10 Steps to Become a Millionaire in 5 Years (or Less)
1. Create a wealth vision
“When riches begin to come they come so quickly, in such great abundance, that one wonders where they have been hiding during all those lean years.” — Napoleon Hill
Step one of becoming financially successful is to actually create a vision for yourself financially. Einstein said that imagination is more important than knowledge. Arden said creativity is more important than experience.
How much imagination do you have for your future?
Do you see huge potential and possibility for your life?
Or, do you see a pretty average life?
Creating a vision is an iterative process. You don’t just create a vision once and then never look at it again.
2. Develop a 90-day system for measuring progress/future pacing
The following are four questions Dan Sullivan, founder of Strategic Coach, has his clients answer every 90 days:
“Winning Achievements? Looking back over the past quarter, what are the things that make you the proudest about what you have achieved?”
“What’s Hot? When you look at everything that’s going on today, which areas of focus and progress are making you the most confident?”
“Bigger and Better? Now, looking ahead at the next quarter, what new things are giving you the greatest sense of excitement?”
“What are the five new ‘jumps’ you can now achieve that will make your next 90 days a great quarter regardless of what else happens?”
Every 90 days, you want to review the previous 90 days and then set measurable and challenging goals for the next 90 days.
In the book “The Art of Learning,” Josh Waitzkin said:
“Short-term goals can be useful developmental tools if they are balanced within a nurturing long-term philosophy. Too much sheltering from results can be stunting.”
Short-term goals are how you build progress. Working toward a timeline is crucial for productivity. Focusing on only a few key milestones each 90 days is how you build momentum.
Every 90 days, when you look back on the previous 90 days, you want a system for tracking your learning and progress. You want to get out of your routine environment and take a recovery break. Tim Ferriss calls this mini-retirements.
Every 90 days, you want to take a few days off. You want to get away where you can ponder, reflect, think, visualize, strategize, and play.
During this recovery session, you want to pull out your journal and take time to reflect on the previous 90 days.
3. Develop a daily routine to live in a flow/peak state
“Assume the feeling of your wish fulfilled.” — Neville Goddard
Alright — so you’ve created a big picture vision that inspires you.
You’ve also set 90-day short-term goals to help you build confidence and keep you progressing on that path.
Now, you need a daily routine to keep yourself in flow.
If you can get yourself into a flow-state every single day, and live in and operate from that flow state, you’re going to feel really good.
It is your responsibility to organize your life so you can be in flow as much as possible. In positive psychology, a flow state, also known as being in the zone, is the mental state in which you are fully immersed in a feeling of energized focus, full involvement, and enjoyment.
In essence, flow is characterized by complete absorption in what one does, and a resulting loss in one’s sense of space and time.
4. Design your environment for clarity, recovery, and creativity
“A lot of people think we are creatures of habit but we’re not. We are creatures of environment.” — Roger Hamilton
In order to truly upgrade your life, you can’t just set goals, build morning routines, and begin acting differently.
You need to reshape your environment.
You need an environment that matches the future you plan to create.
You need an environment that not only resonates with your values and vision, but also propels your values and vision.
Most people’s environment is like a rushing river, going the opposite direction of where they want to go. It takes a lot of willpower to tread upstream. It’s exhausting. Instead, you want your environment to pull you in the direction you want to go.
5. Focus on results, not habits or processes
“In polite conversation, most of us will say we admire successful people for their hard work, positive habits, and ironclad principles. That’s not really true. It doesn’t take much digging to uncover a major disconnect between what most of us say we respect and how most of the icons of our age actually behave… Keep in mind that the only thing most people really care about is the score on the board. Everything else is hype.” — Forbes
6. Become a brilliant listener and observer
“Listening is such a simple act. It requires us to be present, and that takes practice, but we don’t have to do anything else. We don’t have to advise, or coach, or sound wise. We just have to be willing to sit there and listen.” — Margaret Wheatley
“Seek first to understand, then to be understood.” — Stephen Covey
Interestingly, in helping ideal mentors and role models, I’ve seen time and again how people overly value their own “wisdom.”
Recently, I was on a call with one of my mentors. There were three of us on the call. The mentor, myself, and one other. We were all discussing my mentor’s goals and plans for expanding their business and simplifying their life.