Every single person and that includes you boss has the potential to be rich
however what separates those who achieve significant levels of wealth and those
who don't are the skills they choose to cultivate over the course of their lives
therefore in this video I will share with you seven millionaire skills you
need to know now and if you're new to the channel then hit the Subscribe
button below for more life-changing content
skill number one goal setting having well-defined goals is like having a map
in the more detailed the map is the easier it will be to get where you want
to go unlike those who lead financially mediocre lives the rich leverage the
most effective goal setting and goal achievement techniques possible firstly
the rich set goal is using these smart goal framework this method requires that
your goal be specific measurable achievable realistic And Timely for
instance using the smart goal framework your financial goal could be increase my
income by thirty thousand dollars in 12 months by completing 10 extra freelance
projects having a robust goal that satisfies all the elements of the smart
goal framework will make you significantly more likely to reach these
goals especially when you compound this technique with the other millionaire
goal setting secret where most millionaires will tell you about goals
is that they must be written down a Harvard Business study found that the
three percent of graduates from their MBA program who had their goals written
down ended up earning 10 times as much as the other 97 percent put together
just 10 years after graduation but once you have your goals written down you
must also review them it's stated that people who very vividly describe or
picture their goals are anywhere from 1.2 to 1.4 times more likely to
successfully accomplish their goals than people who don't therefore it's not
enough to just set smart goals but reviewing them daily will further
reinforce their importance allowing you to achieve them quicker skill number two
ability to identify opportunities whether you realize it or not there are
opportunities all around us and the people who can seek out and capitalize
on these opportunities are the ones that are going to be much more likely to
become rich unfortunately many people believe that being able to identify
opportunities is a skill that you were born with but this simply isn't true
like being able to type or read identifying opportunities is a skill
that you can learn and master let's take the example of an abandoned house from
most people this dingy property would be an eyesore that would be instantly
overlooked however what if you had to invest the time and energy to learn
about house foreclosures housing markets and even property Renovations perhaps
this house is located in one of the most up-and-coming neighborhoods in town and
the Foreclosure of this property means that you can acquire this home for a
fraction of what it would typically cost then with a little work you can turn
that seemingly useless property into a wonderful home for yourself or the
tenants that will pay you each and every month to inhabit it as you've probably
realized through this example by raising your level of awareness through
contiguous education whether formal or informal you allow yourself to see new
opportunities and use these situations to make you rich
skill number three time management time is without a doubt our most precious
resource but sadly millions of people waste this time watching Netflix or
mindlessly surfing the web and then wonder why they aren't reaching all
their financial goals the truth is that the rich are ruthless in the management
of their time but maximizing the use of your time doesn't just happen it
requires the implementation of time techniques to make every second count
for instance many time conscious individuals like to prioritize their
daily tasks and ensure they tackle their most important tasks first thing in the
morning this time management technique is powerful as it allows you to ensure
you complete your most value-added tasks every day and game momentum as you
strike off your hardest tasks from your to-do list another strategy the rich use
is having theme Days by grouping your days of the week by activity you can
maximize your level of focus and allow for more deep work to be done one strong
supporter of theme days is Twitter founder Jack Dorsey he says that having
his theme days allows him to stay on task and avoid interruptions and
distractions if a task or request is not in the theme of the day he does not
address it Jack splits up his weeks as follows Mondays are for management
Tuesdays are for product development Wednesdays are for marketing and growth
Thursdays are for developers Fridays are for culture and recruiting Saturday is
his day off and finally Sundays are for reflection strategy feedback and getting
ready for Monday now while not all rich people use these theme days most
understand the importance of staying focused when trying to conduct quality
work whereas most people think that they are accomplishing more when multitasking
they are just fooling themselves numerous Studies have been published
that highlight the ineffectiveness of multitasking in fact the American
Psychological Association found that task switching can lead to a 40 decrease
in productivity in short if you want to become rich then you must employ proven
time management strategies to maximize your daily output skill number four
money management if you can't manage your money then you can't be rich plain
and simple it's for this reason that the rich cultivate their money management
skills continuously they know how to use the money they make to make more money
they multiply their wealth by getting their money to work for them most people
don't know how to make their money work for them so they never stop working for
money most people spend the majority of their income on personal expenses and
whatever is left will typically sit in a low interest savings account what allows
wealthy individuals to grow their riches is by keeping their personal expenses
low and putting their remaining income to work they don't let their money sit
in any one place for very long they put it to work by using it to grow their
business or purchase Investments that would yield a return by minimizing
personal expenses consistently for several years while continuing to
reinvest as much money as possible into income generating activities these
individuals are able to compound their wealth in relatively short periods of
time before we continue many of you have been asking me what's the best way to
make extra money online and if you want to learn how myself and many my students
are making thousands of extra dollars per month you can learn more using the
link I've left in this video's description and pin comment where you'll
find a special offer that I'll be ending very shortly deal number five delaying
gratification we live in a world of instant feedback and while it is nice to
receive a text in a moment's notice or get the package you ordered the very
next day this quickness that we enjoy on a regular basis has made it much harder
to delay gratification sadly most people are very impulsive and entertainment
driven they often spend money on unnecessary things that will give them
immediate pleasure but have no real long-term benefits however the rich know
that deferring pleasure and playing the long game is the key to building true
wealth wealthy individuals have the discipline to not waste money on
unnecessary items they forgot the desire to spend money today and instead Sock It
Away into savings and Investments that grow over time this habit of delaying
gratification is known as delay discounting and it takes place when when
someone decides to Discount the value of future rewards to immediately gratify
themselves even though accepting a lesser award isn't exactly rational but
don't just take my word for how important this skill truly is in a study
of over 2500 people participants were asked whether they would hypothetically
accept a smaller sum of money 500 USD or a larger sum a thousand dollars USD
after a delay which could be one day one week one month six months or one year
when the researchers used machine learning algorithms to model the
relationship between individuals tendency for delay discounting and the
other self-reported variables they found that delay discounted was more
predictive of income than age ethnicity race and height therefore the rich
developed this skill by making the sacrifices that the average person
doesn't and as a result they were able to enjoy a life at a level that the
average person can only dream of skill number six being resourceful being
resourceful may be one of the most important skills you he can possess as
having this skill allows you to tap into just about any other skill you could
ever need and Wealthy individuals seldom let a lack of resources stop them from
achieving their goals let's take the example of how Bill Gates built
Microsoft of course in the beginning Gates was the sole operator of his
company and maintained the computer expertise he needed to get the business
off the ground however as this company grew he needed to begin tackling other
aspects of the business such as accounting marketing and sales while
Gates is a smart man there's no way he can master all these crafts which meant
that he needed to surround himself with those who had these skills during his
early days Gates found people who had the skills he required and by offering
them equity in Microsoft he brokered a win-win arrangement for both parties the
harsh truth is that when it comes to business your locker resources is never
the issue your lack of resourcefulness is as you've probably come to realize
being resourceful is really a manipulation of the mind you need to
start asking yourself how you can acquire the resources you need to be
successful and avoid avoid seeing what you currently possess is all you have to
work with skill number seven ability to focus on high value activities like I
said earlier rich people are masters of time management and one of the ways they
maximize their output is by remaining conscious of the value of their time
they continuously ask themselves if the tasks they are working on are of
significance so that they can spend the majority of their time on high value
activities but what are high value activities in the business sense these
activities are the ones that will yield the greatest returns for example an
entrepreneur whose goal is to earn a million dollars in a single year and is
prepared to spend 2 000 hours on work-related activities calculates that
the value of one hour of his time is 500 in order to achieve that goal that
entrepreneur must spend his time on activities that are worth at least five
hundred dollars per hour to the business you can expect to earn a million dollars
in a single year if you spend the majority of your time on activities that
can be delegated to someone else for less than your hourly rate so how do
millionaires identify by which activities are worth their time and
which aren't the rich identify these activities by their potential to grow
their wealth for instance if you run a business what activity seems like it
will yield a greater return updating your client contact list or holding a
sales meeting to close a new client of course the latter they focus as much
time as possible on those activities and they delegate the other activities like
administrative duties to other people this is really the 80 20 principle in
action the rich analyze what twenty percent of their activities are yielding
80 percent of their returns and then ensure that their time is focused on
these activities in fact successful business owners do the same analysis
with their clients it is not uncommon for a small percentage of clients to
make up the bulk of your revenues if this is the case why would you focus
your time and energy on clients that their potential for a revenue generation
was minimal in short if you want to become rich you need to analyze how you
spend the precious hours of each day and ensure that they are packed solely with
high value activities hey it looks at YouTube thinks this next video is the
one that will change your financial life forever give it a watch and let's see if
they're right