10 Secret Mindsets of Multi-Millionaires

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I have a ton of rich friends who've wanted me to write this for a long time.

Yesterday, I was chatting with future billionaire, Josh McAfee (Founder of McAfee Institute), who told me how to build a billion-dollar company. Like many of my wealthy comrades, he couldn't stop talking about the mindset of being a multi-millionaire.

Kenneth Cole, the famous fashion designer, told me that sticking with your gut is the key to building a sustainable business. Kevin O'Leary (the Shark Tank star) showed me the value of holding only profitable relationships. Burt Jacobs, co-founder of Life is Good apparel, advised me to communicate my expectations to all my key stakeholders.

Kat Cole, the CEO of Cinnabon, told me to try everything--but only stick to what works best. Marcus Lemonis, TV Star of The Profit, showed me how using your gifts can take you anywhere. Kevin Plank, founder and CEO of Under Armour, sold me on why I should only focus on selling my best products.

I can go on with the advice I've heard from all my wealthy friends, but as a multi-millionaire myself, I would like to sum up my own version of how to make it big in business:

1. Build Something Bigger Than Yourself

Most people want success for themselves, not other people. They want to win all the awards, be on the magazines, and earn millions of dollars. Having all of this is fine, but you must select a cause that is bigger than yourself. You need to understand that your purpose is greater than you. This will attract more success, instead of repel it.

A selfless leader will focus on growing others, which in turn will grow themselves. As a hobby, I exercise often by jogging and lifting weights. I find that when I help others exercise, I become stronger and faster than I would if I did it all myself. Helping others takes the same amount of time that it does to help yourself.  Those who want to be rich must enrich others first.

If you want to go fast, go alone. If you want to go far, go together. - Ancient Proverb

2. Align Yourself with Experts

Every multi-millionaire has a team of experts that gives them strategic advice. While everyone has an opinion, you only want to listen to the best. I see so many people listening to the wrong people, which later leads them to devastating results. Find experts in your industry that dominate and befriend them if you can.

Hiring an executive coach is the greatest way to get to the next level. A friend might say, "You should do more push-ups", but a coach will show how it makes you stronger, which motivates you to action. Find a paragon who can identify with your needs. Most executive coaches charge anywhere from 10 to 20 percent of your yearly income, which is often easy to pay if you follow their advice. 

Related: 10 Financial Mistakes Rich People Never Make

3. Create Systems that Leverage

Multi-millionaires cannot do it all alone. They have systems and processes that allow them to leverage their gifts and abilities. There's always a better and faster way to get things done. If you create a system of success for yourself, it will eventually serve you. However, it must be your system, not someone else's.

Every day, I have certain habits, devices, and systems that I use to help me operate more efficiently. I used to think that I had to wake up at a certain time to be successful, but I realized that my peak time of productivity is from 10 pm to 4 am. I go to sleep ridiculously late and have found many benefits in doing so. The 5 a.m. wake-up club doesn't work for everyone. You must find a system that works for you. 

4. Marketing and Sales

Marketing spreads the message of what you're about, and sales is getting people to buy that message. Marketing helps you to build your credibility and sales happens when people trust your reputation. Marketing is the spinal cord to your business and sales is the vertebrae. If you want strong "backing," you must master both of these major skills.

Multi-millionaires are experts at marketing and sales. Their skills deftly lead them to high positions and allow them to enjoy the best of life. In this world, you can either sell or you'll be sold. You might as well learn what the marketplace wants and then find a way to strategically deliver what it needs. In short, find a product to sell (sales) and have a story to tell (marketing).

People don't know what they need until you give it to them. - Steve Jobs

5. Make Quick Decisions

Every day, we all make a multitude of decisions. However, the richest people make them fast because they know themselves better. Most people have never been taught how to make decisions. Instead, they look for people who can make it for them. This is why only 10 percent of people in the world are entrepreneurs who control 90 percent of the workforce.

Making quick decisions can help you to becoming wealthy. A man recently told me that he couldn't partake in a certain event because he didn't know what to do. Rather than deciding, he gave me a few excuses and was momentarily off the hook. If he was a multi-millionaire, he would have boldly decided and told me whether he could make the event or not. Make decisions, not excuses.

Related: 7 Networking Tips From a Real Millionaire

6. Manage Your Priorities

Prioritizing means doing first what matters most. Dozens of tasks may be calling your name each day, but you must only undertake the ones that give you the most reward. You must develop a habit to consistently delegate or eliminate activities that take up your time, energy, and money. Your time is finite.

What are your main priorities in 2016? How are you going to make it happen? Your goals better be as big as you can make them. Most people set goals that are too small. A small increase in income won't suffice for aspiring multi-millionaires. Instead, raise your goal substantially by seeking to quadruple your rate of business. Whatever your goal is, your mind will find a way to do it. 

7. Produce Relentlessly

On weeknights, weekends, and holidays, 98 percent of people take time to rest, which is utterly foolish! Surely, you do need to rest, but you must produce, too. Don’t selfishly squander your precious time when there are so many people that need your help! Do you realize that your true happiness comes from the work you produce?

A famous NBA player confided to me that he cannot go a day without shooting 1,000 shots. Every day, he affirms, "Basketball is my purpose in life." He cannot stand missing the playoffs; otherwise, he feels like a failure. That's why he's a champion. Attaching yourself to your purpose is the secret to becoming a multi-millionaire. Best advice: Mix business with pleasure.

8. Serve People

Surprisingly, most multi-millionaires don't do it for the money. If they did do it for the money, they would have stopped after their first million or so. Truly, they do it for the people. They understand that people come first. When you serve people, the profit will come. It's a law that automatically applies itself.

I used to laugh at people who worked without pay (aka, volunteers). Now, that's all I do. When I wake up, my first question is usually, "How do I add more value to more people in less time?" not, "How do I make money today?" At the end of the day, I always find a stack of checks at my desk awaiting my signature for processing. These checks come from my service.

9. Continuous Improvement

If you want to change the world, you need to consume a lot of knowledge and make rapid changes. You need to start reading books and implementing the ideas you learn. Most of my wealthy friends routinely read 2 hours per day at a minimum--and they’re not reading the easy stuff either. They're pounding the textbooks and taking notes.

When you're beginning work each day, ask yourself, "How can I improve?" If there is a skill that you must learn, learn it. Most people are one skill away from being a massive success. If you want to become a multi-millionaire, you need to get serious about self-improvement and adopt changes in your personal and professional life on a daily basis.

10. Get Feedback

I'll never forget what Jack Canfield told me at a conference in which we shared the stage. As he pulled me aside, he gave me his serious tone: "Daniel, the major difference between bestselling authors and amateur authors is one thing: Feedback." This was his secret to selling millions of books over the last two decades.

Obtaining feedback is instrumental if you want to grow a successful business. Sometimes, great feedback can come from anywhere. It can come from your spouse, kids, neighbor, or even your mother! Often times, it comes from your worst critics, who give you the deepest version of what you need to change. Wherever you get your feedback, make the necessary changes.

To become a multi-millionaire, you must cultivate these 10 secret mindsets of multi-millionaire. If you do, people will notice your work and supply you with the help you need. There's no limit to what you can accomplish with a deep purpose and faith in something greater than yourself. This is at the forefront of becoming a multi-millionaire. Remember, serve people and profit will come.

How to Become a Millionaire in Under 5 Years

If you wanted to, you can become a millionaire in under five years.

I was able to do it sooner than that, but it wasn't that easy. There have been many sacrifices to make and obstacles to overcome, but I was determined to make it happen. Dealing with adversity was my greatest teacher and it allowed me to build the type of resilience that helped me walk through the fire. 

Dealing with People

Eventually, I became fireproof. In the process of reaching the seven-figure mark, I've learned dealing with people is the most important attribute. No one can become a millionaire without knowing how to deal with people assertively. You must be prepared when your best friends turn on you or your family betrays you. Sometimes, it will happen at the most unpredictable times.

Forgiving People

I had to let old friends and family members know that I was moving on in my life. One time, I pulled a cousin over to the side at a family gathering and told him the truth about how I felt. Strangely enough, he unexpectedly died the next week. If I had not forgiven him for his transgressions, it would have haunted me for years. 

Forgiveness is the best revenge. - Unknown

Handling Finances

In my first year of business, I barely scraped by financially. That same year, I faced dozens of overdraft fees and late charges on almost every bill. I had to sell my car to keep moving forward. I learned I still had to keeping show up and handle my business, despite the failures and discouragement. Soon enough, I began to prosper and my income skyrocketed 10 times in the next year.

Making Sacrifices

Those experiences were hard. The night before I received a payment of $10,000 to speak to a large audience in Delaware, I had to sleep in the car in the freezing cold by myself! At the time, my account was severely overdrawn by over $200 and I couldn't afford a hotel. It's a good thing I had a wool suit that night! 

Experience is a hard teacher because she gives the test first, the lesson afterwards. - Oscar Wilde

Dealing with Embarrassment

Another time, I was stuck at the grocery line with nearly $100 of goods. When I swiped my card, it was declined. After fumbling with other credit cards, I looked behind me and there were at least 10 carts behind me. I had to go home and eat tuna that day--with no bread or mayonnaise. My water was shut off that night, too, so I washed the food down with a few teaspoons of rain water!

Related: 5 Ways to Reach Millions of People

Asking for Help

At a certain point in my business, I couldn't grow any further until I hired a few key people. Asking for help wasn't my forte, but I had to make it happen. Within months I had a lawyer, editor, personal trainer, part-time chef, and other personnel. It cost me a fortune at first, but eventually helped push me into the million-dollar mark. Most people won't ask for help because their ego is in the way. 

Overcoming Fears

I failed English class three times in high school. One college professor told me that I shouldn't even bother writing and failed me in her class. For years, I believed that my gift of writing could never come to fruition, even though I had so many ideas. However, once I started writing books and articles, it changed my confidence. Today, I reach millions of people with my words. 

Your gift will make room for you. - Ancient Proverb

Fixing My Attitude

Creating excuses was one of my greatest obstacles. I used to blame my environment and upbringing. I allowed my circumstance to dictate my life, instead of taking control of my life. Eventually, I had to let go of these excuses and limitations. Many times, I had to submit myself into the "attitude shop," where I would sit in my study to renew my mind and change my perspective.

Trusting Others

When I became emotional, I'd have to check in with my confidants, telling them the brutal truth about my situations. In the process of making myself vulnerable, I was able to gain freedom, releasing myself from false pressures and anxiety. By sharing myself with others, I was able to maximize my efforts and make major breakthroughs in my life. 

Taking Risks

Before reaching the seven-figure mark, you must take many risks. Taking risks requires much faith in yourself and others, but it must be done. Faith is knowing that what you want will eventually happen as long as you believe it. You'll have to take major leaps in your life, sometimes not even knowing where it will lead. However, it will pay off once you get to the other side, even if you burn a bridge or two in the process.

Showing Up (On Time)

If I showed up, I would come in "fashionably late." However, I realized I had to stop this behavior once I missed an international flight. That day, I sat in the airport and looked at my watch: I was only 2 minutes late. After facing that great disappointment, I vowed to be early for the rest of my life. I've kept true to that promise.

Becoming Professional

There's a great difference between an amateur and a professional. In my amateur days, I would design my own websites, cut my own hair, and change my own oil in my car. All of this would take up valuable time and effort, causing major frustration in the process. 

Nowadays, I leave these duties to the professionals since that's what they do best. This way, I maximize all of my talents, which allows me to reach my highest potential. Today, I only keep the best people around me. It costs a little bit more, but I've learned the value in "paying the price." That's what professionals do. 

If you really want to do something, you'll find a way. If you don't, you'll find an excuse. - Jim Rohn

Studying Relentlessly

Each year, I faithfully read more than 100 books. I also skim dozens every month. In order to become an expert, I've learned that amassing knowledge in my field requires at least four hours per day. Along with this, I learn from everyone I meet, studying their intent and purposes, doing my best to understand human nature.

Related: 7 Steps to Achieving Financial Independence

Acquiring Skills

You need the skills to pay the bills. I'm always practicing my keynote. I'm writing a minimum of 3,000 words per day. I'm sending out hundreds of emails each week and making at least a dozen calls on my busiest days. Do my skills increase? Substantially. That's why I'm continually adding more value to more people in less time.

Embracing Opportunities

Early on, I would travel for hours to make a "free" appearance. Time after time, this was worth it since I was learning about the world of business, shaking hands with people from all over the world. Some of my greatest opportunities came from philanthropic endeavors when I expected nothing from those I visited.

Declining Opportunities

With hundreds of inquiries every week, I need to constantly keep track of which ones are most important. I cannot afford to take $10,000 opportunities when $1,000,000 opportunities are available. By using great discernment, I must turn down parties, movies, award shows, speeches, and deals of all different kinds. Does it bother me? Not at all. I just pass along to those who need these opportunities.

Think Bigger

One of the greatest decisions I ever made was switching from consumer to producer. Here's the difference: consumers eat the pizza, producers make the pizza; consumers watch the videos, producers make the videos. You get the point. Instead of selfishly pleasing my own desires, I sought out ways to help those who were in need.

Give Relentlessly

As a teenager, I naturally scoffed at people who volunteered in my community. By my early 20's I became the biggest volunteer in town! My life was changed once I learned the value of giving my time, energy, money, and creativity to others. When you give, you get far more in return. I discovered that the richest people give the most, that's why they get the most! The secret of living is giving. 

From what we get, we can make a living. What we give, however, makes a life. - Arthur Ashe

Set Big, Juicy Goals

You must also set goals that scare you. You must become ultra-specific when you set your big, juicy goals. In my first year of business, I shed blood, sweat, and tears to achieve these goals. I had many sleepless nights, doing whatever it took to get the job done. Today, I've achieve far more than I would have imagined for myself.

Following Your Purpose

I was deeply enlightened when I learned this fact: when you become bigger than your purpose, you can't do anything. However, when your purpose becomes bigger than you, anything is possible. This means that if you take part in a purpose greater than yourself, you can achieve every goal you put your mind to!

Let me simplify how you can become a millionaire in under five years: be true to yourself. Only take opportunities that allow you the greatest chance to promote explosive growth in your life. Usually, it's by taking a sales position or starting your own business. If you have the desire and potential to make it happen, you can become a millionaire before you know it!