Chris Alarcon’s journey towards financial independence inspired him to start the Financially Well Off blog and interview successful entrepreneurs like JLD from EOFire and Raegan Moya-Jones from Aden & Anais. For more motivation on building wealth and success habits, check out FinanciallyWellOff or Facebook. If you’re interested in guest posting on RFI, let me know.
Most people aren’t born into wealth. In fact, the majority start from scratch and carve their path to becoming millionaires. Unless you hit the lottery, there’s no quick route to wealth. So, what does it take to become a self-made millionaire? What money habits can help you accumulate wealth? Let’s dive into the insights shared by three self-made millionaires who provided their best advice on the subject.
WHAT IS A SELF-MADE MILLIONAIRE?
A self-made millionaire earns their fortune through their efforts and determination, without any inherited wealth or elite connections. They start from zero and adopt key habits, such as how they work, manage, and spend money. Staying focused on these habits is crucial to achieving financial goals.
MY INTERVIEWS WITH SELF-MADE MILLIONAIRES
In 2019, I interviewed successful entrepreneurs through my podcast to uncover the secrets behind their achievements. They shared priceless tips that I’m excited to pass along.
DAME STEPHANIE SHIRLEY (STEVE)
Dame Stephanie Shirley, known as Steve, arrived in the UK as a refugee and survived the Holocaust. At 29, she founded “Freelance Programmers,” a software company employing hundreds of women in a predominantly male industry. Steve often had to use a male name to be taken seriously in business. Her efforts made 70 of her employees millionaires. When I interviewed her, I asked how she stays resilient despite challenges. Steve emphasized the importance of holding onto values, health, and peace of mind. These elements anchor you during tough times and propel you forward during good times.
JOHN LEE DUMAS (JLD)
John Lee Dumas, or JLD, is the founder of EOFire, an award-winning podcast featuring inspiring entrepreneurs. With over 2,000 episodes and substantial revenue, JLD is a testament to self-made success. During our interview, I asked about his discipline in saving enough money to pursue entrepreneurship. JLD credited an army scholarship for his debt-free college education and highlighted the role of delayed gratification. He resisted short-term temptations to achieve long-term goals, using his savings to invest in his podcast business.
GRANT SABATIER
Grant Sabatier, founder of the Millennial Money blog, reached millionaire status within five years and achieved financial independence. In our interview, I asked him how people struggling with finances can stay hopeful. Grant stressed that struggles and feelings of failure are temporary. Consistent effort and resilience are key to overcoming temporary challenges. He also noted the value of staying connected with nature for inspiration and motivation.
COMMON TRAITS OF MILLIONAIRES
All self-made millionaires share certain traits, including the ability to turn their dreams and ideas into action. They embrace failure as a learning opportunity, continuously refine their skills, and focus on what they excel at and enjoy. Millionaires are driven by passion, commitment, and a courageous attitude towards risks.
BECOMING A SELF-MADE MILLIONAIRE
It’s easy to think that becoming a millionaire requires money, but this belief can hinder your progress. The self-made millionaires I interviewed made it clear that having a vision and discipline are far more critical. Start with a clear goal, create a practical plan, and stay disciplined. Manage your money wisely, invest in good opportunities, and take calculated risks.
FIVE MILLIONAIRE HABITS TO ADOPT
1. BE FRUGAL: Many millionaires lead frugal lifestyles, understanding the value of thrift rather than overspending.
2. THINK BIG: Don’t be afraid to pursue unique ideas. Thinking outside the box is a common trait among millionaires.
3. BUILD A STRONG SUPPORT SYSTEM: Having positive reinforcement from the right social circle can significantly enhance your journey.
4. HAVE DISCIPLINE: Consistency, hard work, and determination are crucial for achieving desired outcomes.
5. EDUCATE YOURSELF: Stay informed about market trends, new technologies, and risks. Knowledge is vital for making informed decisions.
ACHIEVING FINANCIAL SUCCESS
Many believe that becoming a millionaire is reserved for a select few, but in reality, many can achieve financial independence by adopting the right habits and values. The entrepreneurs I interviewed highlighted different tips but shared a common thread of hard work and unwavering focus on their goals. The major obstacle to financial success is often oneself. Now that you know the secrets from self-made millionaires, what steps will you take to build your wealth?