22 Lessons I Learned From My Millionaire Mentor
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1. Choose your Partner Carefully
86% of millionaires are married - and 65% are still in their first marriage.
Marry someone who is:
- Frugal
- Mindful about money
- Supportive of your money habits
Marry someone with a winning financial mindset.
86% of millionaires are married - and 65% are still in their first marriage.
Marry someone who is:
- Frugal
- Mindful about money
- Supportive of your money habits
Marry someone with a winning financial mindset.
2. Embrace Failure
Without failure, there cannot be success.
Failure:
- Builds resilience
- Provides answers
- Accelerates growth
- Sparks opportunity
- Makes you stronger
- Redirects your goals
Failure is a stepping stone toward success.
Without failure, there cannot be success.
Failure:
- Builds resilience
- Provides answers
- Accelerates growth
- Sparks opportunity
- Makes you stronger
- Redirects your goals
Failure is a stepping stone toward success.
3. Surround Yourself with Winners
Think about the 5 closest people you hang out with.
Soon, you'll realize that:
- You think the same thoughts
- You have the same goals
- You offer similar advice
People inspire you or they drain you.
Choose them carefully.
Think about the 5 closest people you hang out with.
Soon, you'll realize that:
- You think the same thoughts
- You have the same goals
- You offer similar advice
People inspire you or they drain you.
Choose them carefully.
4. Adopt a Growth Mindset
2 types of mindset:
- Fixed
- Growth
Growth mindset:
- Build wealth
- Learn new skills
- Build relationships
Fixed mindset:
- I can't do this
- I'm going to fail
- This will take forever
To change your reality, start by changing your mentality.
2 types of mindset:
- Fixed
- Growth
Growth mindset:
- Build wealth
- Learn new skills
- Build relationships
Fixed mindset:
- I can't do this
- I'm going to fail
- This will take forever
To change your reality, start by changing your mentality.
5. Invest, Don't Just Save
Allow compound interest to build your wealth.
How to invest:
- Invest automatically
- Invest in index funds
- Avoid higher-risk investments
- Choose low-cost investment options
There is no such thing as "the perfect time" to invest.
Start now.
Allow compound interest to build your wealth.
How to invest:
- Invest automatically
- Invest in index funds
- Avoid higher-risk investments
- Choose low-cost investment options
There is no such thing as "the perfect time" to invest.
Start now.
6. Diversify your Income
The average millionaire has 7 income streams.
Income streams could include:
- Primary job
- Spouse's job
- Rental income
- Interest and dividends
- Real estate investment trusts
Don't put all your eggs in 1 basket.
Diversify your income today.
The average millionaire has 7 income streams.
Income streams could include:
- Primary job
- Spouse's job
- Rental income
- Interest and dividends
- Real estate investment trusts
Don't put all your eggs in 1 basket.
Diversify your income today.
7. Read Daily
85% of millionaires read 2+ books per month.
Books offer advice on:
- Personal development
- Entrepreneurship
- Investments
- Business
- Family
- Life
If you want to succeed, you have to read.
85% of millionaires read 2+ books per month.
Books offer advice on:
- Personal development
- Entrepreneurship
- Investments
- Business
- Family
- Life
If you want to succeed, you have to read.
8. Aim for Excellence
Aim for excellence, not perfection.
Perfection can:
- Cost you time
- Increase anxiety
- Starve your creativity
- Prevent you from taking risks
If you seek perfection, you'll never reach it.
Aim for excellence, not perfection.
Perfection can:
- Cost you time
- Increase anxiety
- Starve your creativity
- Prevent you from taking risks
If you seek perfection, you'll never reach it.
9. Don't Procrastinate
Tips to kill procrastination now:
- Break down large tasks
- Celebrate the small victories
- Write down your future goals
- Find an accountability partner
Use today to build the stepping stone for your future.
Tips to kill procrastination now:
- Break down large tasks
- Celebrate the small victories
- Write down your future goals
- Find an accountability partner
Use today to build the stepping stone for your future.
10. Find Quality Mentors
93% of millionaires attribute their success to a mentor.
Mentors offer you guidance in:
- Your financial life
- Your personal life
- Your professional life
Mentors are the ultimate shortcut to success.
93% of millionaires attribute their success to a mentor.
Mentors offer you guidance in:
- Your financial life
- Your personal life
- Your professional life
Mentors are the ultimate shortcut to success.
11. Use the System in your Favor
The wealthy use:
- Tax deductions
- Tax advantages
- Personal liability protection
Know how to structure your business:
- LLPs
- LLCs
- S Corps
Build a lasting empire today.
The wealthy use:
- Tax deductions
- Tax advantages
- Personal liability protection
Know how to structure your business:
- LLPs
- LLCs
- S Corps
Build a lasting empire today.
12. Pay Yourself First
How to pay yourself first:
- Deposit paycheck
- Automate investments first
- Anything left over goes to bills
The process:
- Determine how much to invest
- Determine investment frequency
- Determine where it should be invested
Use money to make money.
How to pay yourself first:
- Deposit paycheck
- Automate investments first
- Anything left over goes to bills
The process:
- Determine how much to invest
- Determine investment frequency
- Determine where it should be invested
Use money to make money.
13. Give Back to your Community
72% of millionaires volunteer 5+ hours every month.
Millionaires pay it forward by:
- Donating their time
- Donating their talent
- Donating their treasure
A rising tide lifts all boats.
72% of millionaires volunteer 5+ hours every month.
Millionaires pay it forward by:
- Donating their time
- Donating their talent
- Donating their treasure
A rising tide lifts all boats.
14. Exercise
76% of millionaires exercise 30+ minutes daily.
Regular exercise increases:
- Focus
- Memory
- Sleep quality
- Physical fitness
- Mental concentration
A healthy mind lives in a healthy body.
76% of millionaires exercise 30+ minutes daily.
Regular exercise increases:
- Focus
- Memory
- Sleep quality
- Physical fitness
- Mental concentration
A healthy mind lives in a healthy body.
15. Build an Emergency Fund
Millionaires are prepared for unexpected expenses.
Surprise expenses could include:
- A roof replacement
- Medical emergencies
- A broken car gearbox
Avoid high-interest credit cards to pay for emergencies.
Use your emergency fund.
Millionaires are prepared for unexpected expenses.
Surprise expenses could include:
- A roof replacement
- Medical emergencies
- A broken car gearbox
Avoid high-interest credit cards to pay for emergencies.
Use your emergency fund.
16. Be an Early Bird
Almost 50% of self-made millionaires wake up 3+ hours before the workday begins.
Waking up early can:
- Lower stress
- Increase positivity
- Increase productivity
- Improve sleep quality
- Improve mental fitness
The early bird gets the worm.
Almost 50% of self-made millionaires wake up 3+ hours before the workday begins.
Waking up early can:
- Lower stress
- Increase positivity
- Increase productivity
- Improve sleep quality
- Improve mental fitness
The early bird gets the worm.
17. Stop Comparing
"Comparison is the thief of joy." - Theodore Roosevelt
Focus on:
- Your purpose
- Your experience
- Owning your feelings
- Turning your attention inward
The only competition is staring back at you in the mirror.
"Comparison is the thief of joy." - Theodore Roosevelt
Focus on:
- Your purpose
- Your experience
- Owning your feelings
- Turning your attention inward
The only competition is staring back at you in the mirror.
18. Optimize your Time
Time waits for no one.
Millionaires optimize their 24 hours by:
- Prioritizing their activities
- Planning the day in advance
- Starting today to build a better tomorrow
Time is the ultimate currency.
Time waits for no one.
Millionaires optimize their 24 hours by:
- Prioritizing their activities
- Planning the day in advance
- Starting today to build a better tomorrow
Time is the ultimate currency.
19. Buy Used Non-Luxury Cars
Only 14% of luxury cars are bought by millionaires.
Used cars:
- Save money
- Can last several years
- often come with a warranty
- Are often already depreciated
Most cars are depreciating assets.
Don't invest in negative returns.
Only 14% of luxury cars are bought by millionaires.
Used cars:
- Save money
- Can last several years
- often come with a warranty
- Are often already depreciated
Most cars are depreciating assets.
Don't invest in negative returns.
20. Buy a Forever Home
60% of millionaires live in a house valued at less than $500,000.
You don't need:
- A mansion
- An exclusive community
- The biggest house on the block
It's not the home you live in that matters.
It's the people you live with that matter.
60% of millionaires live in a house valued at less than $500,000.
You don't need:
- A mansion
- An exclusive community
- The biggest house on the block
It's not the home you live in that matters.
It's the people you live with that matter.
21. Become an Entrepreneur
66% of millionaires own their own business.
It will take:
- Consistency
- Long nights
- Dedication
- Hard work
- Sacrifice
The reward will be:
- Fulfillment
- Freedom
- Money
- Time
Monetize your passion and build a legacy.
66% of millionaires own their own business.
It will take:
- Consistency
- Long nights
- Dedication
- Hard work
- Sacrifice
The reward will be:
- Fulfillment
- Freedom
- Money
- Time
Monetize your passion and build a legacy.
22. Curate your Network
The No. 1 predictor of your future success is determined by the breadth and depth of your network.
Why your network is important:
- Support
- Opportunities
- Lasting relationships
- Increases self-confidence
Your network is your net worth.
The No. 1 predictor of your future success is determined by the breadth and depth of your network.
Why your network is important:
- Support
- Opportunities
- Lasting relationships
- Increases self-confidence
Your network is your net worth.
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