06/08/2021
22 Lessons I Learned From My Millionaire Mentor
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.
2. Embrace Failure
Without failure, there cannot be success.
Failure:
- Builds resilience
- Provides answers
- Sparks opportunity
- Accelerates growth
- Makes you stronger
- Redirects your goals
Failure is a stepping stone toward success.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
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.
10. 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.
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.
12. 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.
13. 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.
14. 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.
15. 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.
16. 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.
17. 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.
18. 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.
19. 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.
20. 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.
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.
22. Build 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.
