What does it mean to have a millionaire mindset?
It’s got nothing to do with the brands you like or how well you Instagram your luxury holidays.
Being a millionaire is a state of mind. It is a mindset where wealth has no limit, where self-defeating attitudes have no place.
It is an attitude where anything is possible.
THE FIRST STEPS TOWARDS SUCCESS
Property investor and co-founder of Binvested, Daniel Young, says a positive attitude is essential for achieving financial success.
“I think having an abundance mindset versus one of scarcity is the first step.”
He says, first and foremost it is important to believe in your ability to become a millionaire.
It makes sense – if you think it’s impossible to create a life of abundance for yourself and your family, then why even try?
But, it can be hard to imagine a life of wealth when you have only ever known scarcity.
SHAKE AWAY SCARCITY BLUES
Most people spend their lives working to earn a wage. If you are trading your own labour for a fixed amount each week, it can be easy to feel trapped in a mindset of scarcity.
In this mindset, hard work produces a limited amount of spending money. This must be allocated to pay the rent or mortgage, utility bills and food.
There isn’t a light at the end of the tunnel in this mindset – unless you believe you will win the lottery or receive an inheritance.
The scarcity mindset equates to limitation. It makes you feel like you are going nowhere.
THINK OUTSIDE THE SQUARE
Nathan Birch could have chosen the cage of a scarcity mindset when he left school more than 13 years ago. Instead, he bought his first investment property – and never looked back.
Now, he is at the helm of a property investment empire spanning more than 200 properties. His net worth is over $30 million and he rakes in more than $2 million in passive income each year after expenses.
THE POWER OF POSITIVE THINKING
Daniel says, a millionaire mindset involves “having a single-minded, unwavering belief in yourself and what you want to achieve.”
You have the power to flip the switch and see the world through a different filter. The millionaires filter is one of positive thinking.
Once you program your brain this ways it’s a super radar detector for opportunities.
Suddenly, you will see pathways for success and solutions where there were once only obstacles.
Nathan believes this mindset is what allows him to “perceive something, envisions it’s future potential, look at all the steps required to make it succeed and then follow through to put them in place today. It keeps you going in the face of obstacles”.
The thing is – what you think is what will become. There is just no arguing with this.
We challenge you to find a self-made millionaire who didn’t believe in themselves.
PUSH THE BOUNDARIES
On top of believing in abundance and your ability to tap into this, Daniel says, it is important to be “prepared to do what others aren’t prepared to do,” and to “constantly challenge the status quo.”
“Everyone wants to be successful, until it comes to doing what it takes to be successful” says Nathan.
Success is not just about the rewards. It takes self-discipline, courage, sacrifice and often some degree of pain.
At the beginning of any millionaire’s journey, the status quo looks more attractive – compared to the physical, emotional and mental energy needed to pursue your goals.
Growth is not comfortable. Challenging your beliefs about yourself and the world is confronting. Putting in the hard work is gruelling. It’s easy to view the status quo as the lesser of two evils.
However Nathan cautions against the ‘herd mentality.’ He says, one of the reasons that more than 60% of Australian property investors lose money each week is because they follow the crowd.
Getting comfortable with the idea of living outside your comfort zone is essential for any millionaire.
KEEP GOING UNTIL YOU GET THERE
“Perseverance and hard work” are also important qualities of the millionaire mindset says
When questioned about his failures and whether he considered giving up, Billionaire Elon Musk said “I will never give up. I would have to be dead or completely incapacitated”.
Similarly, Nathan says “Never accept no for an answer. You need to do whatever it takes and see it through”.
Every successful person is committed, determined and focused on their goals.
They genuinely operate on the belief that failure is not an option, and that they are 100% accountable for making success happen.
By giving up when times get tough, or believing in your obstacles you kill your chances of success.
BE A LIFELONG LEARNER
Daniel also says that it is important to keep learning and growing in knowledge.
Every bit of knowledge you learn is the seed of a new opportunity.
According to Nathan, one of the reasons he continues to grow his wealth is because he applies his knowledge to continually re-invent his approach to investment.
HAVE A MENTOR
Similar to learning, having a mentor will help you develop your potential.
A mentor will give you more than just knowledge, they will provide you context.
They can show you the best way to apply your knowledge, resources and skills – and point out what you are still missing.
A mentor is a catalyst to accelerate your growth – so you stop wasting time on silly mistakes, and focus on what will get you results.
“Success is contagious. You will either fall or rise to the level of those in your network” – says Nathan.
DON’T BURN ALL YOUR CASH ON DOODADS
If you walked past Nathan in the street you wouldn’t think that he is a millionaire. He wears thongs, he acts down to earth and he doesn’t blow all his money on expensive doodads.
Maybe this is exactly what having a millionaire mindset is all about. It is about the calculated use of money to create abundance. It is not about spending on flashy items that depreciate as soon as you buy them.
It is about generating wealth, then using this wealth to generate more.
Building an asset base that generates capital while also paying passive income is an ideal way to achieve this.
CHANGE YOUR MINDSET TO POSITIVE
If you are a wage earner, it is time to break free of the scarcity mentality and embrace abundance. Building a foundation portfolio of investment properties can be an excellent light at the end of the tunnel – if you do it properly.
But, first thing is first – allow yourself to see beyond the cage of limited wages. Break free of self-defeating beliefs.
Develop a positive attitude and persistently push the boundaries.
Abundance is there for the taking!
WHAT INSPIRES YOU
Successful people tap into a higher consciousness of themselves, the world around them and their potential within it.
They get energized by the hustle because they know it all contributes towards a higher purpose and fulfilment.
This might sound vague, but it starts with one simple question;
If money, work, bills and commitments were not a worry for you, what would you be doing?