5 Things Millionaires Do That Most People Don’t

My lifelong dream is to create more millionaire students than any other stock trading teacher out there. I’m lucky enough to have reached the seven-figure mark myself, and now, I’m dedicated to sharing everything I’ve learned – including the stock trading patterns that work in any market – with the students in my Millionaire Challenge.

But one thing I realized pretty early on was that, if I wanted to teach people to be millionaires, I had to study people who had already reached this level of wealth. I had to learn what they did differently so that I could help my students to not just hit this magic number, but to retain the money they earn and build generational wealth.

And today, I’m sharing a few of the things I’ve learned with you. I hope they help – no matter what financial stage you’re currently in.

1. Millionaires work hard.

A lot of people think that winning the lottery is their ticket to success, but I’ve got bad news for you. Nearly 90 percent of lottery winners go through their winnings in five years or less, leaving them back in the same situation they were in before they won.

Millionaires know that there are no shortcuts to success. There’s only hard work executed relentlessly in pursuit of a goal.

I know that, in my case, I wouldn’t be where I am today if I hadn’t been willing to work hard. I didn’t have a mentor when I started trading stocks in high school. It was up to me to put in the hours needed to become successful. There were plenty of times I would have rather gone out with friends or played video games — anything but sit in front of the computer and study stock charts for another hour.

But I did it. I put in the work upfront because I knew the results would be worth it, they’ve paid off. I’m living my dream lifestyle because I wasn’t afraid to work hard.

2. Millionaires are focused.

That said, it isn’t just about working hard. You have to be working hard on the right thing.

Have you ever known somebody who’s constantly jumping from one “million dollar idea” to another? We all want to be rich, but the people who can’t choose one path to focus on simply aren’t going to achieve it. It’s the people who dedicate themselves to a single pursuit that come out on top, whether that one path is penny stock trading, company building or something else.

3. Millionaires are careful about risk.

I happen to think that penny stock trading represents one of the best opportunities to build generational wealth. The barriers to entry are low and, if you follow the rules I’ve learned, your risk is relatively low.

But whatever wealth-building approach you take, you’ve got to keep your risk in check. It’s not that you shouldn’t take risks, but the risks you take should be calculated. One of the tools we use in trading is the “risk-reward ratio” — basically, how much risk you’re willing to take on for how much potential reward.

You can apply this line of thinking to just about anything in your life. If there’s more risk than there is reward, stay away. But if there’s more potential for reward than there is risk of loss, you may be looking at a great opportunity you should take.

4. Millionaires are generous.

Take a lesson from generous billionaires Bill Gates, Warren Buffett, Carl Icahn and Ken Langore. Giving money can feel just as good (if not better) than earning it.

I’ve recently started my own charitable foundation in order to give back $2 million to my community, and I have to tell you, it feels amazing. I wish I hadn’t waited so long to get started, but I’m looking forward to making up for lost time.

5. Millionaires never stop learning.

This is such a big one. Millionaires love to learn because they’re always looking for ways to expand their skill sets and get ahead in their fields. They read books, watch documentaries, study educational materials and talk to others who can give them more information. Millionaires know that knowledge is power, and they stop at nothing to get it.

No matter what your net worth is right now, you can put this tip into practice today. If you’re learning to trade penny stocks, you can watch videos, read SEC statements, study stock charts or learn from others in industry chat rooms. You can do all of these things for free, but the value of what you learn will be worth so much more in the long run.

Which of these habits could you add to your life? Commit today to making at least one change that puts you on the path to becoming a millionaire.

Source: entrepreneur.com ~ By Timothy Sykes

8 Money Mistakes to Avoid on Your Way to Being Wealthy

There is a difference between being rich and having wealth.

Wealth is the abundance of something in such surplus that no conditions can destroy it. Making a lot of money is one thing, getting rich another. Creating wealth, well, that’s what very few people ever learn. You have heard the expression “get rich quick,” but you will never hear “get wealthy quick.”

Ever hear the saying, “money never sleeps?” The wealthy take this literally and believe that money must work around the clock to grow. The wealthy respect and pay attention to their money knowing that nothing multiplies without attention. They also know money wants to be loved and acknowledged.

Sound crazy? Show me someone that doesn’t pay attention to their money or is disrespectful of it and I will show you someone lacking money.

The wealthy also avoid mistakes that big income earners and the rich make. Here are some common money mistakes you must avoid to create wealth:

1. Seeking comfort, not freedom. Comfort is the enemy of abundance and the most dangerous element of finances. The entire middle class is built on seeking comfort. The wealthy seek freedom and so much abundance that money is no longer dependent on their efforts. More is the mantra, abundance is the affirmation, comfort isn’t on their menu and freedom is the focus.

2. Diversification. You can never get truly wealthy by diversifying your investments. Wall Street has done a great job of selling the public on this idea of diversifying because it benefits Wall Street.

Mark Cuban says “Diversification is for idiots.” Andrew Carnegie said “put all your eggs in one basket and then watch that basket.”

If you want to create real wealth learn everything you can about a space and go all in.

3. Depending on one income flow. No matter how big your income is, never depend on one flow. I knew an executive who was earning $350,000 a year, the top 1 percent of all incomes. Suddenly the industry she worked in came to halt and her one income flow was shut down. This has happened to many Americans, destroying trillions of dollars of “pretended” wealth.

To create wealth, you must make investments that will create dependable streams of income flows, independent of your main source of income. I use rental income from apartments and partnerships in other companies to throw off passive flows of income. I continue to pay attention to each of these flows to make them stronger. This is not diversification — it’s fortification of wealth.

4. Comparing to others. Seventy-six percent of working Americans are living paycheck to paycheck. Comparing your finances to others will ensure you never create wealth. People often compare their situation to some starving nation in a remote part of the world to justify being “better off.” Another person’s finances, good or bad, will not pay your bills, won’t fund your retirement and will not provide you peace of mind. Don’t compare your finances to someone else’s.

5. Investing in trends. Avoid investing in the latest and greatest technologies that can be displaced by new technological developments.

Warren Buffett invests in electricity, railroads, banks, insurance, soft drinks, food companies and candy.

Don’t get on the roller coaster. Take the longer, slower ride that guarantees arrival.

6. Trusting without proof. The single biggest mistake of my financial life was naïvely trusting a group of people because I liked them and it felt right. I neglected to get proof that they were actually as they presented. Instead I went with my feelings and was deceived. By the time I figured out something was wrong, I was out millions.

Disregard your feelings when it comes to people and always look for solid evidence. If you are so close to people that you are not willing to ask them to provide evidence, make it a policy not to do business with them.

7. Saving to save. It is impossible to create real wealth just by saving money. The banks only pays .25 percent, so it will take you 40 years to grow your money 10 percent if rates stay where they are. More importantly, money that sits around idle always seems to find an emergency to fund.

Dave Ramsey suggests you not carry cash or credit cards because when either is available — you’ll create a reason to use it.

To guarantee my wealth, since the age of 25, I moved surplus money into future investments accounts that I could not easily access, so that money was available for investments when I finally had the knowledge and courage to do so. This kept me broke and having to hustle constantly.

8. Pretender spender. On the other end of the spectrum is the pretender spender. They try to impress others with how they spend money. It’s not their money, it is always someone else’s. Sports cars, expensive clothes, designer bags, shoes, V.I.P. tables — the list is endless.

The wealthy are not trying to impress anyone, they are seeking freedom.

When the wealthy hit affluence and abundance, they start throwing money around on ridiculous things — cars, boats, planes, vacation homes. By then, it no longer matters that the things are poor investments. The very wealthy may appear to be flaunting their money with extravagances, but in reality they are not. The money they are spending is miniscule compared to the abundance they’ve created.

Sounds good doesn’t it? So what will it be for you: middle class, rich or wealthy?

You know money won’t make you happy and just getting by won’t either. There is a price to be paid for whatever choice you make. Wealth provides you with options and the person that has options has freedom.

Source: entrepreneur.com ~ By Grant Cardone

9 Success Habits of Wealthy People That Cost Nothing

9 Success Habits of Wealthy People That Cost Nothing

Have you ever you wondered how certain people have gotten so successful? Sure you have. A great idea, motivation, persistence, and a little luck helps, but most successful people share certain habits. Here are nine habits that have helped place them on the top:

1. They meditate.

Ray Dalio, the founder of Bridgewater Associates, told The Huffington Post in 2013 that “Meditation, more than anything in my life was the biggest ingredient of whatever success I’ve had.” Dalio, however, is not alone. Oprah, Rupert Murdoch, Russell Simmons, Arianna Huffington, Bill Ford and Padmasree Warrior have all attributed mediation as a huge component to their success.

Taking care of your body and mind by relaxing, exercising, healthy eating and getting enough sleep are all ways to improve your chances of success.

2. They wake up early.

President Obama, Richard Branson, Jack Dorsey, Larry Schultz, Tim Cook and Xerox CEO Ursula Burns are known to be early risers. How has this attributed to their success? Because early risers are able to start their days ahead of everyone else by responding to others, exercising and finding some personal time, early risers also tend to be happier and are more proactive.

3. They network.

Successful people realize the importance of networking. In fact, research has found that networking can lead to people performing better at work and increases the chance of landing a job. Networking helps our successful people be more innovative. According to Dale Carnegie’s classic “How To Win Friends & influence People,” successful people rarely complain or criticize. They are sincere and try to be empathetic.

4. Keep themselves busy.

Successful people are rarely idle. Achievers like LBJ and Robert Moses were known to work 60-65 hours per work. Elon Musk works a whooping 80-100 hours per week and has said, “That’s the type of work ethic an entrepreneur needs to have.”

5. They know when to say “no.”

“The difference between successful people and really successful people is that really successful people say no to almost everything.” – Warren Buffett

Successful people realize that by saying “no” to negativity, extra work and activities that waste time, they can focus on increasing their productivity. If they say “yes” to everyone or everything, they’ll be too distracted and will not accomplish tasks that have to be done.

6. They don’t watch TV, they read.

According to Thomas Corley, author of “Rich Habits: The Daily Success Habits Of Wealthy Individuals,” 67 percent of rich people only watch TV for one hour or less per day. Corley also found only 6 percent of the wealthy watch reality shows, while 78 percent of the poor do.

Additionally, 86 percent of the wealthy love to read with an impressive 88 percent claiming that they read for self-improvement for 30 minutes or more per day.

7. They write to-do lists the night before.

Successful people are known for writing their to-do-lists the night before so that they are able to set priorities for the following day. They number their lists as well to identify which tasks are the most important.

8. They set goals and visualize.

Joel Brown interviewed a number of high achievers for Entrepreneur and found that “Ninety-five percent of the successful achievers I have interviewed practice writing down their goals, plans, or visions for success on a regular basis.” Successful people do this the night before, or first thing in the morning so that they are prepared to tackle the challenges that await them.”

9. They manage their money.

Successful people have gotten where they are because they were able to manage their finances well. This means that they invest their money wisely, look for new opportunities and set aside emergency funds. They are more generous and willing to donate to those who need help. Here are 101 ways that I’ve put together to save money like well-off people. In addition, I’ve found that my marriage has become 10x better with enough savings in the bank for a year of expenses. That saved us when my last business venture failed.

There is an old saying that luck and preparation always meet opportunity. The most successful people set themselves up for success by preparing all the time. Successful people expect luck will find them, and it usually does.

 

10 Habits for Success I Learned Working for Two Billionaires

Source: huffingtonpost.com ~ Author: Paul C. Brunson

I have spent decades “being educated” — in college, graduate school, numerous professional certifications, and now a Ph.D. program. All of that schooling and training helped shape the person I am today, but at no point in my life has there been a more profound education than my time working for Enver Yucel and Oprah Winfrey.

Enver and Oprah are two extraordinary people. And on top of that, they’re both billionaires. On the surface, they appear to be totally different people. They are in different industries, have different family structures, practice different religions, and speak different languages. However, once you get past their written biographies and dig deeper, you will notice they possess many of the same successful habits.

I had the opportunity to work with both Oprah and Enver for six years collectively and those were, hands down, the best professional experiences of my life. I worked my ass off for them and in doing so absorbed everything I could.

It’s my honor to share with you what I learned from them. Here is Part 1 of the 20 successful habits I learned working for two billionaires:

1) Invest in Yourself

This is a very simple concept, but something you would think someone who has “made it” would stop doing. Not at all for these two. I saw them both spend a significant amount of time dedicating their resources to self-development (whether it be a new language, exercise, social media classes, etc.). The moment you stop investing in yourself is the moment you have written off future dividends in life.

2) Be Curious… About Everything

What the average person sees as mundane or overly complicated is not viewed the same way with a billionaire mindset. I once had a 30 minute conversation with Enver about the height of the curbs in Washington DC versus Istanbul, Turkey. Billionaires are incredibly curious; what the rest of the world thinks is a problem and complains about — that’s what these people go and work on.

3) Surround Yourself With “Better” People

I hope this is why they kept me around. Seriously, I never knew my bosses to keep anyone less-than-stellar in their inner circle. There were many times I thought to myself, “Damn, they have dream-teams built around them.” Jim Rohn had it right, “You are the average of the 5 people you spend the most time with.”

4) Never Eat Alone

The last time I had dinner with Enver, as well as the last time I ate dinner with Oprah, there were easily 15 people at our tables, respectively. Coincidence? While most of us derive our key information from blogs or the newspaper, power players get their information from the source (other power players), directly. However, just because you can’t call up the Obamas and break bread with them doesn’t mean eating with others in your circle doesn’t carry value. In one of my favorite reads of the last few years called Never Eat Alone, author Keith Ferrazzi breaks down how you can identify “information brokers” to dine with you. I’ve seen first hand how enormous the benefits are of this strategy.

5) Take Responsibility for Your Losses

I was working for Oprah during the time she was taking heat from the media about poor network ratings. I was also working for Enver during the closing of one of his prized divisions. What I witnessed them both do in response was powerful. Opposed to covering the losses up with fancy PR tactics, both stepped to the stage and said in essence “I own it and I’m going to fix it” and dropped the mic. Guess what? They sure did fix things (It’s widely noted Oprah’s network is realizing ratings gold and Enver’s assets have probably doubled since the division closing).

6) Understand The Power Of “Leverage”

This is something that was quite a shock to me. From afar, a billionaire appears to be someone who is a master at everything. But, in truth, they’re specialists in one or a few areas and average or subpar at everything else. So, how do they get so much done? Leverage! They do what they do best and get others to do the rest. Here’s a great article on leverage. Keep in mind I see this done with wealthy people and their money all of the time — they use OPM (other people’s money) for most or all of their projects.

7) Take No Days Off (Completely)

I recall going on vacation with Enver several times, yachting up and down the southwestern coast of Turkey (also known as the blue voyage). Sounds ballerific, right? No doubt we had a great time, but mixed in with all that swimming and backgammon was discussion of business, discussion of strategy, planning and plotting. The best way I can describe this habit is thinking about your business or your idea like your literal baby. No matter your distance, you don’t stop thinking of him/her (and after just having a second son, I can attest to this).

8) Focus On Experiences vs. Material Possessions

When you have money, your toys are big. However, the vast majority of money I saw spent on their “leisure” was on actual experiences versus the typical car, jewelry, and clothes we’re familiar with seeing in music videos and gossip blogs. I recall one time at dinner with Oprah, I spotted a table of about 20 girls off to the side. I later found out Ms. Winfrey was treating some of her graduating girls from her school in South Africa to dinner in NYC. Experiences create memories, and memories are priceless.

9) Take Enormous Risks

This is another one of those successful habits every entrepreneur can attest to. A matter of fact, Entreprenuer.com created a great infographic outlining commonalities of the world’s billionaires and one of the most prominent was this characteristic: billionaires are not adverse to risk. What intrigues me even more about Enver and Oprah was that even at their high financial status and success level, they still possessed a willingness to risk their most precious asset (their name and legacy) on new and bolder projects. If you’re not taking risks, you’re not making moves!

10) Don’t Go At It Alone

Nothing great in life is achieved alone. Especially in business, success isn’t a solo act. This character trait is akin to “surrounding yourself with better people.” It takes teamwork to make the dream work.