The Truth About Becoming A Self Made Millionaire

The Truth about becoming a self made millionaire

Do you know that over 70 percent of wealthy individuals in America are self made millionaires?

The truth is  your chances of becoming a millionaire through-self effort is higher today… than any other time in history

Yes.  Your chances of getting rich is better today than …even with the state of the economy.

Before you think this article is another motivational hokey pokey…

There are  surveys to show that it’s possible to become a wealthy through self effort.

 

Here are some of them

  • Forbes.com published an article on how millionaires earned their fortunes. The article found that the majority of the Forbes 400-273 of them to be exact-made their fortunes through self-effort

 

  • In another study published in the wall street journal on the source of wealth of the new rich: cited a survey from the Chicago based Spectrem group that found that only 3%-4% of the fortunes of today’s millionaires are inherited
  • The same article by the Wall Street Journal found that more than 70% of the great wealth in the USA was built in less than 13 years old

The conclusion from these articles is that it’s possible to be a self-made millionaire.

And….

The fastest way to become a self-made millionaire today is by being an entrepreneur.

This means you that you must be  willing to be a risk taker.  That is someone who is ready to pursue his passion and  as a result create wealth

Now if the idea of becoming an entrepreneur scares you… you are not alone

 

The truth is most self-made millionaires take risk. But they do not gamble.

This is contrary to what you read in fictional books about wealth.

The myth that Hollywood movies and television want you to believe  is that: millionaires are obsessed with getting rich.

 

This is far from the truth.

 Passion First  Money second

Most self-made millionaires never made getting rich their priority at the start of their career.

Most millionaires started out-first pursuing their passion by creating a product or service. 

They believed  in their product and felt it would make society a better place. 

As a result they create wealth in the course of pursuing their passion.

Here are some few examples of self made millionaire who pursued-their passion first-then built wealth:

  • Bill Gates: He had a passion for making the desktop computer accessible to all. He founded Microsoft Inc with Paul Allen. Bill Gates is now the richest man on the planet
  • Henry Ford:  Had a passion for machines. He had the vision of making the automobile affordable to the working class. Ford became one of the wealthiest man in his age . The Ford motor company is still around today
  • Sam Walton: He had a vision to use efficient distribution and technology to bring  consumer goods at an affordable price. Walmart  made him a fortune and left a legacy of wealth for his offspring.
  • Mark Zuckerberg:  he has a passion for helping people connect using technology. Facebook Inc is one of the leading and growing technology firms today.  Its over 1 billion users is a living testament to its success
  • Kemmons Wilson:  He founded Holidays Inn  because he was disappointed by  the quality of  motels during a family road trip to Washington DC.  He made a fortune as result

As you can see from these example that the-focus for many of these entrepreneurial ventures- was not about money. 

The individuals behind the creation of these great companies had a passion to find a solution to problem that would impact society.

That is how they all eventually became wealthy.

You don’t have to have the ambitions of Bill Gates to become a millionaire . But you need to have an entrepreneurial mindset

Entrepreneurial mindset

 

What does it take to have the mindset of an entrepreneur?

A person with an entrepreneur’s mindset  has developed the ability to see problems as an opportunity to serve.  For an entrepreneur  problems equals opportunity

Develop the entrepreneurial mindset

 

How can you start to develop an entrepreneur’s mindset?  The answer is simple

  •  Buy a small note book and call it an opportunity Journal.
  • Then for the next 7 days start taking note and writing in your journal.
  • In other to make your journal note taking effective, create a problem/solution column. 
  • You then do  a role play of being a consumer.
  • Anytime you notice a problem, or service need in any where …write down the problem.
  • At the end of each day , try and see if you can  come up with solutions to the problems you have encountered during the week.
  •  Write down the top 10 ideas for solving the problems you faced. 

 

I want you to ask yourself this question: Am I able to start a side business with my idea?

If you answered yes to the last question, then start working on building a business.

Who knows ? You may have hit on the idea that will help you build wealth… and become a self made millionaire

On the other hand, if your answer was no. 

Don’t worry too much you made a mistake. 

Just start all over until… you can find a good idea that is worth building a  business .

 


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