8 Steps to Become a Millionaire

courtesy of TBTNEWS REPORT

 

POINTS

8 Slow, Difficult Steps to Become a Millionaire

Special Correspondent: Dharmesh Shah

Money of course isn't everything. Not by a long shot. Where your definition of success is concerned, money may rank far down the list. Everyone’s definition of “success” is different. Here's mine: "Success is making those that believed in you look brilliant."

For me, money doesn't matter all that much, but I'll confess, it did at one time (probably because I didn't have very much). So, let’s say money is on your list. And let’s say, like millions of other people, that you’d like to be a millionaire. What kinds of things should you do to increase your chances of joining the millionaire's club? Here are the steps I'd suggest. They're neither fast nor easy. But, they're more likely to work than the quick and easy path.

1. Stop obsessing about money: While it sounds counterintuitive, maintaining a laser-like focus on how much you make distracts you from doing the things that truly contribute to building and growing wealth.

2. Start tracking how many people you help, even in a very small way: The most successful people I know – both financially and in other ways – are shockingly helpful. They’re incredibly good at understanding other people and helping them achieve their goals. They know their success is ultimately based on the success of the people around them. So they work hard to make other people successful: their employees, their customers, their vendors and suppliers.

3. Stop thinking about making a million dollars and start thinking about serving a million people: When you only have a few customers and your goal is to make a lot of money, you’re incented to find ways to wring every last dollar out of those customers. But when you find a way to serve a million people, many other benefits follow. The effect of word of mouth is greatly magnified. Serve a million people – and serve them incredibly well – and the money will follow.

4. See making money as a way to make more things: Generally speaking there are two types of people. One makes things because they want to make money; the more things they make, the more money they make. What they make doesn’t really matter that much to them – they’ll make anything as long as it pays. The other wants to make money because it allows them to make more things. They want to improve their product. They want to extend their line. The want to create another book, another song, another movie. They love what they make and they see making money as a way to do even more of what they love.

"We don't make movies to make money, we make money to make more movies." ~Walt Disney

5. Do one thing better: Pick one thing you're already better at than most people. Just one thing. Become maniacally focused at doing that one thing. Work. Train. Learn. Practice. Evaluate. Refine. Be ruthlessly self-critical, not in a masochistic way but to ensure you continue to work to improve every aspect of that one thing. Financially successful people do at least one thing better than just about everyone around them.

6. Make a list of the world’s ten best people at that one thing: How did you pick those ten? How did you determine who was the “best”? How did you measure their “success”? Use those criteria to track your own progress towards becoming the best. If you're an author it could be Amazon rankings. If you’re a musician it could be iTunes downloads. If you’re a programmer, it could be the number of people that use your software. If you’re a leader it could be the number of people you train and develop who move on to bigger and better things. Take a close look at what makes them successful. Then use those criteria to help create your own measures of success. And then…

7. Consistently track your progress: We tend to become what we measure, so track your progress at least once a week against your key measures. Maybe you’ll measure how many people you’ve helped. Maybe you’ll measure how many customers you’ve served. Maybe you’ll evaluate the key steps on your journey to becoming the world’s best at one thing. Maybe it’s a combination of those things, and more.

8. Build routines that ensure progress: Never forget that achieving a goal is based on creating routines. Say you want to write a 200-page book; that’s your goal. Your system to achieve that goal could be to write 4 pages a day; that’s your routine. Wishing and hoping won’t get you to a finished manuscript, but sticking faithfully to your routine ensures you reach your goal.

Set goals, create routines that support those goals, and then ruthlessly track your progress. Fix what doesn’t work. Improve and repeat what does work. Refine and revise and adapt and work hard every day to be better than you were yesterday. Soon you’ll be good. Then you’ll be great. And one day you’ll be world-class. And then, probably without even noticing, you’ll also be a millionaire. You know, if you like that sort of thing.

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