A millionaire’s ten commandments
Today’s piece is from Tim Sykes. Tim shot to fame across the pond for transforming his $12,000 Bar mitzvah money into over $1.65 million by trading – all before he graduated college!
Tim has been ranked the #1 trader out of 60,000+ investors on Covestor, and is always transparent with his trades, revealing the reasons behind his success.
He is an avid educator, having posted over 8000 articles on his personal blog and garnered a following of over 5000 students.
On a personal level, he loves to indulge in his success and live the millionaire’s lifestyle that he’s carved out for himself.
When contemplating edge of the market investments, it is important to have a set of standards and goals to stick to when the going gets tough and you’re learning about new markets.
So, with that in mind, Tim is here to present his ten must-do’s if you’re aiming to hit the personal million bracket…
Many believe that to get wealthy, you’ve either got to win the lottery, receive a windfall inheritance, or do something illegal (more power to you if you receive the former two; I don’t suggest the latter).
Getting wealthy isn’t possible, we’re told.
Rather, if we scrimp, save, invest conservatively and wisely, and then maybe, just maybe, we might save our way up to millions over time.
If you don’t foresee a windfall and don’t want to wait an entire lifetime to maybe build wealth, then it’s time to set your mind to making millions in a smarter way.
By adopting these habits and following these tips, you can help streamline the process to becoming a millionaire… like my top millionaire students and I have.
If you’re serious about creating wealth, these are some of the things you need to start doing now…
#1 Have clear goals
Sure, ‘become a millionaire’ may be a good start…
But it’s not specific enough.
It’s important to clarify: What kind of millionaire do you want to be?
Do you want to become a millionaire trading penny stocks and to be able to work from home?
Or is it your heart’s desire to start a global empire?
Having a specific goal in mind will help you make a calculated plan of how it can be attained.
Of course, flexibility is key: there will be bumps in the road, and there will be detours. But having a goal in mind can help you stay focused and on the road to riches.
#2 Be willing to work hard
Are you prepared to challenge yourself mentally and physically every day?
Being a businessperson and becoming a millionaire isn’t a typical job where you’re sitting at a desk and goofing off on Facebook half the day.
You’ve got to be willing to work hard and to put your heart in it 100%.
#3 Have a mentor
Having a mentor is the absolute best way to educate yourself in the business world.
Find someone who is doing what you want to do, who is further down the line and who has a proven track record of success.
Chances are, they had a guide who helped them attain their success.
Once you find this person, befriend them, and learn everything you possibly can from them.
Consider yourself an apprentice, learning the trade while beginning to get to work.
By being around this person, you’ll absorb a lot of really valuable information…
This is why I send daily e-letter issues out every day.
I NEVER had a mentor and that hurt my education/potential for many years…my goal now is to be the mentor to my students that I never had!
#4 Learn all that you can
Be obsessive about educating yourself on all things financial.
The financial papers, stock analysis, business news, international news: Make them part of your daily reading.
Not only can this help inform your investments, but it can make you a more articulate, goal-oriented person who is aware of what’s happening in the world.
You never know what news might inspire you to make an investment, or give you an insight for further developing your business.
Align yourself with professionals who are in the world of which you want to gain entry.
By associating with millionaires, you will begin to be part of that culture, which will rub off on you.
You’ll not only learn how they conduct themselves in business, but be able to observe their attitude, confidence, and how they maintain a schedule.
This will help you ‘fake it before you make it’, by learning how to be a professional in the financial world.
#6 Learn about penny stocks
Penny stocks are the way that I grew wealthy. They’re generally hated around the world and that makes the competition easier.
I turned $12,415 into $4.3 Million by trading penny stocks, my top students are enjoying similar, seemingly impossible performance.
It’s an accessible entry into the trading world, and as you can see, the pay-out can be huge.
#7 Do what you’re good at
Many people say you should ‘do what you love’.
Well, there’s some wisdom to that… but even more importantly, do what you’re good at.
More often than not, you have some sort of an interest.
This might sound cheesy, but you’re not going to stick with anything that you don’t feel passionate about.
While you might not feel passionate about the penny stocks themselves, you can feel great passion for the game and for the risk of investment. If starting a business, don’t start a dry cleaning business just because it’s a good business model. You have to align your business with your interest to a certain degree; otherwise, it will always feel like drudgery.
#8 Know what people are willing to pay for
In addition to knowing where your talents are, you should know what people are willing to pay for.
Investing in penny stocks is a great way to enter the financial world.
But if that isn’t for you and you want to start a business, figure out what it is that people will pay for.
By anticipating people’s needs and habits, you can create a successful business.
#9 Work out (physically)
A nimble body is a nimble mind.
Working out boosts your physical and mental health in a number of ways…
It reduces stress hormones, boosts energy and vitality, and calms the nervous system, and keeps the heart healthy.
By pumping blood through your body, more nutrients get to your brain, and the better you’ll be not only in person, but in business.
Plus, looking good gives you more confidence.
#10 Be willing to fail
The more comfortable you become with failing, the better off you will be in the long run.
Failures and setbacks are a natural part of the process of making millions; the key is not letting them keep you back.
When you begin to look at failures as opportunities to continue in a bigger, better way, there will be nothing holding you back.
How many of these things do you do regularly?
Becoming a millionaire quickly is both a science and an art.
Even with the most profound financial knowledge, you won’t get there without cultivating some of the habits detailed in this post.
By following these tips, you will be a lot closer to making millions in record time, and becoming an intelligent investor/trader.