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The Path To Millionaire: Keeping It Simple – Ep. 100
Is millionaire something that you’re striving for?
In today’s episode, we’re diving into a topic that captivates many: the path to becoming a millionaire. We’ll explore straightforward strategies, practical steps, and mindset shifts that can help you work towards financial success.
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Podcast Key Points:
0:00 – Episode Overview
1:41 – Millionaire vs. a Million in Revenue
6:30 – Money Management to Millionaire
8:01 – Mindset to Millions
10:50 – Action Step – Celebrating Money
Frustrated that you aren’t making the progress that you should within your finances? Create an unshakable money mindset with the Money Mindset Mastery Checklist
The Path to Becoming a Millionaire
You know the show Who Wants to Be a Millionaire? I’m sure you probably have right but is millionaire something that you’re striving for?
In today’s episode, we’re talking about one that captivates money, the path to becoming a millionaire. We’re gonna talk about straightforward strategies, practical steps and key mindset shifts that can help you as you work towards this financial success, financial milestone that you’re looking to achieve. So here we go.
This is the Your Money Your Life podcast. I’m your host, Aimee Cerka, a money confidence coach for female entrepreneurs on the path to six figures. After over 10 years in the personal finance industry and multiple personal financial and medical crisis. I was fed up with the lies that are being shouted from the rooftops by the Gurus and the media.
That said, I help you simplify, solidify and scale your money. By blending tactile money strategies with mindset work, you can create unstoppable finances together. You’ll finally figure out the money thing.
So, you can make more money in less time without living off of beans and rice, or sacrificing your lifestyle. Episodes here on the podcast are short and sweet. Being married, having four kids at home, homeschooling being the CEO running the household, I’m kind of busy. And I know you are too. So, let’s keep it simple and get to the point. Welcome. I’m so glad you’re here.
Demystifying Millionaire Status
We are talking today about the path to becoming a millionaire. And this episode, of course, I want to be transparent. This is not one that I am sharing based off of true experience. Like we have not achieved a millionaire status. We don’t have like a million. We haven’t done a million-dollar year. We have we don’t have a million-dollar net worth like that. I’m going to be straight up about that.
But there are key shifts from things that I’ve learned from mentors, books. Those things that have made the path illuminated along the way and that is what I want to share with you today.
Okay, so and the reason why I do feel that we need to speak about this is because there’s a lot of like, I don’t know, stigma like status around millionaire. So, let’s demystify millionaire status. Okay?
Differentiating Revenue and Net Worth
So, there’s a couple things you can achieve, like a million dollars in revenue in quote, have like a seven-figure company in; you’re not really a millionaire. So, just because seven figures in revenue have passed for your business doesn’t make you a millionaire because of like what your wealth is.
So again, how much you keep. And we can talk about like your financial stability, your financial security, some of those things, truly determines like when you have achieved millionaire, like you’re being a millionaire, okay? You can have a million-dollar business when you do $1,000,000.07 figures in revenue. Okay?
But that doesn’t necessarily make you a millionaire. Does that make sense? So, it’s really important, like, if you’re working towards this goal, if you want to become a millionaire, what are you actually working towards?
Setting Clear Financial Goals
Do you want to hit like the seven figures in your business and you’re not necessarily a millionaire, yourself that you have a million-dollar business; that can be one thing. Or you can be working to achieve like that. You’re a millionaire with a million dollars in net worth. Or that’s really the best way to put it.
Like when your net worth has achieved a million dollars. That’s really when I feel like you can call yourself a millionaire. But you have to decide like which one’s most important to you. So, if you don’t do that, like then you can’t set the goal to actually make it happen.
Short-Term and Long-Term Goals
So, once you do that, then we can talk about like your short-term goals, your long-term goals, whether that’s like paying off the debt, so that you have a higher net worth. Or maybe you’re not worried about the debt as much because you’re just looking to get to seven figures in revenue. Those are two different things.
See how that works. And then you can be saving for retirement or you can be just really passionate like you’re not worried about saving for your retirement and building wealth and you want to be able to give more now to a cause or an organization that you care about two different things.
So, if you want to get to a point where you raise a certain amount of money for our foundation, then you’re probably focused on the seven figures in revenue in your business versus becoming a millionaire with your net worth. Now, they might both be the goal.
At one point, you’re like, I want to do both Aimee. Like pick one to focus on right now, because they have two different objectives behind them. And two different things that you can you need, could be focusing on and really need to be focusing on, okay.
So, we’re going to set the goal now that we know like, what we’re actually looking forward. If we want a seven-figure business, or if we truly want to be a millionaire, and either one is fine, or your personal goals, there’s nothing wrong with either of them.
But if you don’t know what you want, and you don’t know what you want this to look like, how can you actually achieve it? And if you achieve things, let’s say you were looking for the million-dollar net worth, and you achieve the seven figures in your business, but in the process, like you worked crazy hours. You burned yourself out, because you didn’t build a sustainable business. And you felt like this was the golden ticket; the ticket to success.
But then when you hit the seven-figure business, and it’s not what you were looking for, that you’re just going to be that much more frustrated. And there’s going to be this whole process of grieving almost for this goal that you had that you didn’t accomplish, or that didn’t give you what you thought it would when you accomplished it, okay.
Knowing Your Numbers
But regardless of if we are going for the million-dollar business or becoming a millionaire, there’s a couple things that you need to know, okay. We really need to have a budget, we call it a money management system here, because budget can be a four-letter word for so many. But the things that you have to do to like have a budget, you have to know what your numbers are.
And if you’re not a numbers person, or you’re avoiding it, get help. That’s one of the things that I can help you with, of course, check out the show notes and give you free resources there. Or you can book a free discovery call with me. And we can talk about your resources and your steps.
But we have to know our numbers. No matter what, like both personal and business side, regardless of what the goal is, you have to know what the expenses are going out the income coming in. And most importantly, your net worth, especially if you’re working towards that millionaire status, we need to know that, right?
But you also need to know what how much it’s costing you to be able to scale your business. So, if you need to spend $5, to make $100, you need to be able to know that so that you can just consistently scale to that seven-figure business.
If you’re on the seven figure business side, you see how that works. Like no matter what we’re working towards, we have to know those numbers. If we can automate things here, that’s like golden cam.
The Importance of Mindset
And then lastly, let’s talk about really lastly, it’s almost like a third part here. Let’s talk a little bit about the mindset. To achieve a million-dollar business or become a millionaire, no matter which side you’re on, you have to be able to have that discipline.
And this is not coming from a place of we have to cut everything with that budget. That’s not how a budget works, okay? That’s not the intention of a budget, you have to have the discipline to do the things that you need to do, even when you don’t feel like doing it. Okay.
There’s also going to be some resilience, because this is why we talk about creating unstoppable finances, right? Like we all know, something’s gonna come up. So, when that something comes up, are you going to be resilient? Are you going to be unstoppable? Are you going to keep going no matter what?
And when you have like those habits, we also have to work on our mindset around money. And we’ve talked about this so many different episodes on the podcast, and I have an entire course about this. It’s like one of the core parts of the unstoppable finances’ framework, right?
The battlefield, which is where your money mindset is. But we have to continually work on improving our mindset because if you feel better about your relationship with money, you’re going to be able to achieve more and do more. Okay?
So, at a minimum, let’s make sure you’re doing the daily Money Minute. If you are not familiar with my daily Money Minute, that is where you check in with your bank account. Look at the balance because this is something that we struggle with.
Even if you have a lot of money in the account, a lot of people will struggle there’s like anxiety that comes up. We don’t want to look at it. That could be from like a lack a long time ago or some things just log into the bank account. Take a look at it.
Now you’re not making budgeting decisions based off of what’s in your bank account.
Let’s make that very clear. Don’t make budgeting decisions based off of what’s in your bank account. But you look at the bank account.
Visualize Your Goals
And then immediately after that, I want you to look at whatever it is that you’re visualizing whatever thing that is, you’re working to achieve that goal. So, if you’re working to become a millionaire, what are you going to be able to do when you become a millionaire? Is it going to be trips that you’re going to take? Is it property that you’re going to buy? Is it kids that you’re going to support with that million-dollar business?
Whatever that thing is, that is your reward, that tangible thing when we get there. Look at that immediately after, okay. And we’re going to create the association feel good about the fact that we can check in with our money. Regardless of what actually is going on in the bank account, it doesn’t matter. We’re creating that positive association afterwards.
Celebrate Financial Success
And then second, we’ll say, action step for you today, I want you to start celebrating every time you receive money. It doesn’t matter if it’s a painting on the ground that you pick up when you walk by. I want you to celebrate when you receive money.
And you’re going to say, Cha-ching! Money comes to me in increasing quantities all day long. I’m pretty sure that came from T. Harv Eker. I’ve been doing it for so many years, I’ve honestly forgotten.
But that is something that we do to this day, every single time we receive money ever since it doesn’t matter bank account, like you get paid. I have the cash register sound that goes off on my phone with the text message for my business, anything that comes in through my company, that we also do the same thing. Like when my husband gets paid, or we find money on the ground, or there’s a surprising check in the mail, whatever it might be, you’re celebrating money coming to you and expecting it to grow.
Those are some of the key things that I see. For you, on your path to millionaire, whether that means your seven-figure business, or a million-dollar net worth that was the first thing we talked about, like the difference between the two and deciding which one you’re going to focus on.
Keep It Simple
First, you can achieve both. Absolutely. But what’s going to be your first step and how that decision determines like what your financial goals should be, or what your goal should be moving forward. Then we talked about like your budgeting the practical stuff, right?
There are the numbers we have to know. And if you want more information on that I’m actually working on a cash flow calculator. Right now, I’m going to give it away absolutely free. Like I don’t even think we’re going to put it behind an often just send me a message on Instagram. It’s @aimeecerka.
And we’ll get that to you as soon as it’s done. Link will be in the show notes as well if you missed that.
And then the third thing that we talked about was the mindset and developing our discipline our unstoppable resilience and working on continuing. Improving and I don’t even know that we really address this part, but surrounding yourself by people that want to do the same thing. Okay. All right.
We’re gonna keep it simple. This is part of the keeping it simple series, right? So, we’re keeping it simple. That’s what I’ve got for you today. I’d love to hear from you. Send me a message on Instagram. shoot me a text 817-969-4653.
What was your like aha moment or favorite part of this episode? We’ll see you next time. Bye for now.
Join the Money Mastery Academy
Thank you so much for listening to Your Money Your life podcast ready to dive in. Money Mastery Academy is like the all-inclusive resort. Everything you need to step into unstoppable finances and create that abundant life.
Finally, take control of your money. When you do that pressure will be gone off your shoulders and you won’t have to work 80 hours a day and night and your calendar won’t be booked to the max with work. Your finances and your money do not have to be a struggle with Money Mastery Academy all this is possible. It does not have to be complicated.
And you can do this. Go to aimeecerka.com/academy and let’s make today the day that you draw a line in the sand and take control of your financial future for good. I’ll see you there.
