So you want to learn how to become a millionaire.<\/p>\n\n\n\n
Great. Good for you! I want six-pack abs. And an Oreo cookie. Right now. But it\u2019s not enough to want something\u2014as Michael Jordan says, \u201cSome want it to happen, some wish it would happen, others make it happen.\u201d<\/p>\n\n\n\n
Wanting is never enough. Especially when you want to know how to build wealth and become a millionaire. After all, that’s the epitome of the American Dream. “One million” is a solid, tangible number that most people believe will classify them as \u201crich.\u201d<\/p>\n\n\n\n
Yet so few ever reach millionaire status. In fact, of the seven billion people on earth, less than 20 million are millionaires. That\u2019s far less than 1%. This is absurd given one simple truth: Becoming a millionaire is simple.<\/p>\n\n\n\n
Simple? Really? Yes! But not easy. Pay attention to the crucial difference between “simple” and “easy.”<\/p>\n\n\n\n
Simple only means there are not a lot of steps. That’s why becoming a millionaire is simple, not easy.<\/p>\n\n\n\n
So are you ready to build wealth?<\/p>\n\n\n\n
You might be wondering, \u201cWhy is this kid telling me how to become a millionaire? He looks like a bearded Justin Bieber.\u201d Besides that awesome beard, why am I qualified to talk about this?<\/p>\n\n\n\n
Because I did it.<\/p>\n\n\n\n
I don\u2019t talk about my net worth very often, but I crossed the $1,000,000 net worth level about the same time I turned 30 years old. And I didn\u2019t start out with a rich family. I never went to an Ivy League school. I didn\u2019t win the lottery.<\/p>\n\n\n\n
I simply (and correctly) used a strategy I call “the wealth tripod.”<\/p>\n\n\n\n
Before we dive into the details of the wealth tripod, let’s discuss what’s stopping you from becoming a millionaire.<\/p>\n\n\n\n
(\u201cDuh, Brandon,” you’re probably saying. “My lack of money is stopping me!\u201d)<\/p>\n\n\n\n
False. Your lack of money has nothing to do with you becoming a millionaire. Yes, over the long run, if you never begin collecting money, you\u2019ll never become a millionaire. But that\u2019s not stopping you today.<\/p>\n\n\n\n
Want to know what\u2019s really stopping you?<\/p>\n\n\n\n
It\u2019s you.<\/p>\n\n\n\n
In order to become a millionaire, you must change who you are. As Les Brown said, \u201cTo achieve something you have never achieved before, you must become someone you have never been.\u201d<\/p>\n\n\n\n
The wealth tripod outlines the three things about you that must change if you want to become a millionaire. Without all three, you\u2019ll never become wealthy. All three steps are required to build and maintain wealth. Like a camera tripod: If one of the legs breaks, the entire tripod falls down.<\/p>\n\n\n\n
So, what are the three legs?<\/p>\n\n\n\n
I don\u2019t believe every person should become a millionaire\u2014after all, money often causes more problems than it fixes. But every person has the ability to become a millionaire. However, many people believe a current lack of wealth means an inability to create wealth.<\/p>\n\n\n\n
This simple quote explains the fault in this thinking: Who you are today is the sum of all the choices you have made up until this moment.<\/p>\n\n\n\n
Think about that for a second. Reread it a couple times. Everything you have, everything you believe, and everything you are is a result of your previous decisions and actions. For example: If you’re broke, it\u2019s probably because you spent more money than you earned.<\/p>\n\n\n\n
That might sound depressing but it’s actually some of the best news in the world. Although this principle reveals the source of all negative aspects of our life, it also reveals the possible positive changes in your life.<\/p>\n\n\n\n
A total life transformation doesn’t happen overnight, but it will start to slowly take shape with each choice.<\/p>\n\n\n\n
Think of a rocket blasting off into space. A course correction of a single degree can mean the difference between landing at the International Space Station and colliding with the sun. In the same way, a course correction in your life\u2014starting today\u2014can result in a massively different future.<\/p>\n\n\n\n
Just because you aren\u2019t a millionaire yet doesn\u2019t not mean you can never become one. “Becoming a millionaire” is a learnable skill, just like getting a six-pack, beating Super Mario Bros, brewing a great cup of coffee, or driving from New York to Argentina.<\/p>\n\n\n\n
Anyone can learn the skills necessary to become a millionaire. The problem is we aren’t taught how to become wealthy\u2014because we live in a society run by people who do not know that building wealth is a skill.<\/p>\n\n\n\n
In school we are taught:<\/p>\n\n\n\n
But what you were never taught was how to become a millionaire.<\/p>\n\n\n\n
Most of us were never even taught how to balance a checkbook, how to avoid credit card debt, or how to live on less than we make! And frankly, it\u2019s not the teachers’ fault. The responsibility lies solely on the student: If a person truly wants to become a millionaire, they can.<\/p>\n\n\n\n
But they first need to believe.<\/p>\n\n\n\n
Do you believe yet that wealth is possible for you?<\/p>\n\n\n\n
I hope so. Because it completely and totally is. The only thing stopping you is you.<\/p>\n\n\n\n
Except that’s only step one. It’s not enough to want wealth, or to believe wealth is attainable. If you believe in your heart that wealth is possible but don\u2019t take the steps necessary to learn how to get there, you\u2019ll remain broke forever.<\/p>\n\n\n\n
Highly successful people often say, “The first million is the hardest.” But, like riding a bike, once you learn it, you can repeat the process over and over.<\/p>\n\n\n\n
Wealth building is a process that can be studied, learned, and mastered.<\/p>\n\n\n\n
Now, while I would love to share an easy, five-step process for building wealth, it\u2019s not that easy. Why? Because there are a lot of ways to build wealth. Every millionaire has a different story. However, we can boil down all those avenues to make it easier to find your ideal path.<\/p>\n\n\n\n
There are three primary ways to become a millionaire. Yes, there are millions of strategies, but only three buckets.<\/p>\n\n\n\n
Those categories are:<\/p>\n\n\n\n
In order to build wealth, you’ll need to do one, two, or all three.<\/p>\n\n\n\n
Let\u2019s pretend for a moment you are baking a pie. You might have the confidence and belief that you can bake that pie. You might have the recipe. But let\u2019s be honest: The pie is not going to bake itself.<\/p>\n\n\n\n
You need to get in the kitchen and start cooking.<\/p>\n\n\n\n
The same is true for becoming a millionaire. Believing you can build wealth and learning the steps to do so isn’t enough\u2014you’ll still fail if you don\u2019t take action.<\/p>\n\n\n\n
Action is always be the final key to success. Without it, you have nothing. No one is going to give you one million dollars, no matter how smart, talented, or lucky you are. You have to get out there and work for it.<\/p>\n\n\n\n
Specifically, this means taking daily action.<\/p>\n\n\n\n
A lot of people believe that the secret to success is found in \u201cbig events,” but in reality, it\u2019s found in daily tasks. Whether you choose the personal finance method, the business method, the real estate method, or all three, set aside time each and every day to work your system.<\/p>\n\n\n\n
<\/p>
When I say the phrase \u201cpersonal finance,\u201d what comes to mind? Paying your bills? Credit cards? Your credit score? Boring, right? But hang with me!<\/p>\n
Personal finance is the first step to becoming a millionaire. It must be mastered if you plan on pursuing business or real estate. Without a firm grasp on your personal finance, you\u2019ll shoot the cow before it begins producing milk.<\/p>\n\n\n\n
Even if you manage to make one million dollars, you\u2019ll never hang onto the money unless you understand personal finance.<\/p>\n\n\n\n
Personal finance includes all of the following\u2014and more:<\/p>\n\n\n\n
Overwhelmed? Don\u2019t worry: You don\u2019t need to master every aspect right now. Personal finance is an ongoing pursuit where you can never fully know everything. I\u2019m sure even Dave Ramsey<\/a> learns new things every day.<\/p>\n\n\n\n \u201cBut Brandon,\u201d you say, \u201cI already know all about saving money.\u201d<\/p>\n\n\n\n Good. I know all about getting that six-pack, but you don\u2019t see me getting any more in shape. That’s because personal finance is not about knowing, it\u2019s about doing.<\/p>\n\n\n\n We all know we should save money. We all know we should have a budget. We all know we should be improving our credit score. But how many people are really doing those things? Are you?<\/p>\n\n\n\n \u201cI\u2019ll save more when I make more\u201d is the common excuse used by millions of people who suffer in debt. But the sad truth is, bad debt is just as prominent with the wealthy as with the poor. Today\u2019s economy doesn’t have a debt problem\u2014it has a greed problem.<\/p>\n\n\n\n Our culture says your smartphone is no longer good enough six months after you purchased it. That you must drive the best cars you can afford, live in the best house you can afford, stay in the best hotels you can afford, and live the best life you can afford.<\/p>\n\n\n\n Now, I\u2019m not saying you cannot have nice things. This year my income went up, so I bought a bigger house. And I don’t regret that decision\u2014because there is more to life than money. Mastering personal finance doesn’t mean saying \u201cno\u201d to everything; it means taking control of your money to put you\u2014not your greed\u2014at the wheel.<\/p>\n\n\n\n Yes, a person could save and passively invest themselves to one million dollars.<\/p>\n\n\n\n I know many people who lived frugally for years, saved their income, invested their money in passive investments, and found themselves with one million dollars in net worth. They never started a business, they never bought an apartment building, and they didn\u2019t win or inherit their savings. They simply used a firm grasp on their personal finance to become a millionaire.<\/p>\n\n\n\n Dave Ramsey, the popular radio personality, is perhaps the most influential proponent of this wealth-building strategy. His \u201cseven baby steps\u201d have helped millions of people get rid of debt, live below their means, invest carefully, and reap the rewards later. But this approach isn’t for everyone.<\/p>\n\n\n\n I\u2019m not going to make my own soap to save a buck. I\u2019m not going to ride my bicycle everywhere I go so I don\u2019t have to pay for car insurance. I\u2019m not going to sew my own clothes, eat ramen noodles, or sacrifice my love of travel.<\/p>\n\n\n\n I live financially smart but not financially frugal. For some people, this approach works great. But if you’re not one of the lucky few, don’t feel bad.<\/p>\n\n\n\n Relying on personal finance creates a solid foundation\u2014but for me, it\u2019s not the only strategy. Why? Because it takes a long time.<\/p>\n\n\n\n When I was 21 years old, I was making minimum wage at a job that I hated. Yes, I could have lived on rice and beans for years, saved $500 a month, and invested it in the stock market. Over time, I\u2019m sure I would get raises and better jobs. But it still would take a long time.<\/p>\n\n\n\n There is nothing wrong with getting rich slowly. I still pay careful attention to my personal finances because they are my \u201cinsurance\u201d against the other methods. But I don\u2019t want to save for 40 years only to have a retirement I\u2019m too old and tired to enjoy.<\/p>\n\n\n\nKnowing vs. doing<\/h3>\n\n\n\n
Saving your way to one million dollars<\/h3>\n\n\n\n
The problem with using personal finance to become a millionaire<\/h3>\n\n\n\n