Mind Over Money

PAUL B. FARRELL
Mind over money
Ten tips on creating a millionaire attitude
By Paul B. Farrell, MarketWatch
Last Update: 6:44 PM ET March 20,
2005    E-mail it | Print | Discuss | Alert | Reprint | RSS
ARROYO GRANDE, Calif. (MarketWatch) -- A new study by
DataMonitor says the number of American millionaires rose from 7.3
million in 2002 to 8.5 million in 2004. At the current 7.1 percent annual
growth rate, we're creating a million new millionaires every year, a total
of 12 million millionaires by 2008.
You can join those folks. Here's the secret: It's all in your head, your attitude,
your state of mind. If you want to retire a millionaire, you can. You control
your mind. A few decades in business convinced me of this one simple truth:
Becoming a millionaire is all in your head. It has little to do with wealthbuilding techniques, tools and rules.
In fact, you could even forget all the usual stuff: asset allocation, stock
picking, savings plans, budgeting and so on. I know that's what advisers,
pundits, brokers and other experts tell you to focus on. But if you're not in the
right state of mind, none of that matters.
Seriously, I've read all the books: "The Millionaire Mind," "Instant
Millionaire," "Automatic Millionaire," "Millionaire Next Door," "One
Minute Millionaire" and many more. I even wrote one, "The Millionaire
Code."
But I keep coming back to this one simple fact: It really is all in your head!
Period. Here are 10 tips I picked up over the decades, tips that'll help you
become one of America's next millionaires:
1. Getting rich isn't about money
Peter Lynch says if you spend 15 minutes a year studying the economy, that's
10 minutes too many. And when money guru Ric Edelman researched 5,000
millionaires for "Ordinary People, Extraordinary Wealth," he discovered that
millionaires spend an average of just six minutes a day on personal finance.
They have better things to do. Get a life!
2. Accentuate the positive
Most of us have read books like "Success Through a Positive Mental Attitude." That message was summarized for me by a U.S. Army Special
Forces instructor, a veteran of 26 years: "If you have a guy with all the
survival training in the world who has a negative attitude and a guy who
doesn't have a clue but has a positive attitude, I guarantee you that the guy
with a positive attitude is coming out of the woods alive. Simple as that."
3. Think differently
Go inside "The Millionaire Mind" with author George Stanley: "They think
differently from the crowd ... It pays to be different." Yes, being different
helps build wealth. That's the central theme of his work: Don't fit in, go your
own way.
4. Quit doing what you hate
Many people live in quiet desperation, waiting for retirement, doing
something they hate. Marcus Buckingham put it very simply in his new book,
"The One Thing You Need to Know:" Figure out what you don't like doing
then stop doing it.
5. Do what you love
You've heard all the pep talks: Follow your bliss; do what you love, money
will follow. Never forget Stanley's bottom line: "If you are creative enough to
select the ideal vocation, you can win, win big-time. The really brilliant
millionaires are those who selected a vocation that they love."
6. Find 'the real you!'
Working in a career that doesn't fit right is exhausting and stressful. You're
less efficient, less productive. Get in sync with the real you. Get help from a
career counselor. Read books on personality types. In "The Millionaire Code"
I identify 16 basic types to help people focus on their dreams. Buckingham's
"Now Discover Your Strengths" is another example. Find the real you, go for
it and never turn back!
7. Invest in 'You, Inc.'
Tired of working for Corporate America? Become an entrepreneur. Create
your own business. Read Kiyosaki's "Rich Dad" series. Browse through
"EBay for Dummies." Open a Starbucks franchise. Most millionaires work
for themselves, pay less in tax, live below their means and build equity in
themselves.
8. Live with passionBelieve in something. Listen to the still small voice. What is it: Love, family,
jazz, art, golf, writing, fishing, inventing? Whatever it is, it's you. And it's
priceless. My mentor Joseph Campbell said: "If you follow your bliss, you
will always have your bliss, money or not. If you follow money, you may
lose it, and you will have nothing."
9. Live in the moment
A good friend is in his 60's. When I mention retirement planning, he laughs.
He talks about his next vacation. His new jet skis. He's survived divorce,
bankruptcy, foreclosure, health problems. He has a successful business, nice
house, lots of debt. He's at risk. I couldn't do it, but he's happy. We all have
friends like him, living in their moment. You need to live in yours.
10. Make a difference!
Most of us focus on our little world and our future. Millionaires dream of
making the world a better place, with visions of a better tomorrow for
everyone. They love helping people. I'll bet you have such a dream. Discover
the real meaning of life by going beyond yourself and make a difference!
Remember, being a millionaire is all in your head. If you got the right
attitude, if you feel it, if you believe you're a millionaire, you're already there.
The money will follow. Trust me.