7 Secrets of Self-Made Multimillionaires

by Nick on February 10, 2012

I don’t know about you but I’m a sucker for numbers, lists, secrets and becoming a multimillionaire.  So when I stumbled upon Entrepreneur’s seven secrets of self-made multimillionaires, I started giggling like a school girl… Surely, Entrepreneur must have some inside info on becoming a self-made multimillionaire, the only type of multimillionaire I have a chance of becoming (I don’t play the lottery and won’t have millions of dollars pass down from my parents (unless they win the lottery, which they play))…

Before we go into the list I see nothing wrong with wanting to become a multimillionaire, so don’t get all 99% on me :)  I don’t care if you have two dollars or two billion dollars, a jerk is a jerk no matter how much money you got.  I’m not a one percenter and don’t occupy anything but a rented two bedroom condo in Hoboken, NJ.  I’m also not very political (that is, until I become El Presidente in 2033 (after winning the November 2032 election).  Haha!  So just be nice to people and we can be friends no matter how much cash you have…

So what are the secrets?  And what do I think?

  • Decide to Be a Multimillionaire.  Done!  Does that mean I’m 1/7 of the way there?  Seriously though, a committed mindset is a powerful tool.  Pretty odd that Mr. Cardone wrote “I am worth over $100,000,000!”  Every day for years.  But that’s dedication (or delusion) for sure.
  • Get Rid of Poverty Thinking.  Hey, he must know something I don’t but I see nothing wrong with thinking to not waste money or food.  I do like getting rid of the thinking that money is scarce.  There’s plenty of money out there people.  And there’s plenty to go around.  Just because you accumulate millions doesn’t mean it comes from someone else.  There’s more than one pie out there…
  • Treat it Like a Duty.  Don’t be motivated just by money but by something bigger – something bigger than you.  I like it.  Money for the sake of money is pointless (and won’t work).  So what are your reasons?  I want to become a multimillionaire so we can travel, live by our rules (and the laws…), donate boat loads of cash to charities of our choosing (I actually have a dream of starting a charity involved in boating that starts with me donating a boat filled with cash… some day!). 
  • Surround Yourself with Multimillionaires.  Is there a club or something?  Sign me up.  You’ve all heard of the “you’ll make within 20% of your 5 closest friends” theory, so this works with that, too.  I do think you could learn great habits and get tons of great opportunities if you surround yourself with multimillionaires.  Maybe I can wait tables at a multimillionaire club in NYC.  If any of you know of one, let me know…
  • Work Like a Millionaire.  I’m really terrible at this.  I definitely need to get better.  “The wealthy know time is more valuable than money itself, so they hire people for things they’re not good at or aren’t a productive use of their time, such as household chores.”  I’m way too cheap for this.  I need to delegate more to free up time for me to make more cash and enjoy some time with the family.
  • Shift Focus from Spending to Investing.  This one I got!  2/7 of the way there?  You know that feeling when you win a bottle of wine at the local KofC raffle?  Or the feeling when you find the dress you’ve been trying to find for months – and it’s on sale!  Or the feeling when box seats to Fenway Park land in your lap?  Yeah, that’s the feeling I get buying mutual funds, ETFs or other investments.  I’m always thinking of ways to create cash flow… sad?
  • Create Multiple Flows of Income.  Absolutely a must.  I’ve been saying for years that way too much of my income comes from one gig.  If I lose the gig I got little coming in, which is why I’m dedicated to growing at least two online sources of income this year.  A few bucks have started trickling in here at SAFTM, but I’m still 99% reliant on my paycheck (and stocks I guess…) 3/7?

Hmmm…. seven secrets.  I guess it’s a bit different than other lists out there, like those by Dr. Tom Stanley (I read everything Dr. Stanley publishes… you should too). 

What do you think?  How many of these are you rockin?

Oh, and I hope I can count on your vote in 2032…

Until next time, put your credit card down and slowly step away from the mall!

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Image: digitalart / FreeDigitalPhotos.net QJBGQK34KZ5P

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{ 7 comments… read them below or add one }

Money Infant February 10, 2012 at 11:20 am

Interesting and I think I have 2 or maybe 3 of the 7 going on myself. That's almost 50% whoo hooo! This year I'll focus on making it a duty and surrounding myself with millionaires. You wanna be the first Nick?
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Kooz February 10, 2012 at 5:46 pm

The hiring someone to do household chores thing only works if you use the time you save productively. You said it, but it bears repeating.
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Nick February 11, 2012 at 3:32 pm

@Money Infant – Good stuff.. only 4 to go! I'd love to be the first, but for your sake, I hope you have a few on the list before I qualify…

@kooz – Definitely bears repeating! No sitting on the couch watching Two and a Half Men reruns…
My recent post 7 Secrets of Self-Made Multimillionaires

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MultiMillionaireRoad February 11, 2012 at 9:37 pm

Hi Nick, like your post. I think your 1st tip is by far the most important. You've got to want it or else it will never happen. By deciding to become a multi-millionaire (which I did several years ago), you automatically focus your energies towards that goal.
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Kari February 13, 2012 at 2:42 am

Hi Nick, Thanks for stopping by my blog. It does look like we're fellow Hobokeners, Hobokenites? I agree with number 7, a lot. For now, I'm trying to diversity my income streams with freelance writing, blogging and my pet care business (in addition to my regular full-time gig). Since all of them are passions I'd be happy for one, or all of them to continue to expand. Number 1 is also particularly important. I think without the right mind set you're "doomed" from the start.

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MoneySmartGuides February 20, 2012 at 8:26 pm

I've got 3 of the 7 down. And you have my vote in 2032….I just put a reminder in my iPhone.

I am currently working on mastering creating multiple sources of income. My goal is to make 25% of my income through side projects. Once I hit that goal, I'll up the target.
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Jaime @ Eventual Millionaire March 27, 2012 at 3:36 pm

Really interesting! I never saw this article from Entrepreneur.
It’s funny because now I’ve interviewed over 50 millionaires for my podcast, and last year I created a webinar that said exactly “Investing vs Spending is a trait of millionaires”.

Haha, good to know my research matches up with theirs!
If you ever want to know more about millionaires- I interview a new one ever week about personal finance and business. ;)

Warmest,
-Jaime
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