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How to Become a Millionaire - Tips from the Rich

Updated on July 20, 2013

The Millionaire Dream

Many people continue to dream about getting their first million. Having financial freedom is probably the primary motivation of all those who wake up early in the morning each and every day to go to work. Sometimes, it is easy to lose sight of your goal and ultimately lose hope. You might say, “Maybe I’m not destined to be a millionaire.” Now, before you think of another negative thought such as the previous statement, remember that you make your own destiny. Take it from the world’s richest men. They worked hard to get to where they are now and persevered through ups and downs. Do you want to learn from these accomplished men? I bet you do. Read on to learn tips from the world’s three richest men on how to become a millionaire.

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Carlos Slim Helu

Carlos Slim is a giant in the Telecom industry. He lives in Mexico and owns shares of many companies in his country. With a net worth of $74B as of March 2011, he is the richest man on the planet according to Forbes.

In a letter addressed to the university community, Carlos Slim shares his life experiences and gives his opinions on what are the most important things in his life.

  • Happiness should be the result of your daily existence.

It has been told over and over again: Happiness is the key to success. Do you think Carlos Slim would accumulate his wealth if he is not happy with what he does? The problem is, it can be difficult to leave your current job to pursue what really makes you happy. Such decision is life-changing. But there is no doubt that happiness brings success.

  • Live with positive feelings and emotions.

If you think you can accomplish something, you will accomplish it. If there is one character common among the most successful people in the world, it is positivity. They have confidence in themselves and the people surrounding them, which makes it quite easy to take on any task at hand. Do not let negative feelings and emotions dwell inside you; you will regret it.

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Bill Gates

Who doesn’t know Bill Gates? Who doesn’t know Microsoft? Bill Gates transformed the world in many ways. The software and applications you use every day may be the products of his company. Forbes estimates his net worth at $56B as of March 2011. Also, Bill and his wife, Melinda, co-founded The Bill & Melinda Gates Foundation, the largest private foundation in the world.

Bill Gates is an excellent leader and he shared some leadership tips in his book, Business @ the Speed of Thought.

  • Identify problems early.

If you see a drop in performance, act on it immediately. If you can identify an anomaly before even executing a certain plan, then better. Avoid problems as much as possible and work on them if they arise. Finding solutions to problems is a great learning experience and will only push you forward.

  • Stop at the end of each day.

Maybe you are too tired after work and go straight to bed. However, reflecting on the things you have done for the day is a great way of making you realize how much more efficient you can be tomorrow. If you did some things which are not necessary, do not repeat them the next day. It’s that simple.

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Warren Buffett

Buffett is often called “The Oracle of Omaha” and is widely considered as the most successful investor of all time. He is the Chairman and CEO of Berkshire Hathaway, one of the largest companies in the world. According to Forbes, his net worth as of March 2011 is $50B.

Warren Buffett is known for being frugal despite his immense wealth. He has also shared his insights about investing and his views about the economy. Here are a couple of tips from Warren Buffett about saving money.

  • Reinvest your profits.

Save your first bucket of gold. It is so easy to be tempted to buy the things you’ve always wanted once you have the money, but learn to say no. No matter how much you earn, if you spend lavishly, you won’t be able to save money. Use your money to make your business grow.

  • Watch small expenses.

The small expenses you make every day can be the reason why you always find yourself out of money. The $4 coffee you purchase every morning adds up to hundreds of dollars a year. Avoid spending beyond your means. It may very well be the best way of avoiding the feeling of regret.

Frugality and Philanthropy

These three men are not only successful in their respective businesses; they are also worthy of emulation for their humanitarian activities. They all have organizations to manage their charitable giving. Perhaps, this is the best legacy they will leave to mankind. These men know that they cannot take with them their earthly possessions to their grave. Buffett may have said it best, “When you get to my age, you'll measure your success in life by how many of the people you want to have love you actually do love you. That's the ultimate test of how you've lived your life."

Many people criticize the rich for spending too much money on things such as mansions, luxury cars, expensive jewelry, designer clothes, etc. But can we blame them for being successful and having enormous amounts of money? And many millionaires out there also give millions to charity. The world’s richest may be in an enviable position. But even though they have more money than they can spend, some are still living below their means and choose to have a simple lifestyle. For instance, Buffett still lives in the house he bought in Omaha in 1957 for $31,500. Carlos Slim lives in the same house for more than four decades. Perhaps this frugal character of some millionaires helped them amass their fortunes. They learned to eliminate what they do not need and focused on the things most important to them.


You can do it too.

There you have it. You have heard from three of the richest men on the planet. Let them serve as your guide and inspiration as you climb your way to the top of the ladder.

There are no shortcuts. You cannot expect to become a millionaire fast. Work hard. Persevere. Be patient. Soon enough, you will reap the fruits of your labor.

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