When it comes to self-made individuals and people who’ve made the leap into financial freedom, there are some underlying traits and skills millionaires master.
Unless you’re going to get rich by luck or chance alone, mastering as many of these should become a priority for you.
The more you’re able to compound these skills one on top of the other, the bigger the success, the shorter the time, the more it will look like magic to everyone else.
If you prefer your Sunday motivation to be served with colors, here it is, straight out of our YouTube oven:
With that on the table, check out: 15 SKILLS MILLIONAIRES MASTER
Refusal to Accept Anything but Success & -Almost Blind- Confidence
The more time we spend with millionaires and billionaires, the more we realize just how similar we all are.
The most successful people we know, have this almost blind confidence that anything they put their mind to, will turn out in their favor. They are actively writing their own future, through their thoughts, ideas, work, projects and actions.
I’m 100% confident in my success, because I’m the one in charge of my actions!
Failure or throwing in the towel is something they’re not even considering.
Why would anyone quit at something that they know it is possible and can create the life they want for them?
Some of you don’t have this. Some of you are just pretenders… opportunists; trying to squeeze yourselves into success… but those of you who really do have it, know damn well what we’re talking about. It’s a fire burning so strong in you that you would literally die, before giving up on your goals.
That’s what fuels super-successful people.
Truth be told, society is kinda screwed up! The pressure it puts on the individual to OBEY, to fit the mold, to be just another pixel making up the most boring picture in the world…
You can’t live the life of your dreams if other people are the ones picking your dreams for you!
Millionaires – and billionaires for that matter – are strong independent thinkers. They decide to do things most people would advise against.
“I’m gonna risk everything and start this business” – “don’t do it Johnny boy… don’t do it.”
“I’m gonna try to live off of my passions” – “don’t do it… you’re gonna end up miserable.”
But if you take a step back and freeze the frame… who do you think is more miserable? Who do you think enjoys their life more? The person sitting in a cubicle under fluorescent lighting, living off vending machine sandwiches, or the one who’s doing what they love and somehow figured out how to monetize it?
The most successful people are contrarians in thought to the point that they reject the sub-standards of society altogether. That’s why they call them “eccentric billionaires” or weird…
The moment you stop people from thinking for you, you discover just how hard but exciting it is to think for yourself!
Compounding Everything Using Multipliers
There’s isn’t anything more powerful in this life than compounding using multipliers and no… we’re not talking about putting your money into a bank account and leaving it there for 50 years.
Rich people compound everything, including themselves.
If you – as a person – grow by 20% in skill set every year, you’re going to be twice as valuable to the marketplace in less than 4 Years.
Successful people continuously compounded their own value. They constantly invest in themselves to the point where it seems crazy to everyone outside.
Why would Warren Buffett read 100 pages every day – considering he’s 90 years old right now- since he’s already one of the richest people in the world? He’s been doing it since he was 10.
It’s all an investment in his DECISION MAKING PROCESS!
Warren Buffett has incredible judgement and that’s why people trust him with his money.
He’s compounded his understanding of the market, of businesses for so damn long that he’s being called “The Oracle of Omaha.”
The moment you begin to compound yourself actively, it’s just a matter of time until you realize you need a multiplier to apply yourself to.
That’s why they’re all starting businesses. With your decision making improving constantly, this multiplies that speed at which your business is growing.
If you want to get rich in life, you have to own things that increase rapidly in value!
The good thing is, you’ve got a say in how fast they increase.
In case you earn a million a short while after reading this article, here are “15 Ways to Invest $1 Million.”
There’s another big misunderstanding that somehow got out there, probably through less educated media, that entrepreneurs are RISK TAKERS. That they put it all on the line and then flip a coin or something after selling their souls to the devil.
That can’t be further from the truth.
Entrepreneurship is all about minimizing risk to a point where it’s acceptable to take it!
And this is one of the incredible skills that millionaires want to have. Looking at the world through the lens of risk is life changing.
There’s risk in everything we do… there’s risk when you get into your car, there’s risk when you cross the street… but what do we do? We manage it. We put our seatbelts on, we install airbags, we pay attention.
No matter how much you believe your life is in God’s hands… when you cross the road you still look both ways.
Millionaires and billionaires, understand how to manage risk and even more important how to give themselves an edge.
If the probability of success is 51% and failure is 49%, entrepreneurs will take the shot every single time while most people would never want to risk it.
Your job is to increase your odds in your favor and you do that through growth.
Sales & Marketing
For some reason, SALES gets a bad rep. The average person thinks of the selfie stick selling individuals in the middle of touristy spots, but that’s not it.
To SELL is basically to COMMUNICATE effectively.
You sell your partner into giving you a chance and dating you.
You sell your boss into giving you your job.
You sell your customers into buying your products.
It doesn’t matter how fancy or smart you are as an individual, if you’re unable to sell, you’re not in business.
Sales solves every single problem you have, as a matter of fact, we’d even further say that: the biggest problem you have in your life right now isn’t your lack of resources, but your limited ability to sell.
People are not buying into whatever you are offering, that’s why you feel stuck.
Marketing is selling on steroids. If selling is like a sniper weapon, marketing is like carpet bombing.
Through marketing you’re reaching everybody and those who vibe with your vibes will come spend money with you and make you rich.
Marketing is why a white t-shirt with the word “Supreme” on it costs 50x than what it normally should. Marketing is why Apple fanboys think they’re the superior race.
Marketing is why Pepsi will never catch up to Coca-Cola despite spending twice the money on their marketing.
If you’re looking to develop sales skills that millionaires value, the best book we’ve been able to find on the topic is called: “Influence: The Psychology of Persuasion” by Robert Cialdini. To this day it’s still the best book on sales we’ve read. Even better, go to alux.com/freebook right now, and if this is the first time you’re signing up, you can get the audiobook for free thanks to our friends at audible.
Leadership, Networks & Team Building
A natural progression from selling and marketing is that of building teams. You’re an individual. Individuals do not benefit from leverage… so bring some in your life.
One of the easiest ways to build leverage in life is by hiring people so your output grows per factor of time.
There are no self-made men! We all had help!
Leadership is this incredible trait that people like to throw around, but it’s so damn vague it gets disregarded.
Leadership is just a more advanced type of selling, because you’re not just communicating, you are inspiring.
Productivity skyrockets when people are motivated and are fighting for a common goal.
Good teams are a multiplier of effort!
Build the right team and focus all your efforts on the same objective and you’re golden.
Networks are a lot like team-building but outside of your own internal team. Your network is made of the people and contacts you have that can have a positive impact on outcomes. These are multipliers as well.
Your friend knows someone that knows someone that gets you in the room when you couldn’t otherwise.
Your success gets multiplied when you apply networks to your efforts.
Here’s something most people get twisted:
EQ is more important than IQ!
That’s why you see all these really smart people living miserable lives filled with regret and angst. They’re not successful, they’re not happy, they don’t do what they like.
Most of them aren’t even that smart. It’s one of those basic situations where we’d like to ask you:
If you’re so smart… why aren’t you happy? Why aren’t you rich? Why aren’t you healthy?
Putting this piece of content aside right now… we’re talking to you, the Aluxer! Ask yourself these questions.
If you don’t know the answer, maybe you need to step on that education paddle.
Emotional intelligence is one of those skills millionaires use to navigate society!
The more you understand life, the better of an experience you have while alive.
Nobody cares how many digits of Pi you can recall from memory.. Or how much google-able information you’ve been able to memorize. School failed you and now you’re failing at adapting.
Rich people prioritize emotional intelligence over bulk information any day of the week, because IQ is overrated.
Believe it or not this is a skill.
Understanding value is different from understanding costs, but since this is probably one of the first times you’re forced to make a distinction, we’ll help with the education process.
Cost is how much money it will take to bring anything to reality.
The cost of making a chair isn’t just the cost of the wood involved. The cost of making a chair is the cost of wood + the cost of the years of practice the wood-worker has put into developing his set of skills factored in into the number of hours that go into building the chair.
Average people look only at material costs, but that is wrong. Just an empty DVD costs $1 it doesn’t mean that the cost of a movie-DVD should be 1 dollar – by the way.. you know you’re getting older when you’re throwing out these examples that in 5-10 years will literally not connect with the audience.
The “VALUE” of something differs from ‘cost’ or even ‘price’.
The value comes from what kind of change it brings into your life.
The most simple example is determined by NEED. A bottle of water costs $1 – on an average day, the value is consistent. A bottle of water in the desert while you’re thirsty and dehydrated, may be worth thousands of dollars to you.
The difference between value and cost is why people get rich.
Find things that have a lower cost than their value and then pay their cost. This entire process is a lot simpler than people think, but you need one of the most valuable skills millionaires possess, “of understanding value”.
Ability to Generate Deals and Opportunities
This one expands on the previous point. For many years we’ve thought about growth as follows:
Success comes from your ability to connect dots in creative ways that have value!
The more you think about it the more you understand that’s what business and life is. We’re just connecting dots. It’s one of the intelligent skills millionaires have.
In order to become rich, you need to be able to find dots and be able to connect them. Be it people, products, code, it doesn’t matter as long as the outcome is of higher value than the standalone dots.
The person who is able to do this, is the one who can make deals happen. You can do it for yourself and make yourself rich, or do it for other people and they will reward you with a piece of the value you’ve generated for them.
If you don’t have money to begin with, find opportunities for people who do and help them in the execution. This is how you get rich without spending money.
In real estate, there’s even a culture for people pulling in deals together and once everything is set, investors come in and pick up parts, with the person who’s created the deal getting a free-ride with no money down.
The bigger the impact you can have on someone’s reward, the more inclined they will be to give you your share.
If you can make someone 1 million dollars why wouldn’t they give you 100k?!
Goal Setting and Planning
Every rich person we know has made it their plan and goal to be rich. They asked for it.
They wrote it down. They made a plan, they adjusted the plan as needed, and in time they achieved what they set their mind to.
The difference between normal people and the ones that do make it, lies in their approach.
Average people have dreams and desires, rich people have goals and plans!
Goal setting and planning are skills, and millionaires know that. You need to know how to break things down, how to plan, how to self-analyze in order to achieve the things you’re looking to achieve.
For the past 10 years we’ve mastered the art of planning in order to successfully achieve goals. This allowed us to become multi-millionaires before the age of 30 starting out poor.
We’ve read every book on the topic, watched every TED Talk, conference and through trial and error figured out what works and what doesn’t for someone like us. We put it all into a new premium experience called GOAL Mastery which is currently in post-production and you will be able to purchase soon. We know some of you are already on the waiting list, but if you aren’t go to alux.com/goals and join in. We will provide a special discount for those of you in there.
We can’t wait for you guys to try it!
A big part of the journey to wealth falls on those skills millionaires call “System Creation”.
Basically you need to create systems that get desired results for you. This works in personal life – more commonly known as mental models and habits – and in business through specific structures.
When X problem appears -> this is what gets done.
When this opportunity presents itself -> this is what the team will do.
Systems are more or less machine style processes that you build in order to deal with everything that’s happening. It helps you save time, be effective and consistent in the results you’re getting.
Rich people have their investments on autopilot. A certain percentage of their income goes directly into investments without them ever seeing it, another percentage towards savings and you get to play around with what’s left.
Average people don’t automate anything. You get a paycheck, cash it in, pay some debts and then blow it all and beg for the next paycheck to come sooner.
As long as you’re touching money, you’ll never be rich!
Money is just numbers on a screen now, treat it as such.
Learning by Breaking Down Structures
One of the biggest skills millionaires master is ‘Learning’. We know, the word gives you flashback from that time when you didn’t do your homework and Mrs. Green embarrassed you in front of the class, but that’s not it. As a matter of fact… screw Mrs. Green! She didn’t get far in life anyway… you think anyone’s life dream is to teach where you went to school… nah…
Back to learning. The best way we know how to learn is by breaking things down and seeing what goes into it. It’s a big curiosity of ours. We began with computers, then we moved on to businesses.
To this day we constantly breakdown new business models in order to figure out how and more importantly WHY they work.
It helps us understand both the culture and where things are going.
WeWork was a great example of a business that was about to change the world, but people were forced to work from home, so bye bye multi-billion dollar valuation.
Things are constantly changing with the improvements in infrastructure. More and more people are embracing the internet as their MAIN environment for work & consumption.
If you want to be rich, learn how different businesses work. From the donut stand in the corner to the logistics problems amazon warehouses are able to solve. In the process you’ll learn more about real business, than any book can tell ya.
Self-Motivation, Focus & Discipline
Success doesn’t happen overnight. Things will get difficult and boring and you’ll want to quit multiple times.
Self-motivation is a real skill.
Maintaining focus in a world filled with distractions is a real skill.
Waking up and going to work even in the days when you don’t feel like it through sheer discipline is a real skill.
These 3 are incredibly powerful skills of millionaires and are able to compound and multiply on each other.
We have an amazing video called: 15 Steps to master self-discipline. We’re considering doing a similar one on self-motivation and focus if you guys think you’d find it valuable.
Successful people are competitive. They NEED to win! And because of that need they got to where they are. The more you study successful people the more you see this patterned behavior.
You need to love the game so much that you’re willing to go for the highest score possible.
Michael Jordan was famously competitive while playing. He would pick even the smallest event to teach someone that shrugged him a lesson.
The moment he became the greatest of all time, it didn’t stop him. He started competing with his previous performance or making up imaginary enemies just to keep his drive in the game.
Business is a competition. You are literally competing with other people like you that want the customer’s money, attention and more.
A level above mere competition is domination, it’s when you’re in a league of your own. Do you think Jeff Bezos compares his earnings with anyone else? Of course not… they’re not even close. Jeff is playing for legacy, for an all time high score, the leaderboard for the ages.
Find your space and compete to get yourself in the game, but once you do… go full strength at it and dominate.
Here’s a big problem, very few people think big. Even the things you think are big are almost always small. They feel big in comparison to your current size.
This is why you believe a million dollars will be a lot of money for you. Don’t get us wrong, it’s ok money, but it took us becoming millionaires to understand that it ain’t as much as we thought it was. We have more content where we have broken this down for you.
There are 2 regrets people have when they get to the finish line:
- They didn’t start earlier
- They didn’t think bigger
Try to not make the same mistake.
This might not sound right to you, but:
It takes the same amount of effort and energy to make 1 million dollars as it takes to make $50,000!
So if you’re going to think anyway.. might as well think big! Which sparks the following question.
Which of these 15 Skills of millionaires do you feel like you need the most in order to breakthrough to the next level? Please leave your answers in the comments below and if most of you agree on the same ones, we’ll create more content around the topics for you in detail.
This wraps up our take on the 15 skills millionaires master in order to get rich!