#SuccessProfile6

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8 Secrets Self-Made Millionaires Know That You Don’t
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So you want to be a self-made millionaire? Yeah, you and almost every other person in the world want the same thing. However, only a tiny percentage of people are actually able to accomplish this feat.

 

 

Luckily, someone was kind enough to share some secrets of self-made millionaires to me at a young age. Around the age of 15, I met a guy who had all the luxuries of life and was still in his early 30′s. I envied everything about him and wanted to live his life.

 

 

I told him this and he gave me some advice, which at the time didn’t make much sense. However, the advice now makes all the sense in the world. It’s been validated and verified by other self-made millionaires I’ve came in contact with as well.

 

 

Becoming a self-made millionaire is NOT easy, but these secrets can put you on the right track. Here are 5 secrets self-made millionaires know that you don’t.

 

 

1. You Are Who Your Friends Are

 

How many self-made millionaires do you hang out with? If that number is close to zero, change is necessary. I don’t know what the exact formula is, but it’s been proven that your friends decipher your net worth.

 

 

Self-made millionaires learned early on that they need to hang with the people they want to become. Hanging with other self-made millionaires gives you constant motivation, knowledge, and many opportunities others don’t get.

 

 

2. Stop Spending, Start Investing

 

If your goal is to make a million dollars and buy a Ferrari, you won’t be wealthy for very long. Millionaires understand how important it is to invest instead of spend.

 

 

I’ve met people who took their high school graduation money and made strings of great investments that enabled them to make millions of dollars. When you make money, your first thought should be, “How can I invest this money to make more?” instead of “What fancy thing should I buy today?”

 

 

3. Change Your Mindset

 

Before you can become a millionaire, you must believe it. Set a target, how you plan to achieve this goal, and then do everything in your power to accomplish it. Millionaires know what they want before they go and get it.

 

 

There is no shortage of money in the world for those willing to earn it. Stop thinking negatively and start thinking about how you will be a millionaire regardless of the obstacles you may face.

 

 

4. Don’t Put All Your Eggs In One Basket

 

Millionaires make money from a variety of different income streams. You should do the same. Making millions of dollars from one thing is very hard, but it’s much easier to make a million from many different channels.

 

 

As a serial entrepreneur, I know how important it is to create multiple streams of revenue. I understand that my basket can be crushed at any time so I’ve created multiple baskets for insurance. You should do the same!

 

 

5. Chase Anything But The Money

 

The idea of being a millionaire is great, I fell in love with it at 15. However, I knew that chasing money doesn’t get you anywhere. My wealthy friend told me, “Never chase the money son, chase something else and the money will come.”

 

 

That’s when I knew that the concept of being a self-made millionaire was amazing, but money couldn’t be my motivation. My motivation was found years later, which was creating innovations that solve problems. Now that I have a purpose, money just comes to me.

 

 

6. Work Harder Than Everyone Else

 

For some reason, everybody assumes that self-made millionaires don’t work very hard. People want to attribute their success to luck or scams, but it’s really not that. Millionaires worked harder than everyone else to get where they are today.

 

 

It’s all about work ethic. I’ve talked to millionaires who shared their work ethics with me and made mine look like shit. Not to mention, I work 16 hour days while attending school. Nevertheless, if you want to be a millionaire, work harder at it than everyone else!

 

 

7. Make A Plan

 

Before you can become a self-made millionaire, you really need a strong plan on how you’re going to make that happen. What’s my plan?

 

 

Well, I want to create a passive income stream that makes me a couple thousand dollars a month (so that I can stay afloat). From there, I want to build a variety of different tech companies. Once I find success in my tech companies, I want to invest in other startups, funds, and start my own restaurant. I’ve had this plan since I was about 17 years old and have begun executing it ever since!

 

 

8. No Guts, No Glory

 

Self-made millionaires take big boy risks. They probably don’t tell everyone what their big risk was, but almost all of them do it. At some point, you have to take a risk to reap the rewards.

 

 

Self-made millionaires don’t just take any risks though. They take calculated risks, which usually end up having larger upside than downsides. Nevertheless, you must take some chances and roll the dice to be successful.

 

 

Conclusion

 

As you can see from the list above, just wanting a million dollars isn’t enough. Self-made millionaires almost live a special lifestyle long before they make all their money. By doing some of the things listed above, you can put yourself on the right path to achieve more!‎

      
Warren Edward Buffett
Success Story‎
     

Born in 1930, the legendary Warren Edward Buffett’s birthplace was Omaha, Nebraska. He is the second child to his parents- father Howard Buffett and mother Leila. Warren Buffett’s father was a U.S. Congressman, who was Scandinavian by origin and his mother was Spanish.

A true entrepreneur at heart and a brilliant student with a knack of learning Economics and business studies, Warren Buffett is today the second richest person of the world after Bill Gates. He is popularly termed as the “Wizard of Omaha” and the “Sage of Omaha”.

Buffet’s elementary education started at Rose Hill Elementary School in Omaha. He then went to the Alice Deal Junior High School and soon completed his Master of Science in Economics. From the childhood days of his life, Buffett was always deeply interested in trading and it is from the stock market that he started making and saving money.

Buffett worked in his grandfather's grocery shop and adopted many other means of income like selling cold drinks, weekly magazines, stamps and chewing gums door to door and delivering newspapers. Things took a turn when Buffett and one of his friend invested $25 to buy a pinball machine that they installed in a barber’s shop. As they started generating income out of that machine, they soon installed some more machines in other barber shops.

Warren Buffett was just 11years old when he purchased his first shares for himself and as well as for his sister. During his graduation and studies at age of 20 he saved $9,800, and he rushed to meet Graham who was on the board of GEICO insurance.

Warren yearned to work for Graham and that too without any fees. But he was refused the job and soon he came back to Omaha. He then started pursuing classes on “Investment principles” during which he also purchased a gas station, which unfortunately didn’t turn out to be profitable for him.

Buffett married Susan Buffett in 1952. They had three children, Susie, Howard and Peter. In 1957, Buffett had three partnerships operating the entire year. In Omaha he purchased a five-bedroom stucco house where he presently lives for $31,500. In 1958 Buffett’s third child, Peter was born.

Buffett operated five partnerships for the entire year. And then the company grew to six partnerships operating the whole year and Buffett was introduced to Charlie in 1959. This was named Sanborn Map Company. Brick by brick he reached at the ultimate position by extending and expanding his business while planting himself with a position on the Board of Sanborn.

Finally in 1962, Warren Buffet became a millionaire and merged all his partnerships together into one. In 1999, he was named the top money manager of the Twentieth Century in a survey by the Carson Group.

After he sold Berkshire Hathaway, Buffett wrote in a letter: "…unless it appears that circumstances have changed (under some conditions added capital would improve results) or unless new partners can bring some asset to the partnership other than simply capital, I intend to admit no additional partners to BPL."

In 2008, Buffett became the richest person in the world. He then went on to become a billionaire with an estimate of his company valuing approximately US$62 billion. In 2009, he donated billions of dollars to the charity and even after that Buffett was ranked as the second richest man in the United States with a net worth of US$37 billion.

Warren Buffett despite having two children and a full-fledged happy family is known to donate 99.9 percent of his wealth.

Warren Buffet is a perfect example for the budding entrepreneurs conveying a clear message of vision, mission, focus and hard work.

Countless books have been written about him and his investment strategies:

1. Robert Hagstrom, “The Warren Buffett Way”

2. Carol J. Loomis, “Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012: A Fortune Magazine Book”.

Awards :

Warren Buffett was named as the top money manager of the Twentieth Century

Presidential Medal of Freedom by President Barack Obama

Time's 100 Most Influential People in the world by Time Magazine‎

Seven Secrets of Self-Made Multimillionaires‎

Seven Secrets of Self-Made Multimillionaires‎

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First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.

While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it's no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments' study of millionaires last year found that 42 percent of them don't feel wealthy and they would need $7.5 million of investable assets to start feeling rich.

This isn't a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these seven secrets of multimillionaires.


No. 1: Decide to Be a Multimillionaire -- You first have to decide you want to be a self-made millionaire. I went from nothing—no money, just ideas and a lot of hard work—to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: "I am worth over $100,000,000!"
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No. 2: Get Rid of Poverty Thinking -- There's no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meets. Many of the lessons she taught me encouraged a sense of scarcity and fear: "Eat all your food; there are people starving," "Don't waste anything," "Money doesn't grow on trees." Real wealth and abundance aren't created from such thinking. 

No. 3: Treat it Like a Duty -- Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don't lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities. ‎

No. 4: Surround Yourself with Multimillionaires -- I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can't learn how to make money from someone who doesn't have much. Who says, "Money won't make you happy"? People without money. Who says, "All rich people are greedy"? People who aren't rich. Wealthy people don't talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited? 

No. 5: Work Like a Millionaire -- Rich people treat time differently. They buy it, while poor people sell it. 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. But don't kid yourself that those who hit it big don't work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working. ‎

No. 6: Shift Focus from Spending to Investing -- The rich don't spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can't write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.

No. 7: Create Multiple Flows of Income -- The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience.

Lastly, you may be surprised to learn that wealthy people wish you were wealthy, too. It's a mystery to them why others don't get rich. They know they aren't special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people. Get rich -- it's your God given right

The Self-made Millionaires By Kate Evelyn‎

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The Self-made Millionaires
By Kate Evelyn‎

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A lot of people are born rich, with extensive inheritances and lavish trust funds. However, others come about their fortunes through brains, intuition and a lot of hard work. These are self-made millionaires.
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Here are few tips on how to Automatically Become a Millionaire

Drive‎
Self-made millionaires don't start their careers with a lot in their bank accounts, but they have a strong drive to succeed. This mindset helps them to see their way past any obstacle without giving up. It is what separates the marginally successful from the largely successful. According to Reader's Digest, about 80 percent of Americans with a net worth of $5 million or more came from very humble backgrounds, either middle class or lower.
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Investments
A lot of self-made millionaires amass their money through smart investments. Warren Buffett, routinely named one of the richest men in the world, did this. He made his fortune in the stock market and also started Berkshire Hathaway, a company with interests in insurance, annuity sales and jewelry sales. To make a lot of money from their investments, self-made millionaires practice patience--not always jumping at the next big thing but patiently watching their money grow. They also live frugally, even as they begin to acquire their fortunes, so that they can stay the course during bad times. 
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Courage
Self-made millionaires are not afraid to take risks. Many self-made millionaires have failed more times than they've succeeded, but they start all over. For example, Steve Jobs was forced out of Apple in 1985 because of a disagreement with the board of directors. He then started a new company, Next, which bought Apple in 1997.

Considerations
Some people consider "self-made millionaire" to be a misnomer. All millonaires had help from others in some way, whether it's start-up


Read more : http://www.ehow.com/about_4702951_selfmade-millionaires.html‎

12 Success Secrets of Self-Made Millionaires to help you simplify your finances ‎

12 Success Secrets of Self-Made Millionaires to help you simplify your finances
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by B SIMPLE
in MINDSET‎

In Brian Tracy’s book titled 21 Success Secrets of Self-Made Millionaires he describes the 21 traits that were found in self-made millionaires. This book was a good read and also made me think why can’t we apply some of these traits to help you simplify your personal finances.
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Here are 12 of Brian Tracy’s traits he discusses in his book that you should apply if you are looking to develop a simplified financial lifestyle:
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1. Dream big dreams – You must know where you want to go or what your perfect financial situation looks like.
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2. Develop a clear sense of direction – You must know how you’re going to get there and what you need to do or stop doing to get there.
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3. Dedicate yourself to lifelong learning – You must continue to learn how you can simplify your finances and always look to implement new ways of doing things.
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4. Pay yourself first – The easiest way to do this is to automate the process
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5. Be absolutely honest with yourself and others – Don’t say you are doing something to change your financial habits when you are not.
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6. Determine your highest priorities and concentrate on them – You should take one step at a time to accomplish each of your goals and objectives.
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7. Be prepared to climb from peak to peak – There will be ups and downs but don’t give up. Stay on course.
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8. Practice self-disciple in all things – You must stick to what you set out to accomplish. You can always make adjustments along the way.
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9. Get around the right people – Find individuals who have the same goals and objectives as you.
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10. Be decisive and action oriented – Make sure you take action don’t say I am going to do it or should be doing it. Do it.
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11. Never allow failure to be an option – Don’t get discouraged if you don’t see progress immediately. Keep at it.
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12. Pass the persistence test – You won’t accomplish anything if you’re not persistent.
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Take action #10 on the list by applying these 12 secrets to help you simplify your personal finances. Remember you can’t simplify overnight but if you take one step at a time you will be amazed at what you can accomplish.
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If you would like more tips to help you simplify your personal finances make sure you subscribe to simple financial lifestyle email newsletter and subscribe to RSS feed for blog updates.‎

Seven Secrets of Self-Made Multimillionaires‎

Seven Secrets of Self-Made Multimillionaires‎

‎
First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.

While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it's no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments' study of millionaires last year found that 42 percent of them don't feel wealthy and they would need $7.5 million of investable assets to start feeling rich.

This isn't a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these seven secrets of multimillionaires.


No. 1: Decide to Be a Multimillionaire -- You first have to decide you want to be a self-made millionaire. I went from nothing—no money, just ideas and a lot of hard work—to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: "I am worth over $100,000,000!"
‎

No. 2: Get Rid of Poverty Thinking -- There's no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meets. Many of the lessons she taught me encouraged a sense of scarcity and fear: "Eat all your food; there are people starving," "Don't waste anything," "Money doesn't grow on trees." Real wealth and abundance aren't created from such thinking. 

No. 3: Treat it Like a Duty -- Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don't lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities. ‎

No. 4: Surround Yourself with Multimillionaires -- I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can't learn how to make money from someone who doesn't have much. Who says, "Money won't make you happy"? People without money. Who says, "All rich people are greedy"? People who aren't rich. Wealthy people don't talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited? 

No. 5: Work Like a Millionaire -- Rich people treat time differently. They buy it, while poor people sell it. 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. But don't kid yourself that those who hit it big don't work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working. ‎

No. 6: Shift Focus from Spending to Investing -- The rich don't spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can't write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.

No. 7: Create Multiple Flows of Income -- The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience.

Lastly, you may be surprised to learn that wealthy people wish you were wealthy, too. It's a mystery to them why others don't get rich. They know they aren't special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people. Get rich -- it's your God given right