Becoming a millionaire isn’t easy. And yet looking back, it’s really wasn’t hard. It takes discipline and patience. But there is something that can help you get started. There is a first step to becoming a millionaire.
The First Step
The first step to becoming a millionaire is finding motivation. Without it, all efforts will fall short. Now motivation can come in the form of attraction or repulsion. We’re always moving towards love or away from fear. I prefer moving toward love. But fear can be a great motivator too.
Fear of Running out of Money
The fear of running out of money is probably the number one reason clients come to me. That’s why annuities with guaranteed benefits sell so well. The problem is annuities are NOT a financial plan. They cost too much. They’re almost never annuitized. And they pay huge commissions that aren’t transparent.
Invest in Things You Love
If you want to have a million dollars, a better way is to invest in your dreams. These are goals that you would love to do. These are the things that get you outta bed in the morning, like taking your family to Paris to see that tower. The right goals will motivate you to take first step towards becoming a millionaire. How do you set goals?
Smart Goals
Set specific, measurable, achievable, results-focused, and time-bound goals – SMART Goals. For more on SMART goals, check out:
Woop
Use WOOP to make your SMART goals happen. WOOP is a goal-achieving technique by Gabriele Oettingen, a researcher and psychologist at NYU and University of Hamburg. With WOOP you have your Wish (Smart Goal), envision and Outcome, acknowledging the Obstacles to overcome, and form a Plan. For more on WOOP check out:
Takeaway
No matter what your circumstances, you’re never going to become a millionaire if you don’t take the first step. The first step to becoming a millionaire is finding motivation. The right goals will motivate you to take that step.
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