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Blog » Money Tips » The Truth About Making $100,000 Nobody Tells You… The Millionaire Mindset

The Truth About Making $100,000 Nobody Tells You… The Millionaire Mindset

Posted on September 20th, 2023
millionaire mindset

I am a big fan of mastermind groups. In case you’re not familiar, a mastermind group consists of a group of people who support one another to achieve their goals. As members of a mastermind group, you share your ideas, challenges, and successes with your peers. Additionally, they provide feedback and accountability to each other.

Throughout the years, I have participated in several mastermind groups. As a result, I have experienced firsthand the power of these groups. By surrounding yourself with high-achieving people, you can raise your own standards. It is also easier to stay motivated and focused when you have a clear goal in mind, such as becoming a millionaire.

Related: Real Ways to Make Money From Home For Free

However, one group that holds a special place in my heart is from when I was a member of the Strategic Coach program.

Background on The Strategic Coach Program

The Strategic Coach program has been helping entrepreneurs achieve significant growth in their businesses and personal lives since 1988. It is based on the teachings of Dan Sullivan, an entrepreneur and the author of “The 10x Rule.”

Designed for successful entrepreneurs who want to reach “sky’s-the-limit” growth, the program provides the freedom they wanted when they became entrepreneurs.

At the time I joined Strategic Coach, I had an income of $250,000. Sure. I was doing well financially. Despite this, I knew that there was still room for improvement.

During the program, I met with other entrepreneurs in my income bracket at least once a quarter. We would discuss our challenges, successes, and experiences. In addition, coaches would provide feedback to us.

These meetings were really enjoyable for me. It was mainly because I learned so much from the other entrepreneurs. There was, however, something I began to notice. In my group, all of the entrepreneurs faced similar challenges. We all wanted to grow our businesses to the next level.

The epiphany.

Then, there was a day when I missed a quarterly meeting. Because of this, I had to attend a different coaching session with a different group of entrepreneurs to make up the meeting.

I was surprised to discover that every entrepreneur in the group made $100,000 a year when I arrived at the meeting. My mind was blown. Why was I in a group with entrepreneurs who made less?

It didn’t take me long to figure out the answer. My group was the beginner group. In other words, they were just beginning their entrepreneurial careers.

As a result of this experience, I learned the importance of surrounding yourself with high-achieving people. Your chances of achieving great things increase when you’re surrounded by great people.

More specifically, I walked away with the following takeaways:

1. Surround yourself with successful people.

The people you spend time with have a big impact on your success. If you want to achieve great things, you need to surround yourself with people who are already doing remarkable things. This doesn’t mean you have to ditch your friends and family, but it does mean being intentional about the people you choose to have in your inner circle.

Trust me. The difference between spending time with someone who has made a hundred thousand dollars and someone who has made a million dollars is pretty big. And, it comes down to having a broke mindset or a growth mindset.

2. Take your game to the next level.

Achieving more requires doing more. To achieve this, you need to work harder, learn more, and take more risks. As well as stepping out of your comfort zone, it also means challenging yourself.

In my case, that meant connecting with Michael Hyatt, who was the former CEO of Thompson Nielsen Publishing and an entrepreneur. Compared to what I paid, his Mastermind group was much more expensive. However, it made me feel like if I want to up my game, I need to surround myself with people who think bigger than me. I’m talking about people who have those crazy audacious goals that scare them but they aren’t afraid to share them with others

3. Be selective about the people you share your goals with.

There are some people who do not support your dreams. You may be discouraged or told that you cannot achieve your goals. When sharing your goals with others, be sure to choose only those who will believe in you and support you.

Simply put, be careful about who you invite into my circle. After all, the people you’re willing to open up to about business and personal issues actually matter.

If You want to Be Wealthy, Choose Your Circle Wisely

To be fair, this isn’t a revolutionary concept. When it comes to wealth, “birds of a feather flock together,” as Thomas Corley puts it. And, he would know.

Over the course of a five-year period, he interviewed 177 self-made millionaires to conduct his Rich Habits research, and he found that the self-made rich were intentional and conscious about building relationships with individuals they aspired to be: other successful and rich individuals.

Unconsciously, most people choose their friends, their bosses, their spouses, or their significant others. Their unintentional goal is to surround themselves with people who are similar to themselves. In addition to similar habits and mental outlooks, many of their associations share the same work ethic.

Moreover, a study conducted by Qualitrics on behalf of Intuit Credit Karma indicated that 36% of millennials and Gen Z overspend because of a friend. To protect their finances, many are taking on debt and ending friendships.

It is estimated that 88% of millennial respondents who have spendy friends have taken on debt as a result of spending time with their friends. Gen Z respondents also have 80% of friends that drive them to overspend. Gen Z respondents, on the other hand, have taken on just 2% of the debt as a result of spending time with a spendy friend, compared with 15% of millennials.

But how does our inner circle affect our finances? Among the reasons are:

  • A successful person has a proven track record of success. A successful person knows what it takes to achieve their goals.
  • Knowledge and experience are often shared by successful people. They can teach you from their mistakes so you don’t repeat them yourself.
  • It is common for successful people to be driven and motivated. This will help you stay focused and motivated to achieve your goals.

You should look for the following qualities in friends who can help you succeed financially:

  • Positive attitude. In all areas of life, including finance, people with a positive attitude are more likely to succeed. Their optimism and belief in themselves can spread to others.
  • Goal-oriented. You are more likely to achieve your goals if you have friends who are goal-oriented. In addition to being driven and ambitious, they can help you stay on track financially.
  • Financially literate. The lessons you can learn about money from friends who understand it are invaluable. Making sound financial decisions and avoiding costly mistakes is possible with their help.
  • Supportive. A supportive friend will always be there for you no matter what. When you’re down, they’ll encourage you, and when you’re successful, they’ll celebrate your achievements.

Everyone isn’t perfect, of course. There will always be some negative qualities in even the closest friends. However, if you focus on the good qualities of others, you stand a better chance of attracting financial success-oriented people.

If you wish to achieve financial success, you should avoid the following qualities in your friends:

  • Negative attitude. An individual with a negative attitude is constantly pessimistic and complains constantly. Having to deal with them can drain your energy and make staying motivated difficult.
  • Unsupportive. You will be discouraged from achieving your goals if you have unsupportive friends. There may be a jealousy factor or they might not be inclined to help you.
  • Financially irresponsible. You may suffer from poor financial decisions made by your friends who are financially irresponsible. It may be that they are in debt, spend money frivolously, or have a gambling problem.

You should choose the people you spend time with carefully. You are influenced by the people around you in many ways, including your financial well-being. Choosing your circle wisely will help you achieve your financial goals more easily.

How to Surround Yourself With High-Achieving People

Finding a mastermind group that specializes in high-achieving individuals will give you a great advantage in achieving your own financial goals.

In order to surround yourself with high-achieving people, follow these tips:

  • Identify the kind of people you want to be around. Ideally, you want to look for groups that share the same values and goals as you. Once you have an idea of what you are looking for, you can begin to identify potential matches for yourself.
  • Put yourself in places where high-achievers are. Taking part in industry events, joining networking groups, or following them on social media could all be part of this process. It is more likely that you will connect with these people the more you expose yourself to them.
  • Be willing to give as much as you receive. It is common for high achievers to be generous with their time and resources. Be prepared to do the same if you want to join their circle.
  • Be open to feedback. Competing with each other is not a problem for high achievers. It is more likely that you will succeed and grow if you are willing to listen to and learn from their feedback.
  • Don’t be afraid to let go of toxic relationships. It is not uncommon for those close to us to be the ones holding us back. Relationships that don’t support your goals should be let go if they are in your life.

A few more tips are listed below:

  • Find a mentor. You can find a mentor in your field by looking for someone who has already succeeded. You can get guidance, advice, and support from them.
  • Join a mastermind group. In a mastermind group, people share ideas, offer support, and achieve goals together.
  • Read books and articles about successful people. You can adopt the habits and mindsets of successful people by studying their habits and mindsets.
  • Set goals for yourself and track your progress. The more goals you have, the more likely you are to surround yourself with people who can help you reach them.

In order to achieve success, it is crucial to surround yourself with high-achieving people. You can start to attract the right people into your life by following these tips and creating an environment that is positive and supportive for you.

FAQs

What are the benefits of surrounding yourself with successful people?

The benefits of surrounding yourself with successful people are numerous. Among them are:

  • From their experience and insight, you can learn a lot.
  • You can set and achieve your goals with their help.
  • You can receive motivation and support from them.
  • It is possible for them to open doors for you and introduce you to new opportunities.
  • You can network and build relationships with them.
  • Your confidence and inspiration can be boosted by them.

How do I find successful people to surround myself with?

Finding successful people to surround yourself with can be accomplished in a few ways. Some ideas are as follows:

  • Get a chance to hear successful people speak at events and conferences.
  • Become a member of online forums or communities where successful individuals are active
  • Become a volunteer or intern with a successful organization.
  • Seek advice or mentorship from successful people in your field.
  • Keep an eye out for networking opportunities.

What if I don’t know any successful people?

Don’t worry if you don’t know any successful people. You can still surround yourself with them in a variety of ways:

  • Take the time to read books and articles written by successful people.
  • Listen to interviews with successful people.
  • Become familiar with successful people through podcasts.
  • Become a follower of successful people on social media.
  • Follow successful people’s example.

Is it possible to become successful by surrounding yourself with successful people?

Being surrounded by successful people can certainly help you to be successful. However, success is not guaranteed. There is still a lot of hard work and dedication to be done. It is easier and more rewarding to navigate the journey when there are successful people around you.

Jeff Rose

Jeff Rose

Jeff Rose is an Iraqi Combat Veteran and founder of Good Financial Cents. He teaches people wealth hacking. He is a frequent on CNBC, Forbes, Nasdaq and many other publications. He is author of the book "Soldier of Finance: Take Charge of Your Money and Invest in your Future" where he teaches how he escaped from $20,000 in credit card debt to a life of wealth.

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