2 Things That Millionaires Focus On in Getting Rich

2 Things That Millionaires Focus On in Getting Rich

When looking at self-made millionaires, 2 distinct patterns stand out which I believe make a seemingly ordinary person amass massive amounts of wealth in this lifetime.

These are the 2 key patterns of self-made millionaires is that they:

Add value
Solve problems
Time vs Output

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There is this misconception that more hours worked will provide you with more money. This is only true to a certain extent, beyond that individuals build wealth through scalability.

You only have 24 hours in a day. Hence, there comes a point at which the number of hours you can work in a day at a particular rate will hit the ceiling amount you can earn.

Here is an example:

12 hours x $15 per hour= $180 per day
You are essentially trading time for money.

Millionaires add value

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Adding value is a broad concept and there are many days to conceptualise this. But essentially this is:

Making someone else better off than before they met you.
Being an asset that people value.
Making a difference in people’s life.
The more value you can create for others, the richer and more financially abundant your life will become.

Now your absolute number-one goal as an entrepreneur, a business owner, and a professional is to figure out how to add this value. When you add value you make more money. When you add value to help others, you have the option of monetising it after you have built a good rapport.

Solve problems

There are many ways to solve problems or even just to make life easier by adopting a different approach.

Solving problems isn’t restricted to complicated maths equations or big data.

It can even be simple things that fill a gap in the marketplace that is needed by people. Eg creating a niche product for a market that is previously not being catered to and differentiating your product and services so that you stand out.

For eg Gymshark is a clothing company just like many clothing companies in the market. However, it uses influencers and online marketing strategies to set itself apart. It also rebrands sports apparel not just as sports clothing but as an athleisure wear clothing line that can be used in many social settings.

Self-made millionaires focus on scalability

Self-made millionaires are oftentimes not trading time for money doing repetitive tasks behind a desk day in and day out.

Rather they are focused on short increments of time doing high-level tasks that can take their business forward. This includes mental clarity and creativity to perhaps:

Creating a product or service
Innovating a new method of doing things
Providing knowledge, service, or experience that improves livelihood.
Etc
Exchange of value

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Remember, when you agree to help someone you agree to an exchange of value, you provide the person with a valuable product or service, and the person compensates you financially.

When you are looking to build wealth and achieve success always remember your “true north”, the right direction for your life as well as your business. It is a combination of your passion, purpose, and strengths. Once you identify your own true north you can use it to add value to the world.

Many entrepreneurs feel that in order to make money they must lower the value of what they provide to make it affordable to the mass public, hence they don’t provide as much value.

Think about this. When you pay very little for a product or service, do you actually value it highly? No, of course, you don’t. In fact, you will more easily throw it away or not even use it completely. By contrast, when you pay a large amount for a product or service, you perceive it as having high value.
What’s really interesting is the perceived value of something affects how a user values and utilizes something much more so than the actual value of the goods or service.
Conclusion

At the end of the day when you agree to help someone, you agree to an exchange of value. Focus on creating value and solving problems and the money will follow. Many people focus on just making money without considering if they are solving a problem or creating value.

If you are ready to pursue this and change your life go for it and never forget why you started. It’s not because you wanted money, it’s because you wanted freedom.

Marcus Tan

Read More: 7 Types of People You Need to Avoid For A Better Life