Inside the Mind of a Millionaire
“If you want to be a millionaire, talk like one, act like one and work like one” – Bob Proctor
Ever wondered what turns ordinary people into millionaires, and millionaires into billionaires?
Having the correct frame of mind and emotional control can be important when it comes to making successful investments. This may be true regardless of whether you are a seasoned day trader or a complete novice to the world of investing. However, be aware a lot of millionaires and billionaires have made mistakes when investing and some of them have been disastrous. What is said below is not the guaranteed guide to making millions or billions.
How should I be thinking about money?
Firstly, people of high net worth share a common understanding that there are endless possibilities to make money, and you shouldn’t stick to just one source of income. Expose yourself to revenue outside of your job. Have two jobs, invest in an SME business loan, own some property, or own some shares, just have more than one stream of income. It can also be very beneficial to diversify your portfolio across geographical locations, industries, and companies.
Secondly, we all dream about making money, but what sets apart the low to middle revenue earners from the millionaires and billionaires is that they act. Acting on your dreams can be quite daunting for some. However, by taking small steps to act, you may soon realize it is easier than you expect. A small step towards acting may even be as simple as seeking advice from a professional.
Thirdly, high-earning individuals tend to invest in areas of interest and understanding to them. For example, high-net worth individuals through Marketlend’s investor platform are given the opportunity to invest in SME businesses that they have an interest in. However, before making their investment they should understand the type of business they are investing in. I think it may be given that you should not invest in a business or industry you are unsure of or you don’t fully understand the risks.
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Lastly, a successful investor will know how to manage the behavioral impulses of emotional buying and selling because of the market’s performance or the state of the economy. It may be beneficial for you to learn how not to get tangled in the media hype and stick to your investment plan. Part of becoming an ‘emotionless’ investor with high earnings, is an ability to embrace risk and learn from any failures that arise. However, we don’t advocate to have no emotion as you should balance your gut feelings with the facts.
If you are keen to get ahead financially, then it may be in your best interest to keep the above in mind.
Thank you for sticking by and hopefully we see you investing as a ‘high-net worth individual’ with us real soon!