Hard things you may have to do if You want to be Rich
Self-made millionaire Steve Siebold says that building wealth is a learnable skill. If you work at it, you can improve. “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,” he writes in “How Rich People Think.”
For most people, wealth, like fluency in another language, doesn’t simply come to you one day. Getting rich takes sustained work.
Here are six lifestyle changes that have worked for self-made millionaires and billionaires and could also work for you.
Ditch the steady paycheck
Siebold, who spent decades studying the world’s wealthiest people, says the rich are typically self-employed, while average people tend to settle for steadier situations.
“It’s not that there aren’t world-class performers who punch a time clock for a paycheck, but for most this is the slowest path to prosperity, promoted as the safest,” he writes in “How Rich People Think.” “The great ones know self-employment is the fastest road to wealth.”
That’s not to say you should quit your day job right now. In fact, self-made millionaire Daymond John says the idea that you have to quit your 9-to-5 to become a successful entrepreneur “is garbage.” Instead, start something on the side, says John, who lived on the tips he made waiting tables at Red Lobster while launching the clothing line that would evolve into a $6 billion brand.
Rich people aren’t afraid to ask for funding. If they come up with a great idea they’re unable to finance, they “proceed to use other people’s money to make it happen,” Siebold writes.
“Rich people know not being solvent enough to personally afford something is not relevant. The real question is, ‘Is this worth buying, investing in, or pursuing?’ If so, the wealthy know money is always available because rich people are always looking for great investments and superior performers to make those investments profitable.”
It’s worked for filmmaker and self-made millionaire Spike Lee. “I’ve got no problem asking people for money. Because I believe. I believe in my talents, my storytelling abilities and also the people I surround myself with on the projects that I make,” he tells online investing service Wealthsimple.
Take risks and be willing to make mistakes
Self-made millionaire and host of CNBC’s “The Profit” Marcus Lemonis says too many people let fear hold them back from making important decisions.
“You’re going to fail at something,” he says. “Who cares?” Instead of being afraid to take risks, see each opportunity as a way to learn new skills.
As self-made billionaire Richard Branson says, “nobody gets everything right the first time. Business is like a giant game of chess — you have to learn quickly from your mistakes. Successful entrepreneurs don’t fear failure; they learn from it and move on.”