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Getting rich starts with your mindset — with the belief that you really can accumulate wealth.

8 Tips to Become a Millionaire This Year

Next, crunch the numbers to see what it actually takes to reach seven-figures , or whatever your personal goal is. How many different ways can you collect one million dollars? Of course, these examples are highly simplified, but the point still stands: "Do the math to create possibility, then create strategy," says Cardone. After all, self-made millionaires tend to have at least three sources of income.

8 Tips to Become a Millionaire This Year

Whether you have a service, a product, or an idea, the question to ask yourself is always: 'Who's got my money? There's no shortage of money, he says. The key is to get in front of those who have it — investors or potential buyers — and provide them with value. No matter how much you increase your income, "stay broke," writes Cardone. Once I start increasing income, I immediately moved the surpluses to sacred accounts that were out of my reach and marked for future investments.

Yao's Millionaires' Problem

This is a way of paying yourself first : Cardone invests his money before paying anyone else. This way, he's never even tempted to spend or waste money that's sitting around. Plus, when you're broke, you're motivated, he says: "This state of staying broke forced me to continue producing new revenue … and to keep reinforcing the actions that had already proven successful.

Following Cardone's steps is just the beginning.

Stop making excuses

You have to "repeat and reinforce" these steps, he says, if you want to continue building wealth. But the rewards can be massive: "You can be a billionaire, deca-billionaire, or richer if you simply think bigger from the start and then hyperfocus, and repeat the steps I have laid out.

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Don't miss: 3 self-made millionaires share their No. Get Make It newsletters delivered to your inbox. All Rights Reserved. Skip Navigation. The Definitive Guide to Business. VIDEO Simple steps to get rich from a self-made millionaire.

How I spend my $1 million income. (as a millionaire)

Boone Pickens , who only carries around as much cash as he needs for what he intends to buy. Entrepreneur Media, Inc. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site both directly and through our partners. The table below describes in more detail the data being collected. By giving your consent below, you are agreeing to the use of that data. For more information on our data policies, please visit our Cookie Policy. Revoke Consent Submit Consent.

How to Become a Millionaire. Becoming rich has more to do with restraint and tenacity than it does brilliance or luck.


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