10 Practices for Becoming a Self-Made Millionaire

10 Practices for Becoming a Self-Made Millionaire
Image credit: Shutterstock

Free Book Preview Entrepreneur Kids: Launch Your Own Business

Submit your email to get a sneak peek of some of the fun, educational worksheets included in our NEW book for the little entrepreneur in your life.
Entrepreneur and Penny Stock Expert
4 min read
Opinions expressed by Entrepreneur contributors are their own.

Becoming a self-made millionaire is no easy task. Yet, for the individuals who have accomplished this major feat in the past, the process involves following a few set rules like these or guidelines that have proven to help self-made professionals, no matter what industry they may be in. If you have your sights focused on a life as a self-made millionaire then consider these rules to live by.

 

Do it for the challenge

Do it for the challenge
Image credit: Shutterstock

If you ask any self-made millionaire why they got started in the field they did, chances are they will not just say “to make a million dollars.” The true story behind most people’s success is that they wanted to accept the challenge of following their dreams and becoming successful on their own terms.

Never get too comfortable

Never get too comfortable
Image credit: Shutterstock

There should never be a time in your journey to the top where you stop and think “Ok, I’ve done enough, I can stop working so hard.” If you’ve met your goal and made a million dollars, set another one. You should never be comfortable, you should always be working for more.

Related: Here's Why You Need to Step Outside Your Comfort Zone

Study and work harder than anyone

Study and work harder than anyone
Image credit: graphicstock

No matter how talented you are, you will never reach your full potential success unless you are willing to study and work harder than anyone else. This is the only way to truly achieve your goals.

Learn from failures and mistakes

Learn from failures and mistakes
Image credit: graphicstock

You are going to make mistakes and you are going to fail. How you react to those failures is what makes you successful. If you fall, don’t get down on yourself, but look at why you failed, take it as a learning experience, brush it off and move on.

Read every day

Read every day
Image credit: Shutterstock

This rule cannot be emphasized enough -- you need to be reading all the time. Never stop reading and never stop finding new topics to read about. You need to keep aware of the cutting edge movements within your industry to stay ahead of the trends.

Keep your mind and body healthy

Keep your mind and body healthy
Image credit: graphicstock

Exercise along with mental health breaks are all an important part of being the most successful version of yourself that you can be. Work out daily, eat right and always get plenty of sleep.

Related: 7 Mind-Body Fitness Strategies That Crush Stress

Surround yourself with successful like-minded people

Surround yourself with successful like-minded people
Image credit: graphicstock

Surrounding yourself with the wrong people can be a major drain on you. Make sure that you are around people who share your same goals and visions, who are motivated and are true peers that also want financial success. Being around these individuals will motivate you and help you stay focused. Avoid people who don’t care about work. People who spend all of their time partying are not good for your success.

Give to the less fortunate and take care of loved ones

Give to the less fortunate and take care of loved ones
Image credit: graphicstock

We’ve talked about taking care of your mind and body, but it is also important to take care of your soul. Never lose sight of the world around you and those who are in need. Taking care of your loved ones is one of the best ways to enjoy your financial success.

Give back to those in need. I started my Timothy Sykes Foundation to help those who are less fortunate. It has really made a difference in my perspective and work ethic.

Be honest and transparent

Be honest and transparent
Image credit: graphicstock

Lying and being deceitful will never get you as far as you think. You need to always be honest, straightforward and transparent with people. This is a truly important and undervalued practice that will help you earn the long-term professional success you have always wanted.

To succeed think long-term, not short term.

To succeed think long-term, not short term.
Image credit: graphicstock

So many people are focused only on their short-term success and have goals like “I want to make X amount of money in the next year.” Don’t focus on short-term goals, focus on the long-term big picture of where you want your life to be. These are the types of goals that will get you motivated to being truly self-sufficient and building actual wealth for you and your family.

While there undoubtedly is a certain amount of challenge that comes with becoming a self-made millionaire, if you keep these rules in mind and learn from the success of those who have accomplished this goal in the past, then you will be armed with the insight you need to help make your financial goals a reality.

Related: Stop Thinking Long Term. Execute Strategy 90 Days at a Time.

More from Entrepreneur
Our Franchise Advisors will guide you through the entire franchising process, for FREE!
  1. Book a one-on-one session with a Franchise Advisor
  2. Take a survey about your needs & goals
  3. Find your ideal franchise
  4. Learn about that franchise
  5. Meet the franchisor
  6. Receive the best business resources
Make sure you’re covered if an employee gets injured at work by
  • Providing us with basic information about your business
  • Verifying details about your business with one of our specialists
  • Speaking with an agent who is specifically suited to insure your business
Try a risk-free trial of Entrepreneur’s BIZ PLANNING PLUS powered by LivePlan for 60 days:
  • Get step-by-step guidance for writing your plan
  • Gain inspiration from 500+ sample plans
  • Utilize business and legal templates
  • And much more

Latest on Entrepreneur