As great as it would be, becoming a millionaire is not an overnight achievement… unless you've won the lottery. Self-made millionaires all have a set of habits they stick to in order for them to be successful. In this episode of Women in Business, I share what they are.
First of all, you absolutely need to set up multiple streams of income. Think side hustles, affiliate marketing, employment, book sales, speaking engagements… it doesn't matter where the revenue comes from, make sure you have at least a few sources coming in.
Millionaires have a good grasp on what their budget is and what their books look like at all times. And, this is the most important part, they stick to the budget. Don't forget as well that in order to avoid burning out, you should be working self-care necessities into your budget, too.
I'm sure you already know the importance of your network, right? But do you know that you should be taking the opportunity to build your circle at every single opportunity? It's true what they say, that your network is your net worth.
Having confidence, even learned confidence, is a vital part of becoming a millionaire. Being confident in who you are, what your expertise is, and what decisions you've made to get to where you are. You also need to have the confidence to take risks. Risks are an important part of getting ahead in business.
Millionaires also invest in coaches and mentors. Who better to learn from than someone who's already walked where you're walking and done what you're doing? Make the investment. Trust me.
Lastly, practice gratitude every single day. Gratitude has so many benefits, including boosting your mental, physical, and emotional health! When you take the time to be grateful for what you already have around you, you're more likely to be in the right frame of mind for success.
Do you already have some of these habits? What ones are you going to start doing right away? Let me know in the comments on the episode page!
In This Episode:
- Why you need to have multiple streams of income
- What the long-term reason for knowing your budget and books is
- How to avoid burning out by investing in self-care.
- Why you should build your network at every available opportunity
- What the benefits of being confident are
- Why you should take risks in business
- Why millionaires invest in business coaches and mentors in order to be more successful
- What role gratitude has in millionaire success
"It's crucial that we be aware of our incoming and outgoing funds of the total of your fixed and variable expenses, and then from there build a budget. But a budget is only good if you're going to stick to it!" ([8:00])
"Ladies, if you have a business coach who's not looking at your finances and helping you keep that in check, your business could be in danger! I cannot stress that enough. Your finances and your cash flow are the number one thing in your business." ([8:50])
"The most successful people in the world have strong connections around them." ([12:01])
"It's so important to be confident in who you are, your expertise, and your decisions." ([14:52])
"Procrastination and laziness won't build an empire. Entrepreneurship is no joke and there are going to be long days, long weeks, months, and years and, yes, maybe even short maternity leaves, but with goal-setting, acting on those goals, and being efficient, you will absolutely make progress." ([19:13])
Are you a female millennial entrepreneur who wants to start or scale your service-based business but not sure where to start? Go to https://www.drcortneybaker.com/roadmap to get a copy of my business roadmap. Stop duct-taping ideas together for starting your business. Snag my FREE roadmap to get starting on building a real business today.
About Dr. Cortney Baker… She is an award-winning entrepreneur, researcher, author, speaker, and advocate for gender equality. As a leadership expert and mother of three, she is passionate about inspiring and empowering women to lead with greatness.
Dr. Baker is the author of the best-selling books: The Ten Do's and Don'ts for Business Leadership: Lessons to Lead Effectively and Unlimited: Conquering the Myth of the Glass Ceiling. She is passionate about helping ambitious female entrepreneurs go from side-hustle to CEOs!
Feedback? Questions? Comments? For more information or to reserve Dr. Cortney Baker to speak at an upcoming event, please contact her at [email protected] or 1-469-708-8840.