If you dream of being a millionaire investor, you’re definitely not alone. Thousands of people start investing with the hope of one day being a millionaire. But, there’s more to being successful than just learning the investment process. You also need to have the right mindset.
Your thoughts and internalized beliefs are just as important as the skill it takes to reach a million dollars. After all, your thoughts influence the actions you take every day. So, today we’re going to look at ways to shift your mindset to that of millionaire investor.
Shifting your mindset will help you to adopt the right behaviors, execute them consistently, and develop the attitude and confidence you need to succeed. Keep reading to learn seven essential keys to unlocking the millionaire investor mindset.
1. Stop Waiting
The first thing you need to do is take action. Stop telling yourself you’ll start “tomorrow”. If you never start you’ll never make your first dollar, let alone a million! Start telling yourself every day that your intentions are to become a millionaire investor and then take a step towards that goal! Millionaires don’t just say they want something, their minds are primed to go after what they want. By completing an action, your brain will start taking you seriously and help you accomplish your goals.
Remember that the steps you take every day don’t need to be huge, but they need to tell your brain “Hey look! I’m working towards a goal”.
2. Set Goals
Speaking of goals, if you don’t have goals already, it’s time to make some. If you’re not a goal setter, today is the day to become one. Goals are the best way to turn the tables on your success.
In order to set workable goals you’ll want to break down your big goal (the million) into smaller goals. To figure out what your smaller goals should be, look at what steps you need to take to reach your overall goal.
For instance…
If you haven’t even started investing, that might be your first step. Your second step should be to develop your product or service. Your third step is to build a clientele base etc. This process goes on until you’ve identified all the steps you need to reach your big goal.
After you know the steps, set a time frame for your first goal and go after it. Once you hit it, you’ll want to set a time frame for your second goal and go after it. You’ll continue doing this until you reach your million dollar goal.
A key factor to making goal setting work for you, is to make sure that your goals are realistic and workable. So, give yourself a reasonable time, and go for goals that seem challenging, but are still attainable.
3. Pay Attention to the Stock Market
Instead of looking at the stock market like an outsider, let it impact you like you have a million invested already. Learn to care about what’s going on in the stock market world, especially relating to your industry or niche. Not only will this help you learn the stock market inside and out, but it will help you put yourself in the role of the millionaire investor you’ll soon be.
4. Hold Yourself Accountable.
It’s so easy to put things off. Especially when you have no one to hold you accountable but yourself. This is why it’s important to learn to be accountable for yourself. Or, if you know you’ll struggle to hold yourself accountable, take this into your own hands and find some outside support. Part of being accountable to yourself is learning what your weaknesses are and asking for help when need be.
In addition to being accountable for your daily actions, also be accountable for your decisions. One way of doing this is to do your due diligence. A millionaire wouldn’t just give money to a broker, or invest tons in a stock they haven’t researched. Make sure you hold yourself accountable for all of your decisions. You don’t want to end up investing on a platform like Suretrader where there are lots of bad reviews. Or, putting your money into a stock that goes bankrupt tomorrow.
5. Make New Friends
While your friends might be loads of fun, they’re probably not millionaire investors. Studies show that who surround yourself with matters. So, start purposefully networking and surrounding yourself with millionaire investors. By surrounding yourself with the people you want to be like, you’ll start thinking like they do, and seeing results like they do.
6. Positive Affirmations
You might think positive affirmations are silly, but they’ve been shown to help change how you think. In fact, the brain operates on the power of suggestion all the time. Unfortunately, this means that a lot of you have self-limiting thoughts about money from past experiences. Positive affirmations can help change those self-limiting beliefs by suggesting a new scenario to your brain.
To practice positive affirmations, simply repeat a written affirmation out loud 5 minutes at least once a day. While you’ll want to find the right affirmations for you, some positive affirmations include sentences like:
“I have everything I need to become a millionaire investor”
“Every day I put into practice principles that will make me a millionaire investor”.
7. Make Mistakes
Everyone makes mistakes, but millionaires use the mistakes that they’ve made to make better choices the next time. This is the second part of holding yourself accountable. When you’ve made a poor decision you can react different ways. You can blame it on someone else, ignore it, wave it off as “not a big deal” or let it be a learning and growing opportunity. So watch out for your mistakes. Large or small, your mistakes can be great learning and growing opportunities as long as you recognize them and act on them.
As you begin to change your mindset, change it for the long term. Start living every day with purpose, remind yourself of your goals, and keep pressing forward. You can do it!
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