingly simple, don’t underestimate their effectiveness just because you’ve “heard that one before.” Put these babies to good use and watch your millionaire potential soar!

Work smarter and harder than your competition.

Identify your competition. How hard are they working? What are some differentiators you can bring to your workplace or market?

Start by working smarter. There’s no use in working harder if your work isn’t effective at producing income – you’ll be spinning your wheels.

There’s no sense in selling ice cream cones on your front lawn in the dead of winter. Instead, set up a booth at the park in the sizzling summertime – you get the idea! Simple, commonsense changes can greatly improve your effectiveness.

Work harder than others is willing. We’ve all seen the guy or gal at the office who works harder than anyone else. Maybe they’re a little nerdy or a little too interested in their job – or are they?

Maybe they’re onto something. After all, aren’t they the ones getting the promotions? Aren’t they the ones who become the office linchpins?

I remember when began my career with A.G. Edwards & Sons in 2002, I was in a training class of around 55 people. After completing training a year later, our class was reduced to less than half. My fifth-anniversary mark? Only five of us were left.

Most failed. Why? Because they weren’t willing to put in the hard work required.

I beg you to not be afraid of hard work. Not only will your boss feel better about what you’re doing for them – you will too.

I’m not afraid to die on a treadmill. I will not be outworked. You may be more talented than me. You might be smarter than me. And you may be better looking than me. But if we get on a treadmill together, you are going to get off first or I’m going to die. It’s really that simple. I’m not going to be outworked. – Will Smith, Actor

Learn from your mistakes and move on.

Everyone makes them. I do, you do, we all do.

And believe me, I’ve made some pitiful mistakes.

Would you get suckered into two multi-level companies that go nowhere? Would you throw $8,000 into an online business venture only to lose it all? Those are just a couple of several investment mistakes I’ve made with my money.

Mistakes are difficult to swallow. I think our first gut reaction as human beings to the realization we messed up is to shift blame – to others or circumstances.

The very best way forward is to admit we fumbled the ball. Are you willing to admit when you make mistakes?

Some people, when faced with their inadequacies, beat themselves up. And you know what that does? It paralyzes them from making the decisions they need to make to achieve success.

It’s important to remember that . . . .

Only those who are asleep make no mistakes. – Ingvar Kamprad, Founder of IKEA

So, take the simple step to fess up and move on. Yes, it’s simpler than you think – especially once you have practice.  If you are still in the middle of a debt mistake one of the best things you can do is to stop paying interest by transferring your balance over to a 0% APR credit card.  This will free you up to hammer down on that debt instead of paying big interest payments.

Millionaires don’t give up because of a few silly mistakes. They press on toward the goal.

Build something new that you would love – and be sure to experiment.

You can read book after book about how to research what your customers will love, and by the time you deliver it, they’ll already be bored with it.

If you’re the entrepreneurial type – I know I am – make sure to work on projects you can get excited about!

Chances are if you create something that you’d use and love, others will too.

Millionaires understand that some of the best ideas don’t come out of costly research, they come out of a passion for making the world a better place.

Also, remember to experiment. Have fun! Some of my best ideas come out of experimentation.

In 1945, Percy Spencer experimented with a new vacuum tube while researching the Raytheon Corporation. He popped popcorn and melted a candy bar, and saw the great potential for this process which eventually culminated in the advent of the microwave.

Tim Cook, the CEO of Apple recently explained in an interview with Charlie Rose that it’s more difficult to edit than it is to create something entirely new. But I’ve learned that sometimes creating something new can be the best way forward to becoming a millionaire.

One of the things that I’ve been most excited about the building is my blog.  My financial planning practice was growing at a steady rate but after I launched GoodFinancialCents.com in 2008 my practice and revenue have grown significantly. Some of that is a direct result of getting new clients to my practice while the other more surprising revenue source has been directly from the blog.

A combination of advertising revenue and introduction to new business opportunities (because my name and face are all over the web) has been a huge blessing.

Here’s the thing you have to realize though:  I KNEW NOTHING ABOUT BLOGGING.

That’s right.  The launching of my blog was a total experiment and still is today.  I’m always testing different ways to monetize and build my brand.  Experimenting is the fun part!

You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new. – Steve Jobs, Former CEO of Apple

Learn to budget – or at least get help doing so.

You know that I hate budgeting. Thankfully, my wife budgets like a pro.

Here’s a tip from one of the financial greats (a millionaire, to say the least):

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1. – Warren Buffett, CEO of Berkshire Hathaway

If you don’t budget, I promise you’ll lose money to overspending.

Want to make yourself sick? Count up how much you’re spending on eating out, clothing, gadgets, and other delights and write it down. Then, start budgeting. After a year, look at how much you’re spending and compare it with your initial count.

Yikes. Try not to lose your lunch.

A hugely important part of budgeting is ensuring you’re spending less than you’re making. And the only way to do that friends is to track everything.

If you’re not a spreadsheets-kind-of-person, that’s okay. Just make sure you have some help.

Get Out There and Become a Millionaire!

Yes, many of these methods are surprisingly simple. They’re easy to understand! Doing them is another matter. But I believe in you.

Remember, it’s okay to pursue millionaire status. But don’t do it for the fame.

Pursue it for your family.

Pursue it for your community.

Pursue it for a purpose greater than yourself.

And hey, after you earn a million dollars, read my article on how I would invest it.

Develop a daily routine to live in a flow/peak state

“Assume the feeling of your wish fulfilled.” — Neville Goddard

Alright — so you’ve created a big picture vision that inspires you.

You’ve also set 90-day short-term goals to help you build confidence and keep you progressing on that path.

Now, you need a daily routine to keep yourself inflow.

If you can get yourself into a flow state every single day, and live in and operate from that flow state, you’re going to feel good.

It is your responsibility to organize your life so you can be in flow as much as possible. In positive psychology, a flow state, also known as being in the zone, is the mental state in which you are fully immersed in a feeling of energized focus, full involvement, and enjoyment.

In essence, flow is characterized by complete absorption in what one does, and a resulting loss in one’s sense of space and time.

That’s a great way to live.

Flow creates high performance.

High performance creates confidence.

Confidence creates imagination and excitement.

Imagination and excitement lead you to think bigger and differently about yourself and your life.

With that in mind, it’s key to look at why most people are not in flow most of the time. Not surprisingly, it starts first thing in the morning. Momentum is activated with the first decision of your day. Rather than proactively putting themselves into a flow state, most people put themselves into an unconsciously reactive state.

People are not the product of habits, they are the product of environments (see point four below). According to Stanford psychologist and behavior expert, BJ Fogg, design beats willpower. Design is about how you’ve set things up. Most people have not designed their environment for flow. Instead, most people’s environment and life have been set up for continual distraction, which is the opposite of flow.

Flow is something that must be designed for.

You have to decide to live inflow. You have to commit to it. The reason flow is so commonplace in extreme sports is because extreme sports require a great deal of commitment, risk, and focus.

If a motocross rider loses focus while trying a backflip over a 100-foot dirt jump, they could die. Therefore, the situation evokes a deep flow.

Flow comes by not over-thinking it.

Flow comes when you just let it happen.

For example, when I’m writing a blog post, my best writing is when I stop thinking altogether. I just let it rip.

That’s how high performance works. You put in the preparation, then you just let your body take over.

When it comes to morning routines, the primary purpose is to put yourself into a flow or peak state. There are some useful activities for putting yourself into the flow.

First, you want to change your environment to change your mindset. Begin visualizing and imagining your desired future. Affirm powerfully to yourself that you are going to achieve that future. Florence Shinn stated, “Faith knows it has already received and acts accordingly.”

That’s what morning routines are all about. You put your mind into the mode of your future. You emotionally commit and connect with that future. You then are that future self.

You act as that future self would act.

This is why the need for consistency needs to drop from your life.

Instead of being consistent with who you’ve been, you want to be consistent with who you’re going to be. If you’re going to be a millionaire, you need to start acting like one now.

Recent research studied the brains of actors with MRI machines. What they found is that, when the actors were in character, their brains showed significant change.

In other words, acting in a different role changes your brain. And this is actually what you want to do every morning in your morning routine.

Rather than triggering the brain of your former self and addictions, you want to trigger the brain of your desired self, or character.

Who do you want to be?

Imagine that self.

Feel that self.

Assume the feeling of your wish fulfilled.

Affirm the reality of that self.

Know that what you want, you can have.

Commit big.

Invest yourself in that reality.

Begin, right now, acting consistently with that reality.

Enjoy the rush of flow that comes from being present and congruent.

Focus on results, not habits or processes

“In polite conversation, most of us will say we admire successful people for their hard work, positive habits, and ironclad principles. That’s not really true. It doesn’t take much digging to uncover a major disconnect between what most of us say we respect and how most of the icons of our age actually behave… Keep in mind that the only thing most people really care about is the score on the board. Everything else is hype.” — Forbes

It’s quite hilarious. Nowadays, you hear people talking about how goals and results don’t matter.

This is nonsense.

It’s also a lie.

It’s not about habits or processes. It’s about results.

The reason we admire certain people is because of the results they get. Countless other people have habits that are just as inspiring,” but who fail to produce powerful results.

Tim Ferriss, in his book “The 4-Hour Body,” defines what he calls “minimum viable dose.” This is the minimum amount of effort to produce the desired result. 212 degrees is all that is needed to boil an egg. Anything beyond that is wasted effort.

Therefore, what result do you desire?

What is the most effective way to get that result?

Rather than obsessing about the habits and processes, you want to gain clarity on the result you want and then reverse-engineer how to achieve it.

It is the goal that determines the process, not the other way around. Moreover, it’s the results that also determine the process. If you’re not getting the desired result, then you need to adjust your process. Don’t be insane, doing the same things over and over and expecting different results.

Even still, we live in a culture that is obsessed with habits, hacks, and processes. None of these things make any sense in and of themselves. They only make sense in the context of a specific goal.

My process won’t look like your process, because my goals aren’t the same as your goals. My goals are what determine my process.

My habits won’t look like your habits, because my goals aren’t the same as your goals. My goals are what determine my habits.

When you get serious about big results, you stop obsessing about the process altogether. Big and bold goals require ingenuity. They require courage to attempt stuff that might not work. They require going above and beyond anything you’ve ever done.

In reality, your goal is the process. You set a goal and that goal organizes your life. Once you hit it, you then set a new goal that re-organizes your life.

Goals are the means, not the end. They are means to growth and progress. Once you hit a goal, you take what you’ve learned and continue expanding.

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