There aren’t many self-made millionaires that don’t have a story to share about how they started earning money from a very young age.
Bill Gates – the richest man on earth, started earning money at age 16 when he and three colleagues were hired by Information Sciences Inc to create a payroll program in return for royalties and free computer time to polish up on their skills.
Even more impressive is Warren Buffet whose earliest earnings came from the door-to-door selling of chewing gum, coke bottles and magazines while also working in his grandfather’s grocery shop – the jobs and entrepreneurial ventures just kept on multiplying and improving as he grew older and when he was a teenager he started and then sold his first business. Buffet and a friend bought a pinball machine that they stationed outside of a barber shop – a few months later they had bought and strategically placed more pinball machines outside of various barber shops in their area. The business they had started was then sold to a war veteran for $1200 – which was an impressive figure at the time – more so because it was earned by mere teenagers!
I’m sure many of you had the odd garden cleaning, car washing or newspaper delivering jobs when you were young but it’s the innovative and entrepreneurial spirit really makes the average kids stand out from the rest. If you started earning money from a very young age – and continued to do so throughout your young life and are still on the lookout for money-making opportunities you’re probably going to make it – BIG TIME.
Studies have shown that children who actively partook in entrepreneurial activities earned, on average 2.3 times more as adults than those who didn’t!
There aren’t many self-made millionaires that don’t have a story to share about how they started earning money from a very young age.
Bill Gates – the richest man on earth, started earning money at age 16 when he and three colleagues were hired by Information Sciences Inc to create a payroll program in return for royalties and free computer time to polish up on their skills.
Even more impressive is Warren Buffet whose earliest earnings came from the door-to-door selling of chewing gum, coke bottles and magazines while also working in his grandfather’s grocery shop – the jobs and entrepreneurial ventures just kept on multiplying and improving as he grew older and when he was a teenager he started and then sold his first business. Buffet and a friend bought a pinball machine that they stationed outside of a barber shop – a few months later they had bought and strategically placed more pinball machines outside of various barber shops in their area. The business they had started was then sold to a war veteran for $1200 – which was an impressive figure at the time – more so because it was earned by mere teenagers!
I’m sure many of you had the odd garden cleaning, car washing or newspaper delivering jobs when you were young but it’s the innovative and entrepreneurial spirit really makes the average kids stand out from the rest. If you started earning money from a very young age – and continued to do so throughout your young life and are still on the lookout for money-making opportunities you’re probably going to make it – BIG TIME.
Studies have shown that children who actively partook in entrepreneurial activities earned, on average 2.3 times more as adults than those who didn’t!
2. You’re more focused on earning than on saving
People that are destined to stay “average” tend to have a spending and saving mindset rather than an earning one – and this makes a huge difference.
To make big money you have to be willing to take big risks – and those that are the most likely to become super wealthy are those that know this and are fearless in the face of taking huge risks that have the potential to help them strike it big. Playing it safe and saving rather than investing just because you’re not guaranteed 100% to earn a return on the investment is the kind of mentality that will keep a poor man poor and an average man – well, average. At the same time this does not mean that saving isn’t a huge part of becoming rich because, if you’re a mindless consumer that wastes every cent they have on crap they have absolutely no use for, you’re never going to get anywhere.
Rich people save their money and invest it so that they can make more money – while poor and average folk either spend their money mindlessly or keep it aside and don’t actually put it to any good use. If you’re currently focused on using any income or savings you may have on investments or anything that will help your earn money in the future (including education), than you’re probably going to be rich – as long as you keep at it and don’t let the consumerism or “dead savings” bug get you. This doesn’t mean that saving isn’t a very important part of accumulating wealth but the simple fact is that the more you earn – the more you’ll be able to save.
Another important aspect of actually saving is knowing how to effectively manage money – if you’ve gone out and made a conscious effort to increase your financial education – you’ve just earned yourself a spot on the “up and coming millionaires” list!
3. You’ve got balls
Men earn more than women – and will probably always do so but, these aren’t the balls were talking about here.
We’ve mentioned the fact that rich people are rich because they’re willing to take major risks and we can safely assume that you’ve got balls if you’re taking risks but, there is another thing that’s a serious indicator of future financial wealth and it’s probably not what you’re expecting – personality. If you’ve got a strong personality then you also have the balls to say no and ask for what you want – which is undoubtedly the best way to get what you want. It comes down to logic – you will never get what you don’t ask for. Do you think there are any billionaires that are push-over’s? No. What about millionaires? Again, no.
If you don’t have the balls to ask for a promotion at work, say no to someone trying to rip you off or tell your employees and everyone around you what exactly it is you want – chances are you’re not going to progress in your personal or professional life. If you’re the kind of guy that isn’t afraid to tell people what he needs and bargain with others – than you’re changes of making it financially are a lot higher than the push-over who can’t even speak up when asked what he’d like to order for dinner.
4. Your mind is on the future – not stuck in the past
Rich people are always thinking ahead and are rarely, if ever, looking to the past.
Poor and average people are always talking about “the good old days” – they can’t get their heads out of past which makes it very hard for them to concentrate on building any sort of a future. Imagine if you owed a multi-million dollar company and were constantly hammering at your employees for a past failure instead of discussing and encouraging them to work on achieving success on a current project?
You’d probably never get anything done – not to mention the fact that you’re employees will hate you which will certainly result in poor performance. People that are stuck in the past cannot move past failure, rejection and fear are those very same people who lead average or “comfortable” lives but never get even close to a six figure income. In addition, those who are constantly dwelling on the past are more likely to suffer from depression, anxiety and social rejection – which obviously doesn’t do much to improve you’re earning potential.
If your mind is constantly on your future, goals and next move – than you probably know where you’re going and you’re probably going to get there!
5. You’re constantly working on your biggest asset – YOU
While it’s a fact that the world’s richest people place a much lower value on formal education than the words average – rich people care about their own personal growth and informal education a hell of a lot.
They read books on investing, growth and success, they talk to people that know more than they do and they ask a lot of questions, they try new things and do anything that can teach them something that they can’t learn in a classroom because they understand the value of self-education. If you believe that the only way you’re going to become rich is by ensuring you have a long list of degrees and diplomas on your resume then chances are you’re going to be average for life – but if you’re constantly trying to learn new things and improve yourself – both mentally and physically than you’re probably going to earn a lot more money than the nerd that’s busy earning his third degree.
You may think this sounds quite contrary to logic but it’s been statistically proven that a high IQ has very little to do with earnings and net worth – since having an in-depth knowledge of nuclear science can’t help you work with people which are your key to financial success. In addition, there is absolutely no link between formal education and becoming super wealthy – even though having a degree will ensure you earn more than others who do not – it doesn’t mean you’ll become a millionaire or get anywhere close.
Larry Ellison – the fifth richest man on earth who started the software giant Oracle and amassed a net worth of 51 billion dropped out of the University of Illinois and Chicago – and didn’t seem to have much trouble becoming what he is today and in his own words;
“When I do something, it is all about self-discovery. I want to learn and discover my own limits.” – Larry Ellison
If you’re into self-discovery and pushing boundaries – you probably have what it takes to become a millionaire. That being said a research study into the educational backgrounds of various millionaires showed that the most popular degree amongst them was a degree in engineering followed by a Masters in Business (MBA), Economics and Law. So if you have any of these degrees you may already have a leg-up on the rest.
6. You have high expectations – and a plan
Surprisingly many of us have been conditioned from a very young age to set out expectations really low to avoid disappointment and this is where the rich really stand out from everyone else – because they’re the ones that always expect the best results regardless of the circumstances.
Imagine a football coach constantly telling his players that they’re going to lose – chances are high that their morale will drop and that they’ll lose. It’s the exact same thing with everything in life – you get not what you want but what you expect and if you’re constantly expecting failure – that’s what you’ll always get.
“High expectations are the key to everything.” – Sam Walton
If you’re one of those people that always expects the best from themselves and everyone around them than you’re already in a league of your own – and you deserve to be there! In addition to having high expectations rich people always have a plan – but not a typical life plan like find a good job, get married, save for retirement, have children and retire – their plans are more detailed and can change in an instant when a new opportunity presents itself. If you’re not hung up on a schedule and always have a plan for what you’re next move, goal or action is going to be than chances are high that you’re on your way to becoming a very rich man.
Having high expectations means that to some degree you have to ignore what everyone else expects you to do or become and question the world around you relentlessly!
7. You’re surrounded by people who are better than you
It goes without saying that those that are truly successful are those who surround themselves with people that are smarter, richer and more successful than them.
If you hang around with people that do not challenge, teach or improve you in any way – than chances are you’re probably going to end up just like them – or even worse off. If you’re the kind of person who isn’t afraid and intimidated to hang around with people that are more successful than you’re probably a rich man in the making! It may be hard to be around people that seem to always have more, know more and be doing more but it really does alter you’re mindset and give you the knowledge, confidence and advice that only someone above you is entitled and qualified to give.
It is virtually impossible to be surrounded by affluent people and not have some of it rub off on you – no matter where you come from. If the 5 people you spend most of your time with are richer than you than chances are your finances will follow suit. They teach you how to think, how to make money, how to negotiate among a hoard of other critical skills that you can’t learn anywhere else!
If you’re already surrounded by people that are better than you – your next step should be to find a mentor who is where you want to be – a millionaire perhaps? Finding a millionaire mentor to help you pave the way to financial freedom and success isn’t easy but it’s certainly the most effective way to reach your goals. This mentor should, if possible be in the same industry that you’re in and obviously be willing to feed you the information that you need to follow in his footsteps. A mentor that has a very large network and can introduce you to people in power is the most effective type of mentor.
You may be thinking that no single millionaire on earth would be willing to let you pick their brains but, truth is most of them are where they are because they’re great leaders that are willing to pass on knowledge and ideas. The reason for this may be because most of them got to where they are because someone gave them a break, mentored them and had the patience to show them the ropes.
8. You’re pursuing your passion
Every millionaire on earth has at least one thing that they’re really good at – Bill Gates was good at programming, Warren Buffet was good at stocks and Donald Trump at property.
If you have anything to learn from them is that the best way to amass a fortune is do what you love and what you’re good at. People are usually good at what they love but if this isn’t the case – you’ll be better off doing what you love rather than what you’re good at because at the end of the day the only thing that can keep you going is passion. People that love what they do are the very same people that excel at it and keep on growing – if you’re just chasing money you’ll let burnt out and lose motivation too soon to actually be able to make a difference to your financial standing. If you’re not following the common path and are not doing what everyone else wants you to do than you’re probably the guy that’s doing what they were born to do – and that’s one way to ensure you strike it big!
“Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.” – Steve Jobs
If you’re heart tells you that IT is the place you need to be don’t waste your time trying to get a MBA and climb the corporate ladder and if you’re passions aren’t bringing in the doe – reevaluate your approach and keep trying until you see results!
