How Do People Become Millionaires

How do people become millionaires? Well, I know a fair amount about it. After over 20 years of making millionaires, over 10,000 millionaires have been made in a variety of ways. And many, many, many industries. In fact, I don't even know what industry probably hasn't been made from music to art to obviously real estate, gas and oil, aviation. There are so many industries you can become a millionaire. Which one are you going to pick? So what I talk about today is the right mindset and mentorship. Call it teams and systems. The amount of people that are successful have like teams and system around them to do a lot of the paperwork, a lot of the detail, a lot of the like really, really like daily mindful, critical stuff. A lot of you, you're solopreneurs and you're working way too hard doing things you absolutely don't know how to do. So that's number one. Number two, let's get to the key strategic wealth building assets. Like what do you need to be doing from you? How do you make your money to how you invest your money? And that is the pattern of a millionaire. And then the last thing we're going to talk about are what do you need to be doing for sustainable wealth? You know, there's a lot of people who have hit their millionaire status and lost it, then they hit it and then they lose it. What's causing their roller coaster versus sustainable wealth, which is what I think you all want, which is what I've had since 1999. Yeah, there's been some like economic problems. There's been all sorts of, you know, issues that go on from like right now we're living in recession, inflation. I mean, just we got massive issues right now. Here's how I see becoming a millionaire. You have your variables you can control in you and your household. So this is about you, your family, your legacy and how you become a millionaire for that purpose. And if you say, well, I don't have a legacy, I want to just give it all away to charity or spend it all. Same principles. So before we dive in, what inspired a lot of this, like coming back to some of these conversation are questions. My asklaural.com, A-S-K-L-A-U-R-A-L, ask questions, make a request. You can do 24 hours a day. So let me read a question that was inspired by Fatima, who's also a Big Table member. Love her. She's a fresh real estate agent, have mainly 12 years of medical experience. And I'm trying to move to being an entrepreneur in the real estate world. I don't know what I'm doing wrong, but I'm not getting clients. I want to be a millionaire one day, raise my family enough cash flow. Please guide me. What should I do or focus on? I'm starting to give up. Thank you. Love the question because I want to use it in the context of these conversations, which is what is the right mindset and mentorship that's essential for wealth building. So I'm just going to get like some parts of her question out of the way. So part of her question that I want to get out of the way is if you're 12 years in medical, you don't just lay down your medical cash flow. You've got to keep cash flow up. Real estate depending on how you're going to approach it is not as difficult. The fact that you don't have a client, you said you're an agent. So is an agent really the way you want to go would be my question. I have done over a thousand real estate deals. I've done so much. I still do real estate probably the day I die and have a huge legacy of real estate apartments and office buildings and things like that. So you've got to think about like, do you want to just be passive? Or do you really want to be that agent that's going to do buyer seller kind of deals? Or do you want to straddle in the middle? Like I like being a real estate investor different than an agent. If you want to build an agent business, then honestly just give you a little micro coaching in that you've got to go find the best broker in town. You've got to find the best broker that's got the most marketing, the most direct runway, and then you've got to get out and hustle. Like you've got to get your own database. If you don't have one, go to ask rms.com. You can use that system. That's the system I use. It's ASKRMS.com. Check it out. You've got to start getting a list of buyers and sellers in your list. You've got to go out and network and you've got to do all the traditional marketing things to become an agent and get some really great listings. You've got to get referrals. So without a marketing machine, that's why you're probably stuck. And if you're relying and already let your medical go, I would as fast as you can go back and grab the cashflow that you have and decide you want to be an agent and then get into the ask RMS and do proper marketing and build up that buyer seller list. So you actually have clients or stay in the investor side, which is different. So now you're looking for good deals to just fix and flip or fix and hold yourself. You're looking, you can actually go source them as an agent like pre-market would be where I would go. And I would get them for other investors and become an investor's agent instead of a spire and a seller of just residential homes. So there's a little bit of your answer, but let's go into the larger context of being a millionaire. I always say the fastest way for any of you to become a millionaire is you've got to hang out with us. You need to read my book and I'm going to say, I'm going to talk about the lane lane is a way of philosophically thinking about what you want and who you want. So for example, Dave Ramsey and Susie Orman are probably the best at staying traditional, safe and small. And they don't promise this. They promise to get you out of debt, live debt free and never start a business. I mean, we don't even teach the same thing. So again, if you want that lane, you're going to be schizophrenic trying to get to my lane. You've got to find my lane. The people who was aligned to me would be people like Sharon Lecter, the rich dad, poor dad brands, like all of Tony Robbins work. I mean, we're all in this lane of becoming millionaires and being high performers and successful people. So if that's not you and you just want to be a lazy millionaire, I don't know where you're going to find that. I don't know anybody who is. So the mindset of a millionaire, you got to spend time with us. You need to also like really clean up the influence around you and your environment rules, your environment and your support, absolutely dominate your behaviors. So if you're in a group of people, for example, family or friends, and they're super negative about you even reading, like you want to be with a group of people who say, wow, awesome. What's the next best book. And you're sharing my six books. You're sharing my YouTube channel. Like you're in a group of people who are seeking and earning like really wanting this knowledge. You are not with a group of people like, Oh, what are you doing? You can't do that. Like you literally are going to have to clean those people up. And I would say fire them. Now that's the harsh part. How do you really do it? You atrophy. You just don't have time for that conversation, that behavior, that environment or lack of support. So you start leaning in. You come to more of our calls. You come to our trainings. You're listening to my YouTube. You're finding our groups. You're going to our millionaires. And training is a Facebook group over 5,000 people that you could join and be in our conversations, be in your lane. And you got to pick a mentor. I've had mentors since I was 17. I always rotate them because of different things I'm working on, uh, whether it's, you know, more in the crypto space or marketing space or just high performance space, you know, setting bigger goals, very specific mentors on very specific, you know, cashflow right now. I'm just being totally stretched and mentoring around the whole cannabis business and how to run one of them. So I'm running a farm, but again, having great, great people around me, training and learning. I've never do this alone. So I don't think a lot of you realize is getting to three to five years requires mentorship. And I'm not just saying any mentor. I'm asking to help you become a three to five year millionaire in whatever industry you want to become. There's a pattern to millionaires. We make money. We invest money. We keep our taxes as low as possible. A lot of you, you're worried about your debt and you're spending all this energy over here on debt and what you focus on, you get more of. So why do you think your debt's not going away? Because you don't have a plan where you can just say, that's my plan. I'm going to put it over here. I'm going to have it happen. I'm going to focus on creating more money. I'm going to create more investments. I'm going to actually engage Laurel and her experts to reduce our tax strategy like way, way down. The last point, before I move on to our second point is millionaires. Most of the time I say 99% of the time, it's not by accident. It's not by luck. It's by extraordinary design. It's by picking an industry or a variety of paths. Not the paths I'm talking of millionaire to staying safe. I'm talking variety of industries. So I have people who literally could pick real estate and be in a medical profession. For example, the person that asked the question, you can stay in both. In fact, keep both so you have two lanes of two very different kinds of money. And if you haven't systemized 12 years of being in the medical world, then again, lean in farther, get our coaching and automate that part because that's what you know and spend more time on what you don't know, which is becoming the proper real estate agent and or investor, whichever you decide to do. So being in a community of people is absolutely vital. Now your choices get different because your exposure is different. Like I get offered deals more than I even have time to respond to right now. I have some great deals that if I had the bandwidth, even look at and breathe or look, you know, decide to do some things differently, I would, but I don't. So right now I'm just saying until my cannabis harvest is over, you know, I don't, I don't want to see the deals right now. Like, or actually I don't even say, I don't want to see them actually take them. I put them on a park them and I get back to them. I may miss a few here and there, but I know where my strategic focus is. Again, being mentor to guide and what's the most important thing of today. So when you look at key assets, it's vital that you learn how you are really making money and the data behind how does that money really get made? What are your key performance indicators that when you put more time into these things, whether it's marketing, understanding cashflow, understanding your margin, understanding sales, understanding your data points. When you put more time into that, guess what? Your money and your amount of revenue is probably going to go up substantially. Also, it's spending a lot of time on key assets. Real estate is a driver. I don't know anyone who is a millionaire, multimillionaire who does not have real estate in their portfolio. As you become higher net worth, you're going to do other depreciating asset investments. You're going to buy direct working capital interests of oil wells. You're going to buy water rights, mineral rights, aviation. You're going to be in a category of investing that's not just the stock market. So if you're interested in any of that real estate education, we have real estate coaches and mentors who will absolutely guide you into how to become a millionaire. We're actually really good at that. I mean, I was a six month millionaire. My fastest real estate millionaire is about 142 days. I have many people since COVID and since 2020 becoming 18, 24 month millionaires in real estate. So I know it's possible. So the person asking the question, there's something wrong with what you're doing and the way you're approaching the strategy and you've got to get some mentoring and help. Here's what mentoring does in my opinion. First of all, mentoring and coaching are different. I'm your mentor and I have coaches who will coach with you. So your coach is about an action plan, accountability, getting stuff done at the right time and keep it in sequence. The mentor is a little more directive. It's guiding you. It's saying, if these were mine, if pros and cons is much more strategic thinking and it is doing again, three things avoiding costly errors. Cause we have been there and done it. We have spent more money on mistakes than we probably ever needed to because right in a big, big part of costly errors with picking wrong teammates, huge part. The other thing that mentors do in my opinion and that I expect is open up your Rolodex, introduce me to people that I need to know to move faster so I can have career leaps, not just career gradual growth. And then the last is like, teach me what, you know, teach me the best practices, the shortcuts. And I'm not saying illegal shortcuts, teach me the things that I know, like how to become a bestseller. It's hysterical to me. How many people come to me and say, I'm already being coached by somebody on how to write a bestselling book. And the person that's helping them doesn't have a bestselling book. They may have an Amazon in one category, good book, but they don't have six wall street journal, New York times, just like top, top, top notch books. I know what it takes to put a big book on a big bookshelf. So it's just hysterical to me when some of you are so out of order when it comes to any categorical thinking around your mentors. So again, mentors do three things, best practices, fast path to cash and fast path to investing strategies, avoid costly errors and open up that Rolodex. So in that context, we have that in real estate. We have that in gas and oil. We have that in cryptos. We have that in authoring, speaking training. We can help you coach and mentor and guide you in any of those. When it comes to making money, we're masters. We can get you past that a hundred thousand marks when it comes to investing, which is where we're talking like, what are the assets you need to invest in in addition to real estate? I shared with you as your higher net worth, some other places, the one that all of you can start with today for 50 bucks for free. And I'll put the link in the description below is I flip. So I flip is the way that most of us in our community, our millionaire community invest in the stock market. Now we do have some day traders that are just phenomenal that are part of our big table, but that's what they do. That is their career choice. Their passion choices to get up in the market, go to bed with the market. I mean, not so much. I don't, I want much more passive than that. So I flip is a bunch of smart folio. So just grab an app in the link below and go load it up. You put it at 50 bucks. If you want to open up a free Roth IRA for your kids, you can grab one of those over there. So you should get yourself, in my opinion, three accounts, a personal account, a Roth account and a business account. And you say, well, I don't have business yet. Again, we got to get you a business. If you truly want to be a millionaire, you need to make more money than just fixed income on a job. So if you're here and you have a big job, great, we're going to keep it. And you're going to put a business next to it for more income. So we can do deductions, reduce your tax strategy, and you're going to do strategic investing. So what's that formula for you and your family? That's what you're here to learn. It's not going to be done to you. It's going to be done with you, which means you're going to sign documents. You're going to have your own money rules. You're going to learn these things because you need the knowledge base. The lack of knowledge is the number one reason why people that become fast millionaires happen. And those who actually trickle along slow and chaotically. So those of you who've jumped in, you've actually did your business plan. You did your wealth plan. You read the books. You're on my YouTube channel every day. Those are my fast millionaires because they have the most knowledge. So they can come to me with smarter questions. Every time they've come back to me week after week, their questions are smarter. They're more sophisticated. I know they're consuming knowledge. Some of you you're watching, you know, and I'm not going to say TikTok and YouTube and all of that because I'm out there and I want you to watch me, but you're watching just casual stuff. That's just entertaining. It's not educational. So you've got to be careful, right? And all TV, direct TV is entertainment. So you've got to look for the educational channels that are going to help support you in what you're doing, like wherever you're going to be listening to a podcast, something about your success and performance behaviors. I'm actually re-listening to Atomic Habits right now. It's a lot of basic stuff that I think's like, Oh, this was kind of the beginning basics, but you know what? It's really great reminders of things that you need to be doing to put habits, millionaire habits in your day. A lot of you have broke people habits in your day, so you don't even change it. The last thing in key strategies for wealth building is being an entrepreneur. So those of you who have big jobs can encourage you enough to keep them because that's giving you your hundred, 200, 300,000 of W-2. Perfect. We've got to have an entrepreneurial venture, an operating company next to it. And so when you decide to quit your job, you have that to actually continue to grow. You can grow it, sell it. You can grow it. You can sell part of it. Keep cashflow for the rest of your life. That's my given strategy. I love that one. I'm on that strategy right now with several things. I want other people to run it. I want to keep what's called the tail of the revenue of everything that was built, but not have to do all the heavy lifting. So what is your plan to transition? Not retire. Retirement is an agricultural word means put cattle to pasture to die. You're not going to die. You're not a cow. We're not going to put you to pasture, but it's about what's that thing that you want to continue to do. That's later. So becoming an entrepreneur and then having that be your transition to a legacy is ideal. So how do you make it? How do you invest the pattern of a millionaire and how do we get you there? So before we talk about the last point, I want you to subscribe to our channel. I want you to hear five days a week, like all the time binge watch our channel. So in the link below, there's a section where it teaches you how to binge watch you watch 25 hours because you need to learn. I need this knowledge consumed. And if you're not like one of these, you know, open up a book and read a book like these kinds of people and actually take some notes, then you need to listen to YouTube. All my millionaire maker books are also audio. So you can just be listening to things. I'll be the listener. Then get a journal, but you can grab a journal and start taking notes because the plan is yours. The plan isn't mine. Now, do I have a blueprint for you? Can I give you some guidance and some direction of what I would do if I was you? Yes. But at the end of the day, you're the one that gets up and does your habits. You're the one that gets up and does your revenue producing day or broke producing bed day, however you decide to spend it. And a lot of you don't know the difference of broke behavior and revenue producing behavior. So we'll get into all of that as we continue. So the last point is how do you become sustainable? So for sustainable wealth, it's how do you live corporate life? So it's what do you do and what do you not do? And I have a very clear graph like that actually describes all of this. In fact, I'm going to give you two tickets to our millionaire intensive. I'm doing a ton in this video today's gifts and, and giveaways because I need you knowledgeable. You don't need to just flick a switch and think it's magically going to happen. I don't have pixie dust in her magic wand, but I do have a heck of a lot of knowledge and experience to help you with the do this, not this is live corporate life. Meaning the money that you make over time, the more money that comes into your company, not you, right? So the easiest way I teach this as companies make money, individuals get taxed. So if all you are as a W2, you can't activate the greatest tax code in the world, which is 81,000 pages of deductions. So we're going to look at the deduction and say, how could you be an entrepreneur in the things that you're doing? Whether you have a rental property, whether you have a hobby, how do we make that hobby a business? How do we make your skillset a business? So yes, keep your job, but know that anything above like 48,000 in W2 income, you got a tax problem. So if you're making 48,000, more or less in this video, you need to get into our community immediately because we have to sort out, how are you going to make money? How are you going to invest money in the corporate structure that activates your tax code? Then you always go on business trips. You'll never go on a vacation again. You're going to learn how to use debt and credit cards because you need to. They're critical. Debt is just the cost of money. Like I love debt done right. And you're going to start filing taxes in September and October, not April. So if you want to learn more about it, grab those tickets. I'll see you at the millionaire intensive. If you can't attend it because you have a job or some other conflict or a different time zone, just upgrade, get our VIP access and you can listen to as many replays as you can. But living sustainable life, a corporate life and living sustainable wealth requires that foundation. It requires the right corporate structure, the right corporate compliance, the right trust, the right insurance, the right funding, the right credit, corporate credit, and the right team. I put it all together. I have it in a package just waiting for you to click on and sign up. So grab the book. I'm going to give you the last book. I'm going to give you an ebook of the millionaire maker. Read the first three chapters, call our office, get a one-on-one appointment and say, I'm ready to live corporate life. And I went to the millionaire intensive or you didn't either way. It doesn't matter if this resonates with you and you're serious, I'm serious. And people say, why are you still doing this world? Because I love making millionaires. It's not difficult. It's different. And a lot of your behavior of leading a wealth team is going to be different. That is actually the biggest transition I see with people is they're leading their team, their wealth, because it's a topic that we're not taught. I think that my cut, my topic should be taught sixth, seventh and eighth grade. My son has two bachelor's degree in a master in accounting and finance and says today, mom never been taught one thing that you teach or even talk about because they're taught to have jobs, not be entrepreneurs and not be wealth builders. So again, know your lane, know what your goals are and stay aligned and true to yourself and to what you want to get rid of those whiny people around you. Just crack a little umbilical cord and cut them off and atrophy it away. Spend more time with us. Spend more time in my books will make you a million at three to five. Again, if you have any questions, just like our question was inspired by, go to ask laurel.com a S K L O R a L ask a question, make a request and we will be back tomorrow.