The Production And Stock Of College Graduates For U.S States How to Think Like a Self-Made Millionaire

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How to Think Like a Self-Made Millionaire

For the longest time, my family taught me to go to school, go to college, and get a good job with a stable employer. “Be a doctor,” they said. “Be a lawyer,” they said. “Get him with a good retirement plan,” they demanded. My grandmother was so adamant that I go to a good university that my graduation from UC Santa Barbara outweighed all my other accomplishments, which I considered far greater than getting my degree.

What is the obsession with going to college, getting a degree, and getting a steady job? Personally, I think this is an old-school fear-based mentality. The second level of Maslow’s hierarchy of needs concerns the inherent human need for safety and security. Back in caveman days, security was looking for a cave that would keep saber-toothed tigers out. Today it means financial security. You see, there was very little financial security in my grandmother’s day. In her lifetime, she saw five American wars, was unjustly imprisoned by the American government during World War II because she was Japanese-American, lived through the Great Depression of the 1930s, and dealt with the stock market crash of Black Monday 1987. Sympathizing her life, I can see how she would value a higher education and a stable job because anything else would be too unstable in her mind. I got my degree and made her happy, but I had no desire to trade my time for money and let another person control my freedom and the amount of money I could make.

Myth: A formal education will lead to greater financial success

I got through college without intense study or desire to learn. I was actually a terrible student in terms of study habits. I credit my college graduation solely to my innate ability to choose the correct answer choices based on deductive reasoning and my love of research writing. The whole time I was there, I was looking for information that I could take out – practical information that I could use, after all, I paid tens of thousands of dollars for my top-notch education, but I got a college education, probably only three classes that really gave me good useful information.

Like many college graduates, I learned that after college, you enter the business world that cares little about education and requires marketable professional skills. And now, with a diploma in hand, I realized that I was no better than a high school graduate. In fact, I was at a disadvantage compared to those who entered the workforce right out of high school because they worked and gained experience and skills that were valued by employers. I felt kind of cheated because I was told all my life: finish technical school and the money will come.

The truth may hurt, but the record must be set straight, and that’s what nowadays employees with a four-year degree are a dime a dozen. As an employer now, I can say that a four-year degree tells me that you can read and write well, but not much more than that. I am looking for experience and practical knowledge. I’m not saying a four-year education is useless, but it doesn’t carry as much weight on the career negotiating table as it used to. Let me put it another way: going to college will make you a good employee, but it doesn’t guarantee riches.

Employee Salary Trap

Earning a corporate salary is the biggest obstacle to growing wealth if you choose it as your only means of prosperity. This is because for most of us our salary is determined by our employers and any raises are dictated by our employers. In short, we won’t get rich unless our employer says we can. Unfortunately, in my time I have not met a single employer who decided to enrich his employee. A salary is stable and people like to be stable, but in order to develop a millionaire mindset, you have to stop looking at your salary as your only means of income. Being an employee is not bad at all. You can use the experience to learn and acquire new skills and have a steady stream of income to pay the bills. I’m just saying that you shouldn’t rely solely on your salary if you’re going to get rich, because at best an employer will only let you make a decent living, not get rich.

Self Employed vs. Business Owner

Doctors in private practice, lawyers, and all the other high-paying service professions like that make decent money, but they aren’t what I consider rich just because of their profession. This is because even though their hourly wages are higher than the average, their financial situation is still the same as that of a gardener making only $8.00 an hour, and that is what they are still trade their time for money.

What’s wrong with that? Well, that’s because we only have a limited amount of time per day to monetize. It is clear that these professionals have freed themselves from the corporate dictatorship, but they have another problem that they have faced – stop work means no income. This means that when these people are sick, or on vacation, or injured, their entire source of income dries up because they can’t trade their time for money. This puts enormous pressure on these people to stay busy, which is partly why I think lawyers are the most nervous people I know. This brings me to my next point: being self-employed means you’re trading time for money, while being a business owner means you’re using the power of leverage.

What is leverage?

Business owners are the wealthiest people on the planet, and many of them have no formal college education. A good example is Bill Gates, the founder of Microsoft, who is worth about $25 billion as of this writing. He dropped out of Harvard and started his own company. Business owners use the power of leverage, which in this context simply means they get more out of their hourly time than self-employed or salaried workers. In Gates’ example, he developed a computer operating system that he licensed. He put in the effort to create one product that would bring great value to his customers and made huge profits from it.

But you don’t have to write software to become rich like Bill Gates. People who buy real estate are working on the same passive income model. People who invest do the same. In the service arena, smart service professionals are beginning to contract with others to provide actual services and cut profits, thereby creating value for both the service provider and the customer. That is to use the services.

Business owners are looking for multiple sources of income. Employees believe that there is a certain level of security in their jobs, but an unexpected layoff or layoff can end that security just as quickly as it was gained. To make matters worse, the worker has nothing but unemployment benefits. A business owner may lose one of their income streams, but still have others to work on. This is what I consider to be security – having multiple streams of income.

Take a risk

In my personal development sessions, I encourage people to face their fears head-on, because by accepting this challenge, it makes them grow both personally and professionally. Both entrepreneurs and employees have to face failure, but smart entrepreneurs are not afraid to take risks, knowing that it will bring them one step closer to success. Be willing to try new ideas and step outside the box. Look for additional ways to make money and don’t just talk about it – DO IT. This is one of the most powerful concepts that makes people millionaires – the ability to act.

Key points

Although this article only covers the millionaire mindset briefly, take away the following key points:

* We all have the same amount of time in a day, and we can only sell so much of our time.

* When you trade your time for money, the best thing you will do is live a decent life. You won’t get rich on this model.

* Find ways to use what you do to get more out of your time and therefore more money.

* Create passive income with positive cash flow products, software or investment tools to create multiple streams of income.

* Don’t wait for the perfect time because it will never happen. Act now, even if your plan isn’t perfect.

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