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Developing the Millionaire Mindset

What does it take to become a millionaire? Without a doubt you need a saleable idea, a creative spirit and a dedication to your goal. Plenty of people have all of these attributes, but what sets the millionaires of our society apart from those who merely want to achieve that status is mindset. Before you can become a millionaire, you must develop the millionaire mindset. "I don't care what your background is," says Matt Bacak, an Internet millionaire who now coaches others toward the same success. "If you take on the millionaire mindset, amazing things can happen for you. ... read more

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"I don't care what your background is," says Matt Bacak, an Internet millionaire who now coaches others toward the same success. "If you take on the millionaire mindset, amazing things can happen for you. But first you need to believe that it can happen."

Bacak says that regardless of how their millions were made, every millionaire shares this same mindset. The key to success lies not only in work ethic but in trusting your instincts and believing in yourself. "Once you accept the millionaire mindset, your goals will become attainable," he explains.

Setting Realistic Goals
 
While your eventual goal is to become a millionaire, you have to start out your journey by setting realistic goals. "You can't set your first goal at a million dollars when you haven't even made a thousand yet," says Bacak. "You have to set a series of goals for yourself and then keep topping them. That's how you build confidence in yourself and how you prove to yourself and others that you have what it takes to go the distance."

Learn to Speak Decisively
 
Indecisive language will get you nowhere, Bacak says. When you use language like "I may," or "I'll try," you fail to set yourself up for success. "Learn to speak decisively," says Bacak. "Tell yourself 'I will,' and 'I can.' Your thoughts become your language, and your language becomes action. You action becomes results - and when I say results, I mean money!"

Fear vs. Faith
 
Fear will stop you in your tracks. Learn to replace your fear with faith in yourself and others. "Faith will get you the results you want," says Bacak. "Have faith in yourself, your spouse, your kids, your ideas. Believe that you can be successful. Faith is an essential piece of the millionaire mindset. Faith moves you forward."

Take the Cell Phone Challenge
 
Scroll through your cell phone or Rolodex and take note of all of the people who drag you down. Take note of the people who tell you that you won't succeed, the people who constantly send negative energy your way. "This is the time to take a decisive action," Bacak encourages. "Delete these people. Delete them from your phone, and from your life. Open up that spot for someone who lifts you up, who wants to teach you a new skill, and who wants to contribute to your success." Part of developing the millionaire mindset, Bacak says, is surrounding yourself with people who believe in you.

"Just Get It Going"
 
Successful people aren't successful because they're perfect. Even the most profitable businesspeople make mistakes. "You don't have to make it perfect," says Bacak. "You just have to get it going! Quality and consistency are essential, but perfection is not. At some point you have to stop planning and start doing." Bacak says that making mistakes can be a valuable tool. Instead of allowing your mistakes to deter you from trying again, learn from your mistakes. Treat them in the same way you'd treat honest feedback from a trusted friend.

What is the cost of failing to develop the Internet millionaire mindset? "Regret," says Bacak. "When I was a kid I had a paper route, and my last stop was a senior citizens' home. I'd talk to the residents there, and they'd always talk to me about regret. They'd say 'I wish I'd done this or that when I was your age.' I knew then that I didn't want to grow up to have those kinds of regrets."

The May 2005 issue of Forbes magazine reported a total of 691 billionaires in the world. In India alone there are 61,000 millionaires. By developing the millionaire mindset and integrating it into every aspect of your life, you could be the next millionaire to appear on Forbes' list.

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