The word “millionaire” can piss people off.
It’s why I’m always reluctant to write about it. Recently, in a newsletter I published, several readers asked me to explain the mystery of the millionaire mindset that they say I have.
As the guy who coined the term “millionaire writing habits,” and is a millionaire (just threw up in my mouth writing that), I’ve mastered this mindset to be able to teach others about it.
But it’s bloody hard to explain.
Here’s my best attempt at defining the millionaire mindset so you can use it to be successful.
Let’s first address the monetary aspect of the millionaire mindset.
People who have this mindset think differently about money. They see the idea of selling their time in return for a salary as a short-term measure or a way to start one’s career.
But they’ve learned this isn’t scalable or sustainable.
It’s not about attacking jobs and employers and calling people wage slaves. It’s about understanding that selling time has limited upside, and that time is always working against you.
Every year inflation devalues currency (aka money). And every year most employers don’t raise salaries, and even if they do it’s not by more than the devaluation of government currency.
So if you sell time and work for a salary then you’ll be forced to work harder over the decades for less money. It’s like a hamster wheel.
The paths out of this time dilemma come from the magic of compounding, passive income, and leverage.
- Financial assets store time. If you buy the right ones they compound how much money you have (and free time).
- Passive income lets you make money while you sleep, so if you take a day off or get sick, income still keeps rolling in.
- Leverage lets you take your personal inputs of time and energy, and compound them without extra resources. In other words, get out more than you put in — the effortless way…