The process starts with having passive income – a check or two coming to you every month that you didn’t have to work 40 hours a week to get. It includes creating assets that will cover ALL your expenses sometime soon. This is known as moving from expenses to assets.
No one can manage and grow money on the millionaire level without the help of others. If you are worried you don’t know how to become a millionaire, take heart and read on.
Every millionaire surrounds himself or herself with a hand-picked collection of mentors, coaches and industry-specific professionals who work together to build wealth. If you want to become wealthy, you have to move beyond the idea of “doing it yourself” and accept that you must be the leader of your team.
Key among the professionals on your team is at least one mentor. This mentor can be someone who has succeeded in the same line of work, a wealth coach, or even a successful person in another industry. Finding one or more mentors is one of the best ways to successfully build your wealth quickly. Why try to rebuild the wheel? Turning to someone who has already done it all can help you save a lot of time, effort and frustration.
But how do you find the right mentor?
First, be clear about the type of person you are looking for and tell others.
Second, distinguish between those who are simply inspiring and those who can actually help. Your Uncle Bob may be very smart and have lots of ideas, but if he doesn’t have at least a million dollars, he won’t be a good millionaire coach.
Third, get out your Rollodex, Outlook files, address book or other list of acquaintances. Consider those at work, at the gym, in your church and in your community. Would any of them be a good mentor? Pick up the phone and ask! Be respectful of their time and be persistent in your need. Be wary of those who sound scripted because they probably are. Look for the genuine article that asks you specific questions before trying to help.
Fourth, attend events that attract likeminded people, such as workshops or seminars on personal finance, investing, real estate and business management.
Finally, don’t be afraid to invest in yourself. Advice and counsel that helps you get to the next level and play a bigger and better game is invaluable. Be willing to ask for it.
Patrice Barber is the founder and owner of Taylor Made Weath Coaching. Contact her at www.tmwealthcoach.com .