How to Equip Yourself with a Millionaire Mindset

Becoming a millionaire is largely a matter of mental attitude. If you are determined to become one, you will. In the following examples, I prepare you for this transformation by contrasting the attitudes of "millionaires" with "average people."

This is not to say that all millionaires have the right attitude, and all average people don't. I am simply using millionaires and average people as symbols for how active, prosperous people think. It's differences in attitude, not makes of cars or brands of shoes. This is not about social snobbery. If you want to be a millionaire, think like one. You don't need the car or the shoes, but you do need the outlook.

In my book, Bubble Proof, I describe, in-depth, how to develop a "millionaire mindset" and apply it to real estate investing. For the purposes of this article I have boiled it down to 12 simple steps to apply a millionaire mindset to your real estate ventures:

Difficulty: Easy

Instructions

1. Millionaires know what they want. Average people don't get what they want because they don't know what they want. Describe the ideal property you would like to own in 12 months' time, keeping the description at an achieveable economic level.

2. Millionaires dedicate themselves to creating wealth. Average people buy lottery tickets. You rarely see investors in casinos. That is because they get their thrills in the marketplace. They invest their gains in more property, thereby creating more wealth. Try listing anything you have done, in the past 12 months, which has the potential of creating wealth for you. Having a job counts. Find a way to use that wealth to create more wealth.

3. Millionaires think big. Average people try not to think big. To learn how to do something, it is best to start small. But don't hide from challenges. Describe your ideal real estate investment, if you had a million dollars. What would you invest in if you and fellow investors had ten million? Work toward that goal!

4. Millionaires see opportunities in life. Average people see obstacles. Describe honestly three opportunities that you missed out on in the past 12 months. Is any single cause responsible for more than one of them? Work on that cause. Also, right now, is there an opportunity in front of your nose that you have yet to see?

5. Millionaires cause things to happen. Average people have things happen to them. If you feel someone is more responsible than you for something that has happened in your life, good or bad, retell the story taking full responsibility for what occurred.

6. Millionaires play to win. Average people try not to lose. What are your chances of winning if you only try not to lose? Not very good! Using a realistic scenario, describe how, in the next 12 months, you will be able to buy a really desirable piece of real estate. Then play to win!

7. Millionaires are leaders because they promote their values and benefits. Average people know that no one cares about their values, and they don't want to be pushy. Take three minutes to talk about yourself with people who will become intrigued by what you stand for. Use the time well.

8. Millionaires are bigger than their problems. Average people are smaller. Write down your three biggest problems, and then something that would alleviate each problem. If any solution helps with more than one problem, concentrate on it. If nothing helps, are you going places or will you stay home with your problems?

9. Millionaires admire ability in others. Average people resent it. Describe how someone you know handled an everyday incident in a truly admirable way. Truly to employ their approach when confronted with similar issues in the future.

10. Millionaires take chances to gain profit. Average people are afraid to jeopardize their weekly paycheck. Although people who depend on results to be rewarded are at a much higher risk than regular wage earners, their future work possibilities are greater and have fewer boundaries. If you must have a regular paycheck, you'll probably have to become a millionaire in your free time. Make the time, make the plans, get the financing, do what you have to do.

11. Millionaires never say, "This is enough, I don't want more." Average people are grateful for what they have and know their place. There is a saying that you gain peace of mind by accepting what you have. That may depend on what you have and what you want to have. Millionaires generally want to have more than they presently possess, and it doesn't seem to interfere much with their peace of mind. If you know what you want, you know what you have to do to get it. How far along are you? If you haven't started, write down the date you will start. That should be today.

12. Millionaires use business plans to control their present financial resources and accumulate more. Average people have no plans to accumulate financial resources. If you lack the financial resources, credit, and income to get started, put together a business plan. State your 12-month, 3-year and 5-year goals.

Resources

• Visit Tonja Demoff's Website

[wiskcat]

on 8/15/2008 Everything you had just said makes so much sense. And it is something some people may already know but just need to hear (or in this case read) anyways. I have been looking to build my own wealth, and am a diligent planner. This article has really helped me want to get my butt in gear a little more. Thank you.

[JeffU]

on 4/12/2008 This article was excellent on every key point. The way it's worded has so much simplicity in it. I like, I like! Great Article