In 2020, there were reportedly 2,095 billionaires on Earth, with an estimated total net worth of $8 trillion. Of this amount, the top 10 wealthiest people in the world account for $1,128.50. Self-made millionaire and 'Shark Tank' star Daymond John has a similar perspective. Ultimately, the secret to success boils down to one thing, says John: 'Work.
- One million isn’t what it used to be, but it is still something to shoot for. First, a million now seems fairly obtainable for many, and obtainable early in life. The next million should be easier with growth, debt paydown, and continued savings. I’m shooting for $1,000,000 by 40 with the goal that $2,000,000 should be easily obtainable by 50.
- The Millionaire Mindset – 5 Traits All Millionaires Share. M any of us are interested in becoming millionaires. However, that goal sometimes seems rather far away. You don’t have to be born rich, or inherit a fortune, to become a millionaire.
When I was young -- very young -- my family had money. Well, not my parents, but my grandparents. Both my grandfathers were entrepreneurs. They owned several businesses throughout their lifetimes. When I was around 8 years old, one of them lost the banks they owned to the federal government, and the other one had lost his business too.
My mom had to leave the small town we lived in and get a job. As a kid, you really don't know any better, but when you get older, you realize what you have been though. Only after I had launched a few businesses and failed myself, did I realize what had taken place in the older generations of my family.
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When I was 24, I made up my mind to become a millionaire by the time I was 40. In 2005, I made a lot of money selling mortgages and real estate. I was on my way to becoming a millionaire by age 30. Then, much like my grandpa's banks, the feds raided my house and ultimately sent me to prison for 15 months. I was arrested in 2005, tried in 2007 and sent to prison from spring 2007 to summer 2008.
During those 15 months, my ex-wife cleaned me out. I was 28 when I got out of prison -- two years away from my millionaire age of 30. But there I was, starting over with nothing. I had to move in with my parents. It was the most humbling experience of my life.
I decided I would not let this stop me. I knew I had to start all over, but I was close to millionaire status before prison, so I knew it was possible to do it again. I didn't lose my hustle -- I just lost my time and assets. I had to make up for the loss, and I didn't waste any time. I had 15 months I needed to make up in about a six month period.
I got a job in the mortgage industry again in 2008. In 2009, I closed more than 180 loans. I was once again on my way to becoming a millionaire by age 40. Then, in 2010, my mortgage loan originator license was denied, and I lost my job doing loans. I was forced to start from the bottom -- again.
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This time I wasn't going to fall for the banana in the tailpipe again. I had to create my own hustle and control my own destiny. It was as if life was slapping me in the face, trying to get my attention and point me in the direction it wanted me to go -- not the direction I wanted to go.
Towards the end of 2010, I started on the path I still walk today. It's been hell. I've had to sacrifice it all to get here. I've sold cars and been in multi-level marketing companies -- selling a bunch of crap I hated. But it was all part of the journey.
Becoming a millionaire was not easy for me this time around. It took me five years to get to a seven-figure income by myself. That first million is hard. People who start out with money from their parents have a huge advantage over the rest of us. Making a million doing what you like is not always easy. It's fun, but not always easy.
Let's talk about what it means to be a millionaire. According to the dictionary, a millionaire is someone who has a net worth of a million dollars in assets. It's not just cash; it could be cars, stocks, bonds, houses, websites or any number of things that count as assets and not liabilities.
I don't have a million dollars in cash laying around. I'm not that wealthy yet. When you think of a millionaire with a million in cash laying around, that's usually someone with a net worth of $5 million or more. Unless you are a multi-millionaire, it makes no sense to keep cash. Stale cash does not appreciate; you must buy appreciating assets with it -- hence net worth.
In all reality, there are a lot of millionaires who you'd never guess were millionaires. I did loans for guys who worked for the U.S. Post Office for 30 years who had $2 million in their 401k. Your neighbor who owns his home outright and both his cars? He's probably a millionaire. It's not always mansions and lambos.
Don't get me wrong -- having a million in assets and not losing it is not easy. If it was easy, everyone would do it. My assets are six figures in cash, multiple digital training products, a company with employees, CRM systems and software. Each of these assets produce money for me monthly, just like renting out a home. I sold my last two homes at the end of 2015, but I usually have a home or two as well.
Millionaire Life Draw
The thing about becoming a millionaire is that you want to maintain that status. People often ask me -- 'when is it enough?' My answer is simple. It's never enough. I'm doing what I can not to lose what I have. I have to find ways to grow.
I live in a penthouse where the elevator is my front door. I lease an Infiniti SUV, and I own a motorcycle. I lease the penthouse too, so it's not included in my assets. In my situation, it makes better financial sense to lease. I buy income properties and live in rentals.
I don't rent private jets or stay at the penthouse at the Ritz every time I travel. I could do those things, but they are not the best use of my money right now. Once I break the multi-millionaire mark -- around $5 million -- I'll consider those things. Until then, I fly coach, stay at the Hilton and keep hustling all I can.
The best part about being a millionaire is being able to help others in ways I wasn't helped. I'm able to provide stuff for my employees and partners that no one gave me. I'm able to give back in the ways I want, which mostly benefits my bottom line too. It's a win-win.
Related: Don't Let Adversity Keep You Down. Here's What Every 'Comeback Kid' Knows.
The reality of being a millionaire is that you still have to go to work. Very few millionaires don't work. The ones that don't are usually trust funders or inheritance types. Those of us who've worked for it, want to work for more of it. It's the reason Warren Buffet goes to work every day.
Over the last six years, I've helped others become millionaires. That's where it's really at. When you can get your clients, friends and business partners to seven-figure incomes too, life is just better. I love it when everyone is winning. I've helped even more people get to six figures, and I have no doubt that if they follow the plan, they will see seven figures soon enough.
I became a millionaire at age 36. That was four years ahead of my original goal. My new goal is to have $5 million by the age of 40. I'm well on track to crush that goal. Maybe then, I'll write again about what it's like to have a multi-million dollar liquid bank account. Until then I'm going to do what most millionaires do. I'm going to work.
8 Secrets Self-Made Millionaires Know That You Don’t
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.
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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.
Millionaire Lifeline Horsepower
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.
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!