You have to understand that to become a millionaire doesn’t happen by accident, there are very specific skills that you must start implementing into your life if you want to become a millionaire. Over the past few years of my life, I’ve learned these skills and have been using them to drastically increase my income and change my life forever.
In this article, I’m going to reveal to you guys what these skills are, and I can confidently wholeheartedly say that if you start implementing these things, it’ll be nearly impossible for your life to not change.
1. Information
This first millionaire skill isn’t so much a skill, it’s more of a habit. I can remember years ago when I first fixed this thing, I almost immediately began seeing my life change for the better, that thing is changing the type of information you’re consuming. Here’s, a very simple, yet profound truth about our lives.
Whatever you consume, whether it’s something mentally with what you’re watching or listening to, or physically with what you’re eating and drinking, your consumption will eventually be projected into your life.
For example, if you’re constantly just consuming massive amounts of sugar, you will gain weight. It’s not a matter of if you’ll gain weight, but when you’ll gain it. And the same exact thing is true with the information that you’re consuming. This is a very simple, yet profound truth, garbage in garbage out.
If you’re somebody who is constantly consuming garbage in other words, you’re always watching the news or you’re constantly hanging around pessimistic people, then your life will literally start being a projection of that garbage.
For example, if you’re constantly watching the news, just being bombarded with all this negative information and just all these bad things happening in the world, all of that negative information, all that garbage will eventually have a negative effect on your life.
I want you to really stop and ask yourself for a second, like why do you need to watch the news anyways? To be informed? Okay, ask yourself this question has being informed ever actually helped you in your life? If you’re being 100% honest with yourself, then the answer is No.
You watch the news and being informed has never actually had a positive impact on your life. On the other hand, if you begin consuming positive things like instead of watching the news you read things like this, and you only consume content and hang around people that actually build you up, then eventually your life will be a projection of that positivity.
2. Start Investing
The next skill is to start investing as soon as possible. I’m going to let you in on a little secret. Here’s a story one of my buddies shared with me, he said he was at his local Rolex dealer and it’s always so fascinating for him to have conversations with and just observe the wealthy people that come in and out. So he was having a conversation with an extremely wealthy individual and he asked him what he did for a living, and he said that he owned a wealth management like financial advisor company or something like that. When he told him that he just made a really quick joke and said “That must be where your Rolex money comes from, like your company?”
They both laughed and then the businessman quickly followed up with it by saying that no, his Rolex money actually comes from his investments. And he told him that he has a very large real estate portfolio and that he specifically buys single-family homes and rents them out.
So, not only does he have these appreciating assets that will go up in value over time as the market increases, but he’s also earning passive income from the 10 tenants that live in his properties paying him to rent each month.
And what he told him seeing that my friend was a younger guy and probably a little bit less experienced than him, what he told him was that “Your business will make you rich, but your investments will make you wealthy”
High-Income Earners
You see, when you’re rich you have a lot of money. Think athletes, for example, athletes tend to have an extremely high income. There’s a reason over 70% of athletes end up going broke after the end of their careers, and it’s because most athletes don’t invest their money.
The solution to this and what you need to start doing especially once your income starts increasing is taking a large portion of your income and investing it.
Let’s just say that hypothetically, you’re earning $500,000 per year after taxes, instead of taking that full $500,000 and spending it on jewelry, cars, and vacations, spend$100,000 of that on enjoying life, but then take the remaining 80% of that income and invest it into performing assets. Dividend stocks, long-term rental properties, things that will make you money even when you’re not actively working
These performing assets, once you start buying them will begin compounding over time to a point where you’re able to make millions of dollars per year just from your assets appreciating and cash flowing. On top of that, you’re also making millions of dollars per year from your business.
3. Personal Brand
One skill that I’ve started seeing basically every modern millionaire doing is building their personal brand. This is going to be something that you guys hear me talking a lot more about in future articles because I truly believe that building a strong personal brand, especially in this digital era is an absolutely critical element of becoming a millionaire and even scaling an existing business.
I look at people like Alex Hermosi, Iman Gaji, Gary Vaynerchuk. and a lot of these guys that you see releasing a lot of content have really figured this skill out. I mean let’s just take Gary Vaynerchuk for example, he already had an existing multi-million dollar advertising agency before he started his personal brand, but he started mass producing content on every major platform because he understood the importance of building a personal brand.
He understood that his personal brand would give him additional leverage to not only scale his existing business but to also go and start other businesses. Whether you want to build your reputation in a certain field, or in the case of someone like Gary Vee, improve the growth of your existing business, creating a strong personal brand is essential.
A Free Tool
There’s one tool that I’m using to help guide and shape my personal brand, and that tool is the free brand identity guide from the site HubSpot. Now, I already know what you’re thinking “But Kienma, this guide is for actual businesses”. And yes it is, but that’s exactly what your personal brand is. If you’re not treating your personal brand like a business, then you’re at a huge disadvantage.
Friends, here’s the thing, first impressions, and consistency make it easy for people to feel like they can trust you for whatever they’re coming to you for. It doesn’t really matter if you’re trying to start a personal brand or if you want to go start a bakery branding is everything.
This completely free resource will help to guide you, all you have to do is enter some basic information and hit download. The guide will walk you through things like the important elements of a brand, what brand consistency is, and how to approach consistent content creation.
Recommended: How To Become A Tax-Free Millionaire With $10 Per Day | Roth IRA
4. Critical Skills
Without a doubt, the single most important skill that you need to learn to become a millionaire is actually learning various critical skills. Let me explain to you exactly what I mean by this; becoming a millionaire is not going to happen by chance or luck, it’s going to require that you learn new skills that will help you on your journey.
It’s literally no different than playing a game you have to level yourself up if you want to get past a certain obstacle. Think of things like sales, branding, and marketing, having emotional intelligence, and coding all of these things are critical skills that will help you to build an audience, to build better products and services, and provide actual value to the market.
For example, a few years ago I learned the skill of web development, and this skill that I learned helped me to increase my income because I was able to go and build websites for other people and businesses. But even more important than that it eventually led me to learn how to properly build sales funnels and landing pages, that would convert would-be customers into actual paying customers.
The Importance of Learning New Skills
I learned the skill of persuasion, like how to influence other people’s opinions about something. I learned the skill of communication, like how to effectively communicate with people whether it’s on paper or in person so that I can actually get my point across and influence change. I’m still learning.
People like Napoleon, Winston Churchill, and Martin Luther King were all expert communicators, it’s one of the reasons they were able to influence people and actually make a change.
Do you really believe for a second that if Martin Luther King jr, got up on stage that fateful day and said “Hey guys, so I had a dream recently that we should all get together, just get along because all this fighting that we’re doing It’s not really helping us at all? We have to start doing better, just get along”
Alright, do you really think that he would have inspired the change? Of course not, and I would argue that of all the critical skills, communication is actually the most important one to master. You can do this by watching videos online, reading, and talking to yourself in the mirror. And in my opinion, making videos online is actually the best way to improve your communication skills.
5. Sales
Another really important skill that you need to learn to become a millionaire is the skill of sales. I don’t care what anybody tells you, it’s going to be almost impossible for you to become a millionaire at least while you’re still young unless you sell something. It could be you selling a physical product or a course, or you’re selling yourself on camera to help build an audience.
Stop being afraid of the word sales and thinking that it’s the dirty word that means you have to manipulate and steal from people in order to make money, that’s simply not true.
6. Trying New Things
The next millionaire skill that I wish I learned sooner was the skill of trying new things. There’s a remarkably simple yet profound quote that goes “To get something you’ve never had, you’ve got to do something you’ve never done”. Something fascinating starts happening in your life the moment you start trying new things and forcing yourself out of your comfort zone. New opportunities arise, and new relationships are formed.
Start a business, start that side hustle, start that YouTube channel or that Tik Tok or that podcast. If all those things sound too intimidating, start smaller like start going to the gym, eating healthier, spending less time-consuming content and more time creating it, and do something that’s going to break the monotony of your everyday life.
That’s mostly because right now, you go to your job, you come home, you eat dinner, watch Netflix, play some video games, you go to sleep, and you just keep repeating this cycle over and over and over again. This cycle that you’re stuck in will always yield the same result, mediocrity.
If you want to break out of mediocrity and begin moving into excellency, then you have to do something different. Remember folks, to get something you’ve never had, you’ve got to do something you’ve never done.
7. Leverage
The next millionaire skill that I wish I learned sooner was understanding the power of leverage. Leverage is when you use something to its maximum advantage for your benefit. Let me give you an example when you get to a point where you’re making a lot more money and you start doing certain things like traveling more, you’re going to want to start leveraging credit cards, and even different free membership programs to your advantage.
Even if you don’t plan on traveling there are many credit cards that offer welcome bonuses, or cash back on all purchases that can earn you hundreds of dollars per year. Plus, a lot of credit cards offer various benefits like car rental insurance, cell phone insurance, fraud protection, things like that, and even beyond just credit cards.
Your ability to leverage money from the bank for example to buy rental properties, or to start a business. How about this, leveraging other people, if you start hiring people you have to understand that what you’re doing is essentially leveraging other people’s time to your advantage to make your business more money because your time is limited.
You only have 24 hours in a day, and if you’re hyper-focused and super productive, then maybe you’ll spend between eight and ten of those hours actually working. Leveraging whether it’s with money or actual human capital is a necessary part of becoming a millionaire.
8. Focus
The next millionaire skill or this one more of a habit is to slow down and focus. What exactly do I mean by this? Well, many of you reading, not all of you but many of you spend a large portion of your free time doing things like going to the club, going out drinking, partying, and just doing certain things that are causing you to be very very distracted. You need to focus.
There’s nothing wrong with having fun but you have to understand that there’s a time and a place for that. And depending on how much success you want, like how much money you want to make, you need to focus more on the work that’s going to get you from point A to point B, and spend less time being distracted.
I can guarantee you this, right now while you’re out partying, getting wasted there’s somebody else who’s locked in their room focused on building their empire and that person is getting ahead of you. That’s not okay, you cannot let that slide.
9. Get Comfortable With Saying “NO”
The last millionaire skill is that you need to get comfortable with saying no. Let’s just be brutally honest for a second, I’m just going to call it as it is, you will likely lose friends. The reason is that there are certain friends that you have that you go out with every weekend, and when you stop going out with them, they’re going to start to dislike you.
The silver lining is that the friends who end up disliking you probably weren’t good friends in the first place. And so it’s a good thing they’re gone because you want people in your life in your circle who understand your sacrifice and support it.
But folks, saying no is a skill it takes practice, and you’re gonna have to get used to disappointing people.
Believe in yourself and just understand that you can literally accomplish whatever you want in this life. And as always, Peace and Happy Hustling!
