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What are the Secrets to Becoming a self-made Multimillionaire.

Secrets to self-made multimillionaire

Most individuals would be most satisfied in learning what the secrets are to become a millionaire, let alone becoming a multimillionaire.   While not all that long ago $1 million seemed like a tremendous amount of money it does not hold the significance today that it did back a few years.   For those that think $1 million is going to give them financial security those that do have $1 million find that that is necessarily not the case.   Some surveys have shown that individuals that are in this bracket of being a millionaire do not feel wealthy or secure.

The first secret to success by the experts is that you have to change your thinking from where you want to be. It begins with wanting to be a self-made millionaire but not stopping at this level.  It begins with making a decision and then setting your target goal.

Again it comes down to the thinking of money and poverty.  If you are going to think like a person that is in poverty then chances are you are not going to get past the stumbling block.

Motivation is another key factor and while money is  goal, it should not to be the total motivator.   You have to determine what you can contribute to your success and place your focus on this as well.   This means expecting more of yourself and raising your expectations of yourself.   Learn from those that have succeeded.  If you want to become a multimillionaire than start focusing on these groups of people and see what they did to get themselves to this level of success.   You may be quite surprised as a what you learn.   Remember that here we are talking about the self-made multimillionaires and not those that were born with a golden spoon in their mouth.

Don’t expect to become rich without working for it.  It is not going to come to you.  You have to go out and get it.   This means dedication and a lot of time and effort.

One of the key factors to building your wealth is to learn to invest and not spend it.   While you may want all the fancy luxuries that come with being a multimillionaire, you need to first make the investments with the money you make into ones that are solid and going to bring you back a great return.

Finally, another important factor is not to put all of your eggs in one basket.  If you find a niche that is going to generate some good revenue for you this is all well and good.  Make sure that you are continuously keeping your eye out on other areas of income generators, so if one fails you have others to ball back on.

 

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Sam Seidman, CPA, CA, LPA
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Email: sam@torontoaccountant.ca

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