I'm a self-made millionaire, and I'm convinced there are only 5 ways to get rich
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There are many definitions of what it means to be rich.
Being rich is more of a state of mind than a dollar amount. Truthfully, the rich can be poor and the poor can be rich. For example, being rich could be a family of five who lovingly share their small piece of bread in a third-world country. Conversely, another family of five may live in a 12-bedroom home and still have strife over an unlimited first-class feast!
Moreover, being rich is really about having it all. It would be ideal to have a combination of the aforementioned situations: the happy family enjoying a delectable meal in the big house — and it is possible. However, to achieve this kind of wealth, along with financial freedom, personal peace and happiness, you must get committed to it.
You must also be able to enjoy your wealth. Some people put in a hundred hours per week with work but completely neglect their families in the process. Others focus on their family so much that they never really get busy at work because of their obligations. Obviously, achieving a sense of balance will allow you to possess true wealth and also be able to enjoy it.
If you're looking to have it all in life, here are the only five ways you can become rich:
REUTERS/Tony Gentile1. Adopt the producer mentality
You must make a major shift from being a consumer to producer. Here are some examples: consumers eat pizza, producers make pizza; consumers watch movies, producers make movies; consumers search for jobs, producers provide jobs. Every millionaire is a producer. Only producers get rich.
The overarching goal of a producer is not to eat, but to feed people. Obviously, producers must consume at some point, but it isn't their primary goal. Instead of seeking their next meal, they're more interested in providing the next meal for someone else, knowing that they will have the chance to eat in the process.
Whether these producers are providing heart surgeries, writing best-selling books, or building skyscrapers, they've learned how to create products and services to help those around them. If you study millionaires closely, you'll find that nearly all them provide a valuable product or service to millions of people. When you adopt a producer mentality, you will become wealthy, too.
Related: 10 Powerful Habits That Will Make You a Millionaire
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2. Know your daily rate
How much are you worth per day? Have you calculated your daily worth? $100? $500? $1,000? There are approximately 250 working days in a year. Do you know what it would take to be a millionaire? If you earned $4,000 per day, you would reach the million-dollar mark each year.
If you're earning $100 per day, you should try to double it. Just imagine, if you did twice as much, you would earn twice as much! For instance, when I first started my business, I was worth about $200 per day. Since I didn't want to stay at that number, I sought better ways to improve myself for my clients, which gave me a tremendous boost of income.
What are you doing to improve your daily rate? If you're searching for a new job, send out twice as many resumes. If you're making 10 sales calls per day, double your number of calls to 20. If you're babysitting one child, find a way to multiply your results by opening up a day-care for 50 kids. Of course, it would be best to maintain or increase your quality of work as you pursue these endeavors.
"Success is getting what you want. Happiness is wanting what you get." — Dale Carnegie
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3. Sacrifice everything
The great majority of people are afraid to make sacrifices because they think they'll lose something. The single mother won't buy a $20 book that will help her earn $20,000 extra dollars. She's the same mother who's afraid of the cost, but still would buy a video game for her son to make him happy.
Before you become rich, you must become poor. Besides lottery winners and heirs who receive hefty inheritances, you must be willing to pay the price and sacrifice everything. You must be able to handle the worst if you want to expect the best. There will be many times where you'll have to delay gratification to focus on a bigger goal, which is always worth it in the end.
To approach a risk more judiciously, ask yourself two questions: "What's the worst thing that can happen if I take this risk?" Then ask yourself, "What's the best thing that can happen?" Usually, you'll find that the only reason that you wouldn't take a major risk is because money is involved. However, you should be able to sacrifice everything to become immensely rich, even if it's your last dollar.
Related: 5 Ways to Dramatically Explode Your Income
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