How To Become A Millionaire ?

Everyone wants to be a millionaire, but not everyone gets there. What exactly distinguishes Person A compared to Person B from becoming a millionaire? While some people may have an upper hand compared to others, many self-made millionaires started from very humble beginnings with little to their name. Their disadvantaged situation, background, social standing, which makes it harder to achieve wealth compared to their counterparts has not deterred many wealthy self-made millionaires from achieving significant financial success. They work even harder, and there isn't a sense of complacency. Most self-made millionaires will attest to this.

If you have ever heard of Dan Lok he shares this profound concept that helped me view my time and money in my journey to financial freedom, which I believe can be helpful to many people. 

First here is what you need to realise:

1. You deserve financial freedom, success and happiness

For some people, there is this limiting belief that financial freedom, success and happiness is only for the elite few which is not true. There is also this misconception that those that desire wealth are only money hunger individuals that are greedy, which isn't entirely true although there are some people who are like this.

Here's what you need to realise:

When you come from a place of abundance you are in a better position to help other people. You can't donate money and help the poor if you are poor.

When you have financial freedom and success you can use your resources to help other people, the needy and contribute to society. 

You are less pressured to be reliant on the discretion and whims of other people because you do not need to curry favour.

Lastly, you get to be the best version of yourself when you are financially free because you get to pursue pursuits that are of interest to you hence excel in your work, as opposed to staying in a dead-end job merely to get by living from paycheck to paycheck each month.

2. There is this misconception that if you make money quickly it is a bad idea

The idea behind this is society has conditioned us to think if we make money quickly it is a scam. And in some cases that is true.

However, the message Dan Lok is trying to bring across is that you should hope to get rich quickly as opposed to a longer time period. 

With that in mind, do remember it is not those:

1. Scam investments
2. MLM schemes
3. Investments that promise exorbitant rates for nothing down

The ones that the wealthy individuals build wealth are usually by:

1. Unconventional methods that self-made millionnaire build wealth compared to the average person.
2. Identifying the gap in the marketplace and filling the market need.
3. Adding value to other people.
4. The ability to stay relevant in a changing environment.
5. Improve livelihood for mankind (Provides convenience for people).
6. The ability to solve a problem.
7. Being skilful in their craft.

Wealth is not only measured by money but by time

Here is the reality:

Wealth is measured more in time than in just money.

Let's say you make $25,000 a year and let's say you work 40 years. 

How much money you've made?

One million dollars.

Now is one million dollars a lot of money?

Absolutely yes, you've made a million dollars.

The question is, are you rich?

No. Why not? Well, because it took you 40 years to accumulate a million dollars.

Lets's look at a different scenario

Let's say you still make a million dollars, but instead of taking you 40 years, you make that same $ 1 million dollars within 12 months, within one year.

Are you rich?

Yes, now you are a millionaire.

What is the difference?

The only difference is the time that it takes for you to make it.

When you make your money in a relatively short amount of time, what's amazing is that you have time to enjoy it when you are young compared to when you reach 65 years old to enjoy it.

You needn't wait, 10, 20, 30, 40 years to enjoy your money, you can enjoy it now when you are younger. 

Additionally, you have more time to compound and to make more money since you are able to get more money in a shorter period of time.

The lesson

And that's why rich people, value time. Poor people, value money more than they value time.

Here is what I've learned from Dan Lok, which is to "value my time".

Do you wanna make it quick or do you wanna make it slow?

Do you even have time to even make it slow?

When you begin to value your time and focus on tasks that will move the ticker forward others will value your time as well and you will not waste valuable time.

Conclusion

Lastly, think about your time. Do you want to achieve financial freedom in a short time or a long time? Do you even have time to make it slow? Additionally, it is important to figure out what can you do differently to get to where you want to be.

"Time is free, but it's priceless. You can't own it, but you can use it. You can't keep it, but you can spend it. Once you've lost it, you can never get it back." - Harvey MacKay

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