Secrets to Developing the Millionaire Mindset in Students
We’ve all heard of the amazing success stories of different millionaires with most of them telling that one fruitful idea changed their lives forever. They might tell you about their habits and their routines but one thing which you must focus on is their mindset. Over time, they have created a certain mindset which helps them in multiplying their wealth.
If you are teaching students to set high goals for themselves to succeed in life, you need to develop their mindset. T. Harv Eker writes in his famous book Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth, “If you want to change the fruits, you will first have to change the roots. If you want to change the visible, you must first change the invisible.”
To develop the millionaire mindset among students by follow these tips.
All the millionaires will assert to the power of visualization and positive thinking as they play an immense role in earning the right focus. Frame your dreams in a positive way and do not be intimidated by failures as they are inevitable. The situation is always difficult but one can come out of it by being focused and steadfastness.
“Circumstances have rarely favored great men. A lowly beginning is no bar to a great career. The boy who works his way through college may have a hard time of it, but he will learn how to work his way in life, and will usually take higher rank in school and in after life than his classmate who is the son of a millionaire.” – Orison Swett Marden
Don’t Spend Your Money, Invest It
Millionaires are frugal people who accumulate money over ages. They hoard money because they know its true value and want to utilize it for further investments. Eventually, your students will quit their jobs and would want to become their own boss. So, it is important to stop working for money rather, make money work.
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki
Learning Never Stops
“There is no end to education. It is not that you read a book, pass an examination, and finish with education. The whole of life, from the moment you are born to the moment you die, is a process of learning.” – Jiddu Krishnamurti
Billionaire Warren Buffet estimates that he read at least 100 books about investing before he turned twenty. Bill Gates reads about 50 books in a year which means he devotes about a week to each of the books he reads. These tycoons believe that there is no end to learning even though they are already the top richest people in the world. However, they just don’t read anything and everything; rather they are selective in their choices and choose education over entertainment.
For your students, you can recommend them to start with these books to open their mind, view the world from different perspectives:
- Old School by Bill O’Reilly
- The 7 Habits of Highly Effective Teens by Sean Covey
- Make Your Bed by William H. McRaven
- Habit Stacking by S.J. Scott
- Milk and Honey by Rupi Kaur
It is always better to start off with small, achievable goals but they all should lead to a bigger objective in mind. Having a business idea may be your student’s ultimate goal and they must create small goals to make this idea achievable with the required funding.
The point to learn here is do not be ashamed of not being able to achieve the bigger goals, your aim was to run a business with a $1 million profit in a year and then teach them they are “only” making $200,000 yearly, and they are way ahead than a lot of people.
Only if you aim for the stars that you’ll be able to reach the moon. As Stephen Richards say, “No matter how small you start, always dream big.”
There Are No Small Successes
Teach them, not to categorize successes into small and big ones. A success can be as small as winning a few dollars in the lottery and as vast as acquiring estates. Count every success and take time out to celebrate it irrespective of its size. The day they start welcoming small successes is when they’ll notice how each day has something to offer.
Challenge the Millionaire Mindset
One of the funniest things about human habits is that your mind loves being in a comfortable situation as the odds of danger are minimized but to get out of your comfort zone is the only way to reach greater heights. So explain to them, if you keep doing the same things, you’ll stay in the same situation. It is not okay to be fully satisfied with your life; rather, one must keep looking for better opportunities and set new goals after achieving the previous ones. Millionaires challenge their own capacity and mind all the time to remain in the game. As Summer Sanders says,
“To be a champion, I think you have to see the big picture. It’s not about winning and losing; it’s about every day hard work and about thriving on a challenge. It’s about embracing the pain that you’ll experience at the end of a race and not being afraid. I think people think too hard and get afraid of a certain challenge.”
Avoid Over Planning
There are certain people who waste their time in planning and don’t get anywhere because all they do is to plan with no time left to actually do something. In simple words, such people over-plan and end up with nothing in their hands.
Let your students explore and learn, all they need to do is to be ready for the task at hand, plan a few of the initial moves and then fire. Do not spend too much time only on aiming rather, fire it before one decides on not firing at all. Over analysis of the target might cause one to miss it and all the efforts to go in vain.
Get a Mentor
Millionaires accidentally or purposely always find mentors. They see the value of learning from others’ experiences and avoid making their mistakes. Following a mentor doesn’t really mean copying that person. Instead, you are actually looking at the same path of success but with a different perspective. To get them started be that mentor!
Margaret Mead says, “Children must be taught how to think, not what to think.” Thus, mentors only serve as a guiding power and all the millionaires pave their road to success themselves.
These online resources are the most convenient way of finding a mentor of your choice:
Your students are still to enter the practical and more difficult phase of their lives, setting high goals and achieving those looks like a fantasy at the moment. Teach them the value that those who strive hard and are determined can make things work out. They need to start working on themselves and their minds before setting out to conquer the rest of the world.
“Before you can become a millionaire, you must learn to think like one. You must learn how to motivate yourself to counter fear with courage. Making critical decisions about your career, business, investments and other resources conjures up fear, fear that is part of the process of becoming a financial success.” – Thomas J. Stanley