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How to Develop The Millionaire Mindset

February 4, 2023
How to Develop The Millionaire Mindset

Have you ever wondered what it could be like to become a millionaire? To have the financial freedom to do, buy, and experience whatever your heart desires? Well, I am here to tell you that it is absolutely possible!  

Over the years, I’ve met dozens of people who turned their dreams into reality - all by developing the right mindset. It doesn't matter if you are starting with nothing or already have a few bucks in your pocket; turning yourself into a money-making machine begins with just one simple step- cultivating the millionaire mindset. 

In this blog post, I'm going to share some of my personal journeys as a broke medical student to seven figure marketing executive as well as some tips for developing that millionaire mindset.

Stay Laser Focus on Your Goals

How will you achieve your goals if they are not on your mind? Your objectives may include financial gain, enhanced well-being, a certain professional path, or any other desire. Make it a practice to consider your goals on a regular basis. 

On average, it takes two months to create a habit. Once you have established your objectives, write them down and store them someplace you will see them often. They will always be there to remind you of your goals, even on difficult days.

Remember, people change as the years go by. If you realize your goals have changed, don't fight it; accept it. Be honest and ask why your goals have changed. Is it because you aren't passionate about it? Don't really care anymore? Or don't find any value in it? If this is the case, then make changes in your life to let new goals come in.

Believe in the Subconscious Mind

The conscious mind is unstable and inconsistent. It changes all the time and can impede your rational decision-making system.

The millionaire mentality requires trusting in something higher than your current emotions, something that transcends your anxieties and concerns. Some may refer to this as intuition, while others may say they just trust their unconscious mind to guide them in the right direction.

Wealthy individuals feel they make their own lives, while impoverished people believe that life just occurs to them. One of the most effective methods to adopt a millionaire mindset is to concentrate on what needs to happen rather than what's wrong with life. 

Learn From Other Successful People

If you surround yourself with individuals who feel financially constrained and confined in their life, you are likely to have the same feelings. In contrast, if you surround yourself with successful individuals who have broken the code, you will learn and develop with them.

I went through the same experience as well. When I was in medical school, practically all my colleagues were broke and barely scraping by. All we did was study and stress over exams. I became the same way, constantly thinking about straight A's despite living off ramen noodles. 

After medical school, I switched paths and got into medical marketing, where everyone has that millionaire mindset. The mentality went from studying hard and living poor to innovation, creativity, trial & error, and seven figures. After hanging around these individuals for several years, my income went from 0 to 7 figures in no time.

You don't have to do this alone, and learning from professionals is one of the simplest ways to sidestep years of hardship and sorrow. Acquire the mentality of a millionaire by studying their behavior. Millionaires don't think like everyone else, and if you want to become one of them, you need to know what they know. 

For example, my medical school colleagues focus on perfection, where making mistakes is frowned upon. They crave that stable twelve-hour shift in the future. However, my millionaire friends find mistakes to be an opportunity to learn and grow. They don't let mistakes define them; they analyze, learn, and grow from them. In fact, they turn mistakes into million-dollar ideas where they can grow and scale. They don't expect things to work out; they test new ideas to see the results. If it fails, they move on to the next project. They don't want a stable 9-5 or shift work; they want freedom where money works for them.

Invest Your Money

Millionaires are often thrifty because they understand that money's actual worth lies in investments. Being your own boss and being a millionaire go hand in hand. You'll want to leave your normal work at some time.

Instead of purchasing a new iPad for $500, you may invest in the stock market. Find the correct investments, and that sum may easily quadruple within a year.

For example, I have been putting away 25 percent of my earnings toward my investment portfolio. It may not seem like a lot, but by the time I reach my retirement age, I will have over 3 million dollars to use.

Not only that, Robert Kiyosaki, author of Rich Dad, Poor Dad, did say, "don't work for money; let money work for you."

Get Used to Constantly Learning

Woman reading a book

Technology changes constantly. Whatever information that was trendy last year is irrelevant this year. If you are not constantly learning, you will get squashed by the competition.

Not only that, but learning new facts and info can help you grow and innovate. For example, I learned digital marketing all on my own, and I combined that knowledge with medicine and ended up with a 7 figure business marketing for medical businesses.

People must often remember that there is always an opportunity to start over in the world. When pursuing goals, it may be necessary to use alternative methods. Adapting to frequent change may help you see that your previous techniques were ineffective.

Think Big

While I recommend beginning with minor objectives, you must have a larger one in mind. If you have a company concept, your ultimate goal is to launch that firm and achieve success. Investing your way to millions of dollars with little effort other than research should be your primary objective.

There is no shame in falling short of a lofty goal. If you operate a firm with an annual profit goal of $1 million and achieve "only" $200,000, you are still far ahead of most individuals. Aim for the stars; even if you fall short, you'll still be in the sky.

Network Like Crazy

You cannot attain your goals if you never leave home or interact with others. It is crucial to network and pay attention to how you promote yourself. When trying out a business pitch, you need to be confident while communicating your enthusiasm.

For example, at the beginning of my medical marketing career, I'm constantly cold calling, messaging people on LinkedIn, and emailing them. I even hung out at a cafe, hoping to bump into someone who needed marketing. As time went by, I started to see my client list grow, and today, I have over 40 employees marketing for over 400 businesses.

Despite a lot of setbacks, I still network and stay strong. People identify and remember powerful, passionate, fearless speakers who articulate their objectives. Networking may help you connect with like-minded folks with the same desire as you. 

Love the Spotlight

To achieve success, you must be ready to advertise yourself and, to some degree, relish the spotlight. The focus doesn't necessarily have to be on you; it may also be on your brand, but attention draws money.

Never be ashamed to make your name known. This requires locating a flashlight and having the courage to stand directly under it. If you own a company, you should contact the local newspapers. You would be shocked by how frequently they are willing to print an article on you and your company, and it's all free exposure.

Remember that you ultimately control your own fate. If you exert sufficient effort, you can get anything.

Be Patient

It might be discouraging to feel like you're working hard without getting rewarded, but this should not dissuade you from pursuing your life goals. Remember, Rome was not built in a day, so it will take time. You cannot change your life in one week. It is OK if you fall short of your personal growth objectives. Good things take time, and the fact that they don't always occur when you want them to doesn't imply they never will.

Love What You Do

When you enjoy what you do, it doesn't seem like work. I know that for sure because I love blogging. I enjoy writing even though my English teachers said I'm not good at it. It doesn't matter; I do it anyways. I remember doing freelance blog writing for only $10 per 1000-word article. It doesn't matter; I love it anyways; it's not about the money. It feels like I finally found what made me happy. Eventually, my clientele grew, and now I charge thousands for my blogs. I love writing so much I'm even writing more often on this blog :)

I remember hearing about people with their 9-5 jobs and passion projects, but they hate their careers. If you're currently in a profession or job that you hate, change your perspective on it, this might change your whole outlook. Instead of moaning about your job, think of it as your banker who is helping you achieve your goals. 

Speak life into your current position and alter your mindset such that you appreciate your employment for giving you the resources to follow your passion. I used to work as a waitress in a restaurant, but I did my work with pride. Now, I don't work there anymore because my passion project has become my primary source of income.

Accept Errors

To develop and gain knowledge, you must make errors. Mistakes should not be seen as something to be avoided at all costs but as learning opportunities.

Also, keep in mind that there is a distinction between careless errors (which you should avoid) and unsuccessful plans that provide you additional knowledge and insight to attempt a different strategy.

Failures are chances to learn about yourself and your team, as well as a terrific opportunity to improve future talents. Instead of obsessing over your errors, think about them and embrace them as you develop.

This is exactly why I hate our education system. From high school to college and beyond, there is a strong emphasis on getting a 4.0 GPA. Students would study and memorize everything just to ensure they get a high exam score. News flash, life doesn't work like that. To be successful and adapt to the millionaire mindset, you are given an exam without preparation. To be successful, you have to make mistakes on the exam and learn from them. Unfortunately, school never taught us how to process and learn from failure.

Be Solution Oriented

Being solution-focused entails seeing solutions where others perceive problems, regardless of the situation. Therefore, when the going gets rough and most people give up, the millionaire mindset understands that there is always a solution and that, no matter how large the issue or obstacle, it is a disguised gift. 

By concentrating on solutions rather than problems, you can keep a good attitude and remain unfazed by situations that may derail others. The more successful an entrepreneur becomes, the higher the pressure, responsibility, and difficulties.

Don't Forget About Sleep

woman sleeping with dog

On average, we need about 7-9 hours of sleep every day. To do our best, we must be well-rested. Everyone has hectic days, but catching up on sleep benefits the mind and body. When our to-do list is packed, it might be tempting to stay up late and push ourselves too hard, but this is unsustainable.

Even if you believe an additional hour of work would get you closer to your objectives, it will likely increase your exhaustion and decrease your productivity. Next time this occurs, make a deliberate decision to sleep. A well-rested body and mind will increase your motivation and readiness to begin the day.

Get a Coach

Entrepreneurs worth a million dollars relentlessly seek personal growth and development. You can get a mindset coach as your first step. When you seek expert assistance, you receive amazing insights that you will never seen before. Recognize that a coach views your company and life from an outside perspective that you cannot. Believe that your coach has more insight and a broader perspective than you have. The more your readiness to receive and incorporate suggestions, the quicker and farther your firm will expand.

Don't Justify

Excuses will prevent you from moving ahead and accomplishing your objectives. Do you have a problem? Utilize some tried-and-true problem-solving approaches. Instead of blaming your shortcomings on other sources or whining, try to fix them.

Remember that the worst thing you can do is to allow your excuses overwhelm you, whether that means asking for assistance, altering your strategy, or even taking a break.

Learn To Love Yourself With the Law of Attraction

You may be astonished to find how vital self-perception is while attempting to become a millionaire, but it's true. If you believe you will become self-assured and content with who you are once you get wealthy, you will never achieve the wealth you want.

To achieve financial success, you must first overcome obstacles to healthy self-esteem and cultivate a degree of self-love that instills the confidence that you deserve wealth.

This is where the Law of Attraction plays a significant role. This is basically "like attracts like." If your vibration is high and you believe you are already wealthy, then that is what you attract. If you aren't satisfied with life and can only be happy once you reach your financial goal, then you will never reach it. This is because you are sending out the message that you don't have money, so the universe gives you less money and opportunities.

I can definitely relate to this problem. I completed all my exams after medical school and was applying for residency. I told myself I will only be happy once I matched into residency and became a doctor. Well, I never matched despite being at the top of my class. I didn't know what to do with my life, so I did some soul-searching and discovered how much I love writing and blogging; I decided to pursue that. I felt very wealthy after completing a couple of projects. Even though I only made $300 at the beginning of my writing career, but it felt so good. Eventually, a medical startup saw my content and fell in love with it. I was offered a six-figure salary, which I accepted. After working for two years and feeling like a millionaire, even though I wasn't, the startup failed. Some might say the Law of Attraction was working against me, but it was there to help. I took the courage and started my own company, which led me to 7 figures.

So the question is, Do I still want to practice medicine?? I may pursue residency in the future. After all, I already feel like a doctor blogging about life, pets, health, nutrition, fashion, etc.

Have Multiple Sources of Income

Even if you devote a great deal of time to your job to fulfill your financial objectives, it can still be quite challenging to amass millions of dollars by relying just on one source of income.

For example, let's say you have a stable 9-5 six-figure salary. Most people don't think of investments because that sounds like a pretty awsome salary. If you put Uncle Sam into the equation along with inflation, you may only take home a five-figure, which isn't bad, but burns. Good luck saving enough to make millions.

Just as a single steel pillar cannot support the weight of a complete wall, a single source of income will never alleviate the strain of our rising cost of living. However, creating several streams of income is the first step toward becoming a future millionaire. Some people pursue work-from-home jobs or freelance opportunities after they get off their 9-5.

Forget What Others Think

Upon obtaining even a small amount of success, it is possible that people may be envious or dislike you. Concerning yourself with these others and attempting to satisfy everyone distracts from what really matters.

People who are successful often reach a point in their life when they recognize that obsessing about "haters" is counterproductive. They can then forget about them and concentrate on the ones who matter. This boosts their self-assurance and productivity.

Growing up in the Asian culture, it's all about caring what others think. It's because of this mindset I was stunted. I went to a college where 80 percent of my peers were Asians, and our only conversation was about how the professor perceived us. It's because of this toxicity that I wasn't able to tap into my true potential. After getting away from this narrow perspective, it opens up doors to many possibilities. I continue to ignore people who judge my decisions because let's be honest, they will continue to hate everything I do. People will always hate; you cannot control that. After this realization, I became a better person, and my bank account is heavier than theirs. Not to be arrogant, just smart.

You will encounter haters and individuals who loathe what you accomplish at various points in your life. Learn from their mistakes and make necessary modifications. The majority of the time, you will want to disregard them. It is unproductive and will not help you develop into the person you should be.

Final Thoughts on The Millionaire Mindset

Anyone has the potential to become a millionaire if they put their mind to it and have the right determination and focus. You need to start by loving what you do - when you're passionate about something, it doesn't feel like work. 

Creative thinking is also essential for generating new ideas and solutions that can make you money. And finally, don't be afraid to take risks or make mistakes. Without failing, you'll never know what could have been possible. So go out there and create your own success story!

* All the information and content in this blog post are intended for informational purposes only. It should not be a substitute for professional or medical advice. You should always speak with a licensed professional before you follow anything you read in this blog post.

The information is provided by By Hilda Wong. While we try to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

Dr. Hilda Wong, MD

My name is Dr. Hilda Wong, MD, graduated from Avalon University School of Medicine. I have over 5 years of medical externship experience and a published researcher on PubMed. I'm also a health and nutrition enthusiast and have written several blogs and magazines in these areas. Forgot to mention that I own a Toy Australian Shepherd and a Betta Fish, and have an amazing zest for life, fashion, health, nutrition, and pets.

Dr. Hilda Wong, MD