As Henry Ford once said “If you think you can or you think you can’t, you’re right!” Your path to making your first million dollars may not be easy and it all starts with the right mindset. Some of the most famous multi-millionaires didn’t become that way until they were in their 50’s. Harland Sanders (aka Colonel Sanders) was 62 when he opened his first Kentucky Fried Chicken. Ray Kroc was over 50 when he bought his first McDonalds. Although he’d owned a small chain of discount stores, Sam Walton opened the first true Wal-Mart in 1962, when he was 44. What’s holding you back? Do you think you can or do you think you can’t?
Even if you weren’t born rich (after all, the majority of us weren’t), you definitely stand the chance of becoming a millionaire…most millionaires are self-made. You don’t even have to have an advanced degree to get there. Only 18% of those with a net worth of $1 million or more hold a master’s degree, while 8% have law degrees and 6% went to medical school, according to “The Millionaire Next Door.”
Do you have to know how to manage your investments in order to become a millionaire? You don’t have to study finance or memorize stock tables to make a million. In fact, 59% of millionaires say they have a “great deal” to learn about investing, according to Spectrem Group, and 17% admit to knowing little about investments. If you started saving $200 a month when you were in your 20’s, you’ll be ok when you’re 65 but if you haven’t done that by the age of 45, that number jumps up to $1700 a month that you would have to save. What happens to people who either had money saved but blew it when they were in their 40s and 50s? I’ll cover that in a bit…there IS a way.
The bottom line is it’s never too late to become a millionaire. But, how do I get there if I’m older than 40, you ask? The first thing you need to do is BELIEVE you can! Once you believe that you can do it, your subconscious will help you get there and everything will fall into place. Secondly, you need to decide what being a millionaire means to you. It’s these things that will keep you focused. Is it security? Is it freedom, or power, prestige, the ability to travel anywhere you want to go in the world, philanthropy, the ability to make a difference in the lives of others, have the money to invest? Is it the ownership of a house, or two houses, a vacation home? Whatever that experience is for you, make sure that you write it down. Get very clear on your why behind being a millionaire.
Most people have a lottery mentality when it comes to money, but that’s exactly what’s keeping them not wealthy. What you have to think is money means freedom and money means choices and opportunity. It means you can live an unrestricted existence if that’s what you want to do. You can do anything you want anywhere in the world with whomever you want and for how long you want. You don’t have to be beholden to anyone else unless you choose to. It’s freedom. If you start thinking about money in that way, it makes sense. And, you don’t have to be a Rhodes Scholar to figure it out. Anyone who puts their mind to it can make things happen.
When you’re looking at retirement’s front door, keep in mind that you have choices. You don’t have to give in to a sendentary life of a retired old person sitting on the couch watching TV all day and wondering how you got to that place in your life. Think about becoming an entrepreneur. If you’re not prepared for a comfortable retirement, what are your choices? Becoming a greeter at Walmart? Working at your current job for 20 more years? Or, learning how to become an entrepreneur so you can work from anywhere in the world using just your laptop and an internet connection?
According to Kim Kiyosaki (Robert Kiyosaki’s wife), “Retirees make some of the best entrepreneurs. Think about it. They have a lifetime of experience to draw from, vast connections and relationships built up over years, and they’ve witnessed the dramatic changes that have occurred over decades.
Don’t ask me, look at the hundreds of entrepreneurs who are starting businesses in their retirement today. According to the Kauffman Foundation , almost a quarter of entrepreneurs are 55 or older. “This rate means that 370 out of every 100,000 adults in this age group became entrepreneurs in a given month.”
If you underprepared for retirement, the solution is not to live below your means, but expand your means. Don’t go back to working for a job, but build a business that works for you, and supports you as you enter your golden years.”
Staying busy in retirement has many health benefits. It keeps people engaged and active, which positively impacts their health. “Regardless of work status, retirees agree that working in retirement helps people stay more youthful (83%), and that when people don’t work in retirement, their physical and mental abilities decline faster (66%).”
What better way to stay active and working than by starting your own business? Going back to work for someone else at another job doesn’t sound liberating. But starting a business from your passions, something you look forward to working on every day, could turn your boring retirement into an exciting one.
I hope this article made you feel better about your prospects of retiring comfortably and/or ensuring that your retirement provides you with a way to live the life you’ve always dreamed of having. I’d love to hear your feedback so leave a comment below. Feel free to share this with your friends if you got value from it.
Till next time,