I want to share a mind “trick” that has is working for me and that I am now leveraging to create a million-dollar business. It’s a very simple concept and one that has helped me change the thoughts I have, the decisions I make, and to help me develop a mindset of wealth, even though I was not raised with one.
I’ve always been amazed that people tend to achieve about the same level of societal comfort as their parents. Most people tend to raise their income level a bit higher than their parents do, but not by leaps and bounds. This told me that wealth had less to do with luck or talent, and everything to do with what we deeply believe we deserve and are capable of.
So here’s the deal…
Starting right now, you are a millionaire. All you have to do now is keep it.
I’ve come to understand that being a millionaire or a multimillionaire is a mindset first and foremost. If you are a millionaire, you are going to think differently and make different choices than if you were a hundred-thousand-aire.
Being a Millionaire Has Little to Do with the Resources You have Now
The last company that I worked for was a start-up internet company of about 80 people. The CEO had been a millionaire 2 times over – building up his first million, losing it all, and then starting over. He used to say that you could drop a millionaire off somewhere where they had no money and knew no one and they could be a millionaire again with a year or so.
I asked him about the early days of the company after he lost his first million. He said that in the beginning, he and his business partner were literally digging coins out of the couch to buy a burrito for lunch.
I knew the 3-year-old company was making a lot of money, but it wasn’t until I moved into management and had access to the numbers that I realized the company was making upward of $50,000 PER DAY. It was unbelievable.
Yet they still remained hungry. Their biggest concern even at that point was that someone working passionately in their garage with no capital (perhaps someone like you) would create a better product and take their place in the market.
This company absolutely refused to take any funding from investors, even though at that point, they were being approached consistently. The reason was that bringing in an investor is what caused him to lose control of his first business along with his millions. There are ways to bootstrap your way to a million dollar business.
It’s Easier to Keep What You’ve Got Than To Overcome the Challenges of Getting There
There area few lines in the movie Dangerous Minds that have stuck with me over the years and inspired this way of thinking. If you’re not familiar with the movie, it’s about a new teacher that comes in to teach a class of students that most of the school staff thought of as hopeless losers. She tries a lot of things to get them to care about school, but when she said this one thing that changed their mindset – everything turned around.
Teacher: At this point, everyone has an “A.” But it’s up to you to keep it.
Student 1: Bullshit.
Student 2: What if it ain’t bullshit? Ain’t never had no &%*# “A” before.
Once they had the belief that they were “A” students, they started doing what it took to keep it.
Once you have the deep belief that you are a millionaire, you will start doing the things it takes to keep it.
Quantifying the Goal
When I was 19 and a poor college student, I told my boyfriend at the time – “let’s start thinking that we’re rich, and maybe it will just happen!” This really did work to help us achieve our “perception” of rich at the time, but we were far from rich. The problem with the self-talk we gave ourselves, is that we didn’t quantify what we wanted. “Rich” isn’t specific enough. Millionaire, however, gives us something to work with.
What is a million dollars?
There is more than one way to look at a million dollars. And you don’t need to make a million dollars per year to be a millionaire. But if the sky’s the limit, why shouldn’t we? Let’s break a million dollars down per year down to the way that most of us are accustomed to thinking about money:
A million dollars is $83,333 per month.
Or – $250,000 per quarter
How to Abuse This Way of Thinking
Thinking that you are already a millionaire does not mean that you should go out today and buy a new BMW with $900 per month payments. That’s more of a middle-class mindset. Instead, think of yourself as if you’re my old boss – as a millionaire that happens to have few resources at the moment, but can rebuild. Then buy the BMW in cash.
How Using this Way of Thinking Might Manifest In Your Daily Life
- You’ll change your perception of what is “a lot.” Suddenly, making $5000 per month seems just as absurd as earning $7 per hour at a fast food place does to you now.
- You’ll start thinking bigger. You’ll begin ruling out business ideas that used to seem profitable, but now seem like more work than they’re worth.
- You’ll instantly start seeing more opportunities: Once you bump up your perception of what is possible a notch, an entirely new range of opportunities becomes available that were “invisible” to you before.
- You’ll rearrange your life to start working toward this goal. If you are serious about what you want, you may need to make some sacrifices. Naomi at IttyBiz talks about how she and her husband accomplished what they set out to do by rearranging their life, even though everyone else said that it was impossible.
- You won’t be afraid to talk to rich and successful people. Why should you be? You’re one of them.
- You’ll begin seeking out people who have achieved your goals already and learn from them. Maki of the top-ranked money making blog Dosh Dosh asked readers to share exactly what they were doing to make money online and published 63 unique results for his readers. Though Maki is already successful at making money online, the successful person never stops seeking out ideas, tips, and advice from others who have also achieved success.
- You’ll start reinvesting more money into your business ideas rather than buying inconsequential things that won’t get you where you’re going.
- You will begin creating wealth for others rather than counting on it from others. Good business models create opportunities for others, the rest take those opportunities. When we create more value for more people, we naturally create more wealth in our own lives.
I’ve always passively “wanted” to be a “millionaire” but I didn’t really know what that meant and I had no idea how to get there. Deep down I did feel that it wasn’t really possible for me.
Once I decided that I was a millionaire and that I wanted to keep it, things really did begin to change. Within a week I had an ah-ha moment about a business model that will not only help me to achieve this goal, but that will also help hundreds or thousands of other entrepreneurs bring more income into their lives. You won’t see this business on my “my businesses” page. This is something that is in the works that I am currently putting together.
What We Believe is Possible Imprisons Us and Empowers Us
When my then husband and I were flat broke, living as roommates in someone else’s house, without a car, and pregnant with our first child, I had a business idea that I knew could make a $10,000 chunk of money twice per year.
At the time, we thought this was a TON of money. But because I thought that was so much money and unobtainable, I spent a lot of time dreaming about it and made no real progress on getting it launched. Somewhere in my mind, I didn’t think I was worthy of this.
Are you doing the same thing with one of your great ideas? Now that you are a millionaire, does your big idea seem small? Does it seem more obtainable? Have you tried a similar way of thinking? How has it worked for you
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