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Monday, August 1, 2011

The Millionaire’s Mindset

The Millionaire’s Mindset

Many people come up to me asking me to teach them the strategies of how to build a successful business, how to create multiple income streams and how to invest successfully.

I usually respond by saying that before they can truly learn and apply these strategies, their minds have to be first conditioned to be wealthy. To become wealthy, it first begins with the mindset (i.e. psychology) then follows with the methods and strategies.

Millionaires think and see the world very differently! Where most people see problems, those with the millionaire’s mindset see money-making opportunities. Where you see failure, the millionaire sees a valuable learning experience that will lead to greater opportunities and wealth.

Unless you have the millionaire’s mindset, you will never be able to see the limitless money-making opportunities around you. Without the millionaire’s mindset, you will not have the focus, drive and determination to take the massive action necessary to implement the ideas and strategies I can share with you.

Wealth must first be created in the mind before it can be manifested into physical reality. You must first be mentally wealthy before you can attract physical wealth.

It has been proven time and again that people who have the millionaire’s mindset are able to attract and create fabulous wealth, even though they had started with absolutely nothing. Some even had all the odds stacked against them.

Such millionaire-minds, even if they suffer a major failure like bankruptcy or business failure and end up deep in debt, are able to bounce back and what’s more make back their losses plus more, within a short space of time. 

Take the irrepressible real estate tycoon, Donald Trump (host of ‘The Apprentice’).Trump lost his entire fortune when property prices crashed in the early 1990s during a recession and he ended up US$935 million in debt. 

Down, but not out, Trump hauled himself up from the pits to triumphantly make a US$3.7 billion fortune, all within ten years! Why didn’t such a crushing failure crush him completely? Because wily Trump of ‘The Art of the Deal’ fame, knew that he may have lost everything physically, but his true wealth did not lie in what he has stashed in his bank, it lay in his mind. 

It was his way of thinking and his financial intelligence that was worth billions, and that is what continues to make him a genius in negotiating the best deals. Of course he does not always win, but with his multi-million dollar mindset, the comeback is inevitable.

At the same time, there are hundreds of examples of people who had wealth thrust on them – a vast inheritance or a huge lottery windfall. Again, studies tracking the fortunes of such instant millionaires show that they invariably lose everything and then some more, within ten years of their coming into sudden wealth. 

They would either squander it all, get cheated out of their money or lose it through foolish investment decisions. Why? When you do not have the millionaire’s mindset, money will not stay with you for long. 

Similarly, when you do not think like a millionaire, you will never attract wealth no matter how smart you are or how hard you work. I know many people who were academic achievers. Many of them work really hard in some great companies and are paid quite handsomely for their efforts. 

However, these professionals are not truly wealthy and, from the way I see it, they will never be financially free. And it has got nothing to do with their job, it’s got to do with their mindset.

So What is The Million-Dollar Mindset?

Well, it is the way we perceive the world. It is the way we frame, filter and make sense of the events and experiences in our life. Although two people may experience the exact same event, they will invariably perceive it and think about it very differently because of their different mindsets. Their different thoughts will result in different actions and different results.


Let me give you an example. Imagine if you had to take an important early morning flight to New York but due to unforeseen circumstances, the flight got cancelled and you are stranded at the airport with a hundred other passengers. There is no other flight out that day. What would you think about? How would you feel? What would you do? 

Would you a) just wait for news of the next flight out? b) Lodge a complaint with the authorities? c) Hang around with the other disgruntled passengers and complain? Well, it depends on your mindset. Most people would think of the situation as a ‘problem’ they can’t do anything about. They would feel frustrated and angry and take one of the three above actions. What would someone with a millionaire’s mindset do?

Well, this exact same situation happened to billionaire Richard Branson (founder and chairman of the Virgin Group) in 1980. While vacationing on Beef Island (part of the Virgin islands), Richard Branson and his wife were stranded when the local Puerto Rican flight got cancelled. There were no other flights out that day. Instead of seeing it as a ‘problem’, Branson’s millionaire mindset got him to see it as a challenging opportunity. As a result, he took a very different set of actions. 

Branson got on the phone to a few aircraft charter companies and managed to charter a private plane for $2,000. Knowing that there were many stranded passengers who needed to catch a flight out badly, he borrowed a blackboard and wrote ‘Virgin Airways $39 Single Flight to Puerto Rico’. Within an hour of walking through the airport terminal, with the blackboard in his hand, he had sold every single seat! 

After successfully flying everyone back and making a cool profit, he mulled over what one happy passenger had casually said, “Virgin Airways isn’t too bad-smarten up the service a little and you could be in business.” Up till that moment, Branson, the builder of Virgin Records and a Hot Air Balloon adventurer, hadn’t given any thought to getting into the airline industry! 

But Branson, ever the bold adventurer, lost little time in launching Virgin Airways, taking on the giant British Airways and the rest is aviation history. Today, Virgin Airways is a global budget airline and one of the most profitable in the world. 

The amazing thing about Branson was that he did not use any of his money to solve his ‘problem’. He used his millionaire mindset and thinking to turn a problem into an opportunity, which not only solved his problem, but made him even more money. 

So, if you are not creating tremendous wealth right now, it is because you are not taking the right actions. 

In other words, if you want to massively change the results in your life, you have to take different actions. To take different actions, you have to think differently. And of course to think differently, you must have a different mindset…the million-dollar mindset. 

Adam Khoo
Wealth and Investment Tips

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