Did you know building wealth is a skill that you can learn? Apparently it is, according to self-made millionaire Steve Siebold. He said if you focus all your effort on it, you can improve yourself and eventually reach that financial objective.
In his book “How Rich People Think,” Mr. Siebold wrote, “Like most things in life, becoming good at attracting money is no different than becoming good at anything else. Be it being a sub-par golfer, losing weight, or mastering a second language.”
So what does one need to do to attain financial success and freedom? Following Mr. Siebold’s words, wealth, like being fluent in another language or getting better at playing sports, requires sustained work and commitment. Unfortunately it doesn’t just come to us one day and, voila, we’re rich.
Wondering what changes we need to do to achieve this goal? In this article, we offer insights on how self-made millionaires and billionaires do it. Check out these 4 changes in their habits that the rich incorporated in their lifestyle. If it worked for them, perhaps it could also work for us.
Ditch the steady paycheck.
Sure, it’s good to have a steady flow of income every month. But steady isn’t good enough, according to Mr. Siebold. After spending decades observing the habits of the world’s wealthiest folks, he came to a conclusion that being self-employed is the way to go.
Have you noticed how average folks would settle for the monthly checks? On the other hand, self-made rich people step out of the mold and create money-making opportunities rather than stick to steadier situations.
While it may be the safest recourse, settling for the steady paycheck is often the slowest path to prosperity and financial freedom.
“The great ones know self-employment is the fastest road to wealth,” Mr. Siebold said.
If You Can, Don’t Quit Your Day Job.
Wondering if you should quit your day job? If you’re not comfortable or stable yet, stay. In fact, you don’t have to leave.
Self-made millionaire Daymond John said the idea is rubbish to begin with. Instead, why not start something on the side rather than leave your current job?
Mr. John started selling homemade hats and screen printed T-shirts before his clothing line FUBU eventually evolved into a multibillion-dollar name. But he didn’t leave his job to make this happen. To make ends meet during the initial stages of his brand, he worked full-time at Red Lobster, living on tips while waiting tables at Red Lobster. He was working on his clothing line between shifts.
Get Comfortable at Being Uncomfortable.
The need for comfort is undeniable, and when it’s gone, it can be devastating, Mr. Siebold. But he said stepping out of the comfort zone is a necessary thing if you want to evolve.
Stepping out of the comfort zone may mean taking a job that’s highly unusual for you or you might feel you’re unqualified. You could learn a new skill or tap people for help. Many entrepreneurs started out with their successful careers by getting comfortable at being uncomfortable.
Show Up, Not Show Off.
You don’t need to buy a luxury watch until your business or investments flourish. Pass up on bank offers to get a new car if the old one still runs.
Self-made millionaire Grant Cardone was still driving his Toyota Camry even when he already secured his first million. And look at Warren Buffet. The legendary billionaire wouldn’t spend more than $4 for a breakfast sandwich, preferring to eat at McDonald’s.
No one is going to remember you with the trinkets, cars, or accessories you buy. It’s work ethic that’s more important.