Millionaire Mindset: Strategies for Sustaining Wealth Growth

Millionaires should maintain their successful wealth-building strategies while exploring new opportunities for growth and preservation.

### Building Wealth: The Journey to Millionaire Status and Beyond
* 💰  Reaching a net worth of **over one million dollars**, excluding your primary residence, officially makes you a millionaire and places you in the **top 12% of the wealthy**.
* 📈  Achieving your first million is crucial, as it **sets the foundation for rapid growth**; the second million tends to come **much faster** once you've crossed that threshold.
* ⚠️  It's important not to abandon the strategies that helped you reach your first million; **maintaining a consistent approach** is key to continued success.
* 🔍  As you transition into higher wealth brackets, consider focusing not just on **wealth accumulation** but also on **wealth maintenance** to ensure **long-term stability**.
* 🏠  With a growing net worth, you might explore new opportunities such as **real estate investments** or **starting a business**, but always **evaluate these options carefully** before proceeding.
* 📊  Tools like the one at learn.money.com can help you **define your financial goals** and understand what it takes to **achieve your desired future lifestyle**.
* 💡  Remember, while it can be tempting to chase more aggressive or complex investment strategies, sticking to fundamental principles like **living within your means** and **managing risk** can be just as effective.
* 🌱  Lastly, consider leveraging the support of financial professionals to help **navigate this new stage of wealth** and to identify **potential blind spots** in your financial journey.

[Music] because the next strata is the exciting one. It's the one that gets all the headlines. It's the one that gets the press. This is when your net worth, excluding your primary residence, gets into seven-figure land. You are now officially a millionaire in terms of the wealth that you've built to this point. Yeah, this one puts you - I mean, once you have this, you're in the top 12% of the rich. Yeah, and by the way, if you go into liquid net worth, this number gets even - it gets below 5%. So, that's an incredible thing when we talk about this. And I know there are some naysayers out there. They'll look at this and they'll say, Hey, we just came through a big inflationary period. You guys are still talking about a million. We've moved on from that. But now we're at 3 million, we're at 5 million, 10 million. I can tell you, you realize we've done all this content where we show you

this gets easier and easier 'cause once it gets to a certain critical mass, the money grows upon itself. I can tell you this: as soon as you get to your first million, that second million happens that much fast. It's very quick. The third, fourth, fifth. You don't get to 5 million without a million first. You don't get to 10 million without that first million. Don't sleep on this and also don't let somebody tell you, Hey, just because the goal has moved to three million, don't worry about this or give up. You can do this. Another common fallacy, and we see this out all the time, is that someone assumes that, Okay, now that I've gotten to a million, I need to do something different. I need to change something about how I'm Brian. I played baseball growing up, right? And I had coaches that would always say, We get to the tournament, we get to playoffs, we get to State, we get to whatever it is. And we would get there playing ball a certain

way we had a certain strategy. We did it a certain way, and he would always say to us boys, Don't forget to dance with the one that brought you. Don't forget the thing that got you to where you are. Don't assume that just because you are here now, you have to do something different. And so often, we see people do that. So often, they think, Because now I have a million, I've got to do something more aggressive, more risky, more sophisticated, more fill in the blank. That's not the case. It's okay to continue building wealth the boring way, even when the numbers get big. Yeah, and by the way, just because you reach millionaire status, especially liquid millionaire status, don't let somebody try to sell you on some doctor deal because it's sexier, has a sizzle. This is what other rich people do. You know, we deal with a lot of millionaires. There's nothing wrong with that boring low-cost index fund. There's nothing wrong with that risk-adjusted, you know, low-cost portfolio that you're dealing. There's nothing

wrong with you know just thinking about basic tax planning, not getting into something so sophisticated that it's really spinning your head. You're like, This is so complex, I don't even understand what we're doing anymore. You can actually be successful with a lot of the same behaviors that got you to that seven-fig status. None of that changes: living on less than you make, thinking about risk, focusing on the things that you can control like taxes, focusing on your behavior, how much I'm saving, am I still putting my money to work. Those things are still great, but even considering that reaching 1 million could mean it's time to start adding stuff, not changing what you're doing, but as you get to that phase, as you get to that stage of your wealth-building journey, there might be some things that you want to consider. Like early on, you're focused on accumulate, accumulate, accumulate, build, build, build, build. As the assets get bigger and as you start to move into that place, now you're beginning to think about the finish line.

What does the finish line look like? What am I actually working towards? Yeah, are you ahead of the curve, behind the curve, or right where you need to be? 'Cause this is where I don't want you to be, that Financial Miser, where your loved ones are saying, Why do we still stay this way? Why are we doing it this way? And it's actually taking away from the happiness or the memory-building opportunity. So, actually do the work of knowing, are you ahead of the curve? Because then maybe you can pull back a little bit on what your savings rate or your investment rate, maybe live a little bit more, but don't skip the step of actually doing the work of knowing your number. And that's why we actually created that course and the tool at learn.money.com. Yeah, this is a great thing. If you can define what you want your future life to look like, you can put this into the tool, and it will actually tell you, Okay, what's required for me to get from where I am now to where I want to be in the future? And it

defines that finish line for you. Another thing that you can start thinking about is, as you start to reach this seven-figure L, as your net worth grows above $1 million. Now you can begin focusing not just on the make wealth or the get wealthy behaviors, but now you get to focus on the maintain wealth or the stay wealthy behaviors. And those are, at this stage, just as important as the make wealth behaviors were early on in your journey. Yeah, there's nothing wrong with when you're in the stay wealthy phase to risk your life. And then that might even make sense to pay down low-interest debt. Nothing wrong with that. It also might mean that you have this glad path or understanding that your portfolio is going to be a little bit more conservative, so that that risk capacity issue doesn't come up and bite you, 'cause you just don't have as much time to wait for recovery. And then don't forget, I always amaze you, you know more than likely this is your first journey into building seven-figure status, and you don't have a

lot of blind spots you have, or you have people selling you on stuff, and you're just like, I just don't know what I don't know, or you're busy because you are a successful person, so there's a lot of obligations that go into that. There's nothing wrong with bringing in somebody, taking the relationship to the next level. I would ask you, Hey, remember the abundance cycle? Who planted the seeds? Who taught you to learn to apply these concepts of good financial management and helped you grow to the level that you are? I'd love for you to pay it back to us through the abundance cycle. Go check us out at work with us. You can go to money.com. You know we have all kinds or even aboundwealth.com. We have great resources for you. And then one of the other things, again, as you get to this stage, as you have a million-dollar net worth outside of your home, you may begin at this stage thinking about new accumulation opportunities. Is this the time when I want to get into real estate, or do I

want to think about starting a business or investing in a small business, but you need to make sure that you measure two, three, four times before you do this. Because again, you're not changing the strategy that got you to where you are, you're just recognizing that in addition to what I am doing, maybe now there are other things I could be doing as well.

Top Wealth-Building Strategies for $1,000,000+ Net Worth

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Reaching a net worth of a million dollars (excluding primary residence) places you in the top 12% of the wealthy, with liquid net worth making it even more exclusive.

The journey to subsequent millions becomes faster after reaching the first million, as money starts to grow upon itself.

It's important to stay focused on the goal of building wealth, regardless of changing financial targets.

The Importance of Consistency in Wealth Building

Maintaining a consistent strategy is crucial for building wealth, even as numbers grow.

Reaching millionaire status doesn't necessitate a shift to riskier or more complex investments.

It's important to continue prioritizing basic financial principles and behaviors that contributed to initial success.

It's important to assess whether you're ahead, behind, or on track with your financial goals to avoid being in a "Financial Miser" situation.

com can help you define your desired future life and determine what's needed to get there.

As your net worth grows above $1 million, shift your focus from making wealth to maintaining it, while also being mindful of risk and portfolio management.

Navigating Financial Growth and Opportunities

Successful individuals often have blind spots in their financial management due to busy schedules and obligations.

The speaker emphasizes the importance of giving back through the abundance cycle and offers resources for financial guidance.

As one reaches a million-dollar net worth, it's a pivotal time to consider new accumulation opportunities, such as real estate.

Thinking about starting or investing in a small business requires careful consideration and thorough planning.

It's important to evaluate your current strategy and recognize potential new opportunities.

Taking the time to measure and assess your options can lead to more informed decisions.