Last blog post was an article from Trak.in about “India’s Millionaires” and how the number got doubled last year even with all the economical uncertainity. I decided to continue the topic by writing about Millionaire Mindset and evaluating my own goal of becoming High Networth Individual (HNW).
I remember a funny saying, “You can easily get rich in two ways, by birth or by marriage.” First one is obviously not in your hands but second option is feasible if you are confident about your people skills. But if you are a believer of yourself, there are better ways. Things took a new turn especially during the dot com era and people mentality started dreaming on high places. Thats the same timeframe when “Who wants to be a Millionaire?” show started airing and creating buzz all about becoming a millionaires. It surely boosted the moral of many individuals to aim big particularly many entreprenuers in the middle class.
Following the hit of the show and dot com era, many millionaires made news more often than ever and millionaires list started growing. According to the “World Wealth Report” which is a report on individuals with a net worth of at least $1 million in all assets except their primary residence. In the World Wealth Report 2007 – “The 11th annual World Wealth Report from Merrill Lynch/Capgemini finds the World’s High Net Worth (HNW) population growing to 9.5 million with their assets rising to $37.2 trillion.
Talk about becoming a Millionaire was everywhere in the internet. Many self made millionaires called themselves as gurus and grabbed the chance to preach their very own mantras via seminars and books. To name a few, Donald Trump, Robert Kiyosoki and more… But recently due to economy crash, investment values plummented and many millionaires dropped from the list. “The number of U.S. households with a net worth of $1 million or more, not including first homes, fell by 2.5 million to 6.7 million in 2008, according to the Spectrum Group report, as reported by Reuters. As of 2009, there were 2,886,200 HNWI’s in United states.
Even after seeing the uncertainity of market, job losses and economy struggle, millionaire fire continues to live on among many brave souls. Whether I consider myself as a one among wannabe millionaires or it is just one of my goals, I strongly feel it is a challenging goal to have in your list. It is surely not a easy task for any one especially a guy like me who came from middle class indian family. But it is an achievable target for any hard working individual.
If there is a WILL, there is always a WAY to reach it. Whether you choose to work hard in your profession, spend less and save more or putting money on different invest vehicles or trying to invent new business ideas or products like iPhone or Joined MLM network, every route has got challenges and worth trying it out.
First thing I did was started tracking my progress by updating networth every month towards my goal to become millionaire in 2015. It really helps me to put things in perspective like where I was, where I am now, know periodic progress and what I need to do move forward in my journey.
Being a hardcore wannabe Millionaire, many times I asked myself number of questions like,
Is the Millionaire goal truely worth it?
Do I have to become a millionaire to live happily?
Why do you need to have Millionaire goal?
Can I have my Financial Freedom when I become Millionaire?
Does only men are up against Million dollar goal?
What is Millionaire Mindset?
Are Millionaires lavish spenders?
Are some things just myths about being a Millionaire or real truth? I plan to dwelve more into these questions in my next post. If you have any questions like above, please share your thoughts and views.