Millionair Mindset: How to be a Millionaire in 7 Years?

Discover the single most important factor in becoming a millionaire that most people overlook. Learn why lottery winners often go broke, and how to prioritize your financial goals. So what is it? The Answer: Millionair Mindset.

WHAAAAT? Why is millionaire Mindset the most important aspect?

Well, you need to become a person who wants to be wealthy instead of just looking rich. Read this one more time: You need to become a person who cares more about being rich than looking like it.

Okay, that sounds boring, right? What’s the point of becoming rich if you can’t show it? Well, the things that make you look rich usually make you a bit poorer.

I once heard that “the owner of a Lamborghini is a Lamborghini poorer than before.” And that sums it up pretty well.

At the beginning of every millionaire story, they spend much less than they make, drive an old car, and invest the rest in themselves or some sort of asset.

 So, what shall we do? We have to first see what we do wrong before we can make necessary changes

The routine that keeps you poor

When we get paid, most of us tend to start spending it, arguing that it was a tough month, a rough week, or whatever.

You have to understand, unless it’s a necessary expense (rent, tax, food, healthcare, etc.), that spending is just wasting a tiny bit of your first million. So what should I do instead?

Pay yourself first!

How much do you want to save every month? Think about it, write down the number, and this amount goes out of your bank account into another account (a savings account, etc.) the day you get paid.

You live with the remaining amount for the rest of the month. You cannot overdraw the balance on your credit cards. Remember, you want to become a millionaire.

You now say, “Okay, Stephan, that’s it? Paying myself first gets me to be a millionaire.” Yes.
Make yourself a priority; pay yourself first and then the others.

But, Stephan, I am not that disciplined. Well, do you want this or not? Are you in control of your life, want to really change it for the better, or what? Prove it to yourself and the universe.

Being responsible for your faith

My first book on money was “How to Become a Millionaire in 7 Years” by Bodo Schäfer. He is a German author and was trained by the absolute best on Millionaire Mindest. Tony Robbins was one of these mentors.

I grabbed the book because of the title. I was 14 at the time, and adding 7 years sounds like a great deal to be fucking rich.

The book did not meet my expectations at all, but it hit me very differently (thankfully!). I thought it would be full of investment tips, but 80% of it was about having the right mindset.

He teaches you to make yourself a humble priority, meaning to be kind to others but very disciplined in achieving your own goals.

Bodo kept repeating the same sentence throughout the book. He says, “Make yourself a priority.”.

As a beginner, I didn’t get it.

How Millionair Mindset changed my life

In the course of the past 15 years, I have spoken to numerous friends and family members about what to do with their money. You may have had these typical “over at dinner” or “at a bar” conversations yourself.

These conversations usually turn to a point where my wife and I explain why we invest our money in low-cost index funds and why we think real estate, for most people, is not the ideal investment type.

We explain the cons and pros of this type of asset-class investing, and people are usually hooked and excited.

We tell them how to get started and what to read or listen to get more information before making a decision.

And then…

Nothing happens. They do not invest in anything at all; they find the few hours of podcasting too much work, and they just leave everything as it is.

This really amazes me. How can people spend 4 hours a day on Instagram stalking whoever but cannot get themselves up to do something that can potentially make their life awesome? As in, longterm objectivly awesome. I come back to what Bodo taught me. Make yourself a priority.

This Blog is dedicated to people who are willing to take control of their money for the better 😊

At the end of this article, if you want, there will be a brief action plan (Millionaire Mindset) to make the most of this blog post. But before…

Millionair Mindset and Attitude: A Story About Two Brothers

In Schäfer’s book, there’s a story about two brothers I have to share with you:

In a troubled town, two young brothers faced a harsh life. Their father, an angry alcoholic, caused them pain and fear. Their mother lost in her sadness, couldn’t help them. Growing up in such darkness, their paths split in adulthood.

One brother, fueled by a desire to escape his past, became a successful lawyer. He turned his pain into strength, striving for a better life. He said, “With a father like mine, how could I have become anything else? I saw his destruction and chose to build something different. I used my past to create a life of purpose.”

The other brother, trapped by his past, turned to crime. His life mirrored the violence he knew. From his prison cell, he shared, “With a father like mine, how could I have become anything else? Violence was all I knew. It swallowed me, and I couldn’t escape.”

This story took me by surprise, and I still think about it. This story shows how mindset and choices shape our lives.

Both brothers started in the same place, but their perspectives led them in different directions. Our circumstances may be tough, but we can choose how to respond.

As mentioned before, in personal finance, our mindset matters the most. When we choose growth and determination, we will achieve what we want. Make yourself a priority.

Conclusion

The single most important factor in becoming a millionaire is mindset. With it, focusing on generating additional income, saving, and investing comes almost automatically.

At the start of this journey, we have to commit ourselves to it the most. We have to make ourselves a priority. This blog is dedicated to those who do. Follow along with me.

Yours,
Stephan (More about My Story Here)