Working your way to your first $1MM in net worth? Our team is here to help with some tips from the individuals that have been there and done that: millionaires. How do they think differently about their financial plans? Read on.
Money is on their minds. The first step in drawing the map that will help you achieve your ideal financial future is to know where you want to go. The second is to stay focused on what you want and align your actions with the goals you’ve set for yourself. I’ll use a successful friend of mine as an example. At 22 years old, she was making $27,000 per year at an entry-level job. She set a goal of achieving a net worth of $1MM by the time she was 40 and exceeded her own expectations by hitting that mark two years early. How’d she do it? She got clear on what she wanted, made a plan and took appropriate action.
Their plans are informed. Not only do millionaires tend to know where their money goes every month, they keep abreast of things such as market trends, skills needed to get ahead in their career, ways to diversify income streams, current events that affect the market and more. This knowledge can help them gain perspective, have meaningful conversations with advisors and pivot as needed to keep their financial plan on track.
Millionaires understand time is money. Sure, you could take a DIY approach to your personal financial plan but chances are the millionaires won’t. It is likely many of them didn’t take that approach even when they were still in the wealth accumulation stage like you. Why? Because they value their time and know that, in most cases, the returns are better when their time is spent elsewhere such as working to earn more money. They aren’t afraid to ask for help or have a professional take the lead, which leads us to our next tip.
Lean on the experts. Many millionaires wouldn’t be where they are today if they didn’t seek out the advice of others or learn from some of the best in their business somewhere along the way. Yes, aspiring millionaires can make progress keeping focus on their goals, staying informed and recognizing where their time is best spent, but chances are the path they set out on is filled with roadblocks that require certain skill sets to navigate successfully. That’s where a wealth accumulation advisor comes into play.
Adopting a millionaire mindset and achieving a net worth of $1MM simply requires the right mindset and financial plan. If you’re looking for assistance in building out your plan, e-mail me at firstname.lastname@example.org to schedule a complimentary wealth accumulation consultation.