10 Steps to Create a Millionaire Mindset

Michael QuanBeliefs, Education, Habits, How to, Investment, Misc, Personal Development20 Comments

Some links below may be from sponsors. Please see our disclosure for more info.

Millionaire Mindset

Do you have a millionaire mindset? Would you like one?

I’ve said it before, and I’ll say it again… building wealth is 80% psychology and 20% mechanics.

But, this begs the question…

How and where do I begin? start-1436757_640

We all come from different backgrounds and thus have different perceptions of money.  But as a whole, most of you probably DO NOT think like a millionaire by default.

Here’s the good news.  That’s okay!

There are a whole lot of millionaires out there willing to share “their secret” that got them where they are today (me included).

And, the fastest way to get the results they’ve achieved is to think just like them!

So, in this article, I’m going to outline 10 crucial steps on how to create a millionaire mindset from scratch.

I could probably write an entire post on each of these steps, but I’d like to give you the grand overview first.  So, let’s get started!

How to Create a Millionaire Mindset

Step 1: Ask The Right Question light-bulb-1002783_640

Have you ever realized what it means to think?  What are your thoughts composed of?

Thoughts are simply a series of questions and answers that you are constantly dialoguing with yourself.

The very quality of our lives boils down to the quality of the questions we ask ourselves on a daily basis!

So, it behooves us to Ask the Right Question, in order to create the result we are looking for.

When constructing a millionaire mindset, it’s critically important to know upfront WHY you want to become a millionaire.

Do you really want to have a million little pieces of green paper, or a bunch of zeros staring back at you on a computer screen?

Probably not.  Most likely, you’re after a feeling.   What would it FEEL like to see those extra 000’s at the end of your bank statement?

Maybe it’s an incredible sense of freedom!

Perhaps it’s a sense of significance and achievement knowing you took action into your own hands?

Maybe it’s knowing that your family will never have to worry about basic necessities?

Perhaps it’s knowing you can contribute way beyond what you ever dreamt possible?

Whatever it may be, you owe it to yourself to figure out WHY you want to become a millionaire.

So before anything else, ask yourself this critical question.  WHY??!!

Step 2: Read the Right Books books-158813_640

Being able to get into the mind of a millionaire is priceless.  But maybe you don’t have a shortlist of millionaires on your speed dial.

No problem.  You can access thousands upon thousands of millionaires and billionaires any time you want!  To make it even better, you can get this information for a fraction of its value, and sometimes for free.

NEVER underestimate the potential power of a book.  It’s truly a WEALTH of information at your fingertips.

Listen to what the authors are telling you as if you’re sitting next to them over a cup of coffee.  Ask them questions in your mind and see if you can figure out what they would say.

In no time, you may just find yourself beginning to think like them and well on your way towards creating your millionaire mindset!

Need somewhere to start?  Here are some of my favorites:

No money for books?  Go to your local library!  This is an incredible resource that I’m so thankful to have been exposed to as a young child from my parents.  I’ve received so much value over the years from my local libraries that today I’m compelled to give back to these institutions.

Don’t like to “read”?!  How about listening?  Programs like audible.com allow you to listen to full-length books.  I never have a shortage of things to listen to in the car.  That’s just how I roll! 😉

*Some of the links contained in this post may have affiliate links.  If you make a purchase after clicking one, I may earn a small commission and I would be greatly appreciative!  Remember, I will only recommend products or services that I believe in and/or have used personally myself.

Step 3: Get a New Perspective magnifying-glass-29398_640

I can assure you that if you immerse yourself enough into the proper books and consume information directly from those who already have what you want, you will be on the right track.

Part of this process then becomes noticing new distinctions and thoughts.

In fact, it’s light a light bulb going off and it’s incredibly exciting!

Finding a new perspective means that you are beginning to see and understand things that you would never have considered before.

Maybe you realize that you don’t really need a TON of cash flow to begin building wealth?

Perhaps you figured out that most millionaires aren’t any more special than you are, other than finding the formula that works and executing it.

Maybe you realize that money is all an illusion and you’re really seeking financial freedom!

How about a little perspective from our favorite philanthropic billionaire!?

We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction.

– Bill Gates

Step 4: Adjust Your Story journal-1090599_640

Have you ever told yourself a story long enough, that you actually believed it?

“I’m too old to try that now…”

“I am not good enough…”

“I’m destined to repeat the same mistakes as my parents…”

“I don’t need money, that’s not what I’m all about…”

“I can’t afford to fail…”


stop sign

This can be the single biggest stopping point for us.

The reason is that we all have emotions tied to the stories (beliefs) we carry.

I’m here to tell you that YOU always have a choice.

There was a time in my not-so-distant past that I felt pigeon-holed.  I felt like I was already defined a certain way, so why try to fight it or be something else?

I was wrong.  You truly have the ability to create your destiny at ANY point in your life.

Don’t believe your old stories that others and even you tell yourself unless they serve YOU.

You alone know who you are, what you are capable of, and what you deserve.  There is no shame in expressing that and sharing it with others.

I say it’s time to create empowering stories and beliefs that will serve you and those around you.  How about trying some of these?

“I’m glad I’m young enough still to give this a shot!”

“I know that I’m good enough and I deserve the very best life has to offer!”

“My parents taught me valuable lessons with their mistakes so that I don’t have to.  The past does not equal the future, so I get to choose…”

“Money is simply an accelerator of who I am.  I am someone who gives generously, loves to share, and helps lift others up!”

“I can’t afford NOT to try.  The only failure is allowing myself to be less than what I am capable of and sharing that with the world.”

Step 5: Raise Your Standards quality-787673_640

Here’s the funny thing.  As you take each of these prior steps, you will “automagically” increase your velocity towards your goal.

I guess we could call that millionaire money momentum!

So once you start asking yourself better questions, you start formulating better answers.

Then, something funny happens.  You ask yourself…


Yes, why NOT you?  Are you waiting for a special badge to come in the mail telling you that it’s okay to become a millionaire?!

I’m a firm believer that anyone willing to do what it takes, and build the proper millionaire mindset, is worthy of a million dollars or much more!!

Finding this internal fire is beautiful because you realize it’s time to raise your standards.  (In fact, I wrote an entire post about this topic here).

Step 6: Get Disturbed and Make a Decision

disturbed decision

Once you raise your standards, I can pretty much guarantee that you’re going to get massively DISTURBED!

You’re going to be disturbed that you haven’t been in the game already.

You’re going to be disturbed that your OLD stories have been short-changing your full potential.


Now we’re getting somewhere.  The more disturbed you can get, the better!

This is the leverage that you will need to make the decision to become a millionaire no matter what.

Notice, I didn’t say TRY!

I said “DECISION”.

A true decision means cutting off all other possibilities.

Make the decision that you will become a millionaire and the rest of the process will flow seamlessly.

When you make this commitment, you will feel it.  You may even have a certain peace about you knowing where you are headed.

You may not know the exact roadmap to this destination, but you know for a fact that you will figure it out.

It is done.

Step 7: Take Steps Forward (Small and Large)


Decided?  Fantastic!!

Take some action NOW.  It doesn’t matter how small or large this action is, but do SOMETHING towards making your goal of becoming a millionaire a reality.

Need some quick ideas?

  • This could be opening up that retirement account you’ve always talked about.
  • It could mean starting up a side hustle/business you’ve dabbled in.
  • It could mean sticking it to your debt and creating a plan to get out once and for all!

Whatever it is, you want to have your decision anchored into action.

When you do it, you should feel a great sense of accomplishment!  Smile knowing that you are one step closer to becoming a millionaire… really.

*With a new year, today is a great time to check out new opportunities. Have you heard about NFTs? If you haven’t you should! There’s a shift of wealth occurring right now. I know, it’s my new side hustle to teach people all about NFTs and how to profit from them.

Curious, check it out at NFTs UNLOCKED.

Step 8: Give Back / Pay it Forward


Next, you’ll want to find a way to give back.

Notice this isn’t the last step.  And, it doesn’t begin AFTER you begin building wealth.  It’s a part of the millionaire mindset that you should exercise from the start.

Why?  Because it does miracles with your subconscious thoughts.

Giving to others tells your millionaire mind that you are already experiencing abundance at some level.

Choose to give back in some meaningful way that is specific to you.  Give something, even if you have nothing to give, and your heart will open to abundance.

For those of you that already give, you know what I’m talking about.


I’m a bit embarrassed, but when I was younger I didn’t really give much.  I was too busy thinking, “what’s in it for me?”

Then one day I read about how giving ultimately leads to more riches.  Really?  Sign me up (I was still very skeptical)!

Slowly over time, I began to see an increase in my abundance both monetarily and how I felt about money overall.  I really can’t explain it, but it works.

Not only that but being able to contribute to others is an incredible way to leave this world a little bit better than when you found it.  You may come to appreciate this part later on in life… and again, that’s okay.

Just do it!  You won’t regret it.  I promise.

Step 9: Create and Exercise the Habit sport-1014015_640

Taking consistent action based on your DECISION will begin to create habits.

These habits are the building blocks of what will fuel your increase in net worth and guide you with sound financial decisions along the way.

A couple of excellent books that I would highly recommend discuss this very philosophy:

The best part is that once a habit is ingrained into your daily life, taking the necessary actions to become a millionaire are automatic and nearly effortless.

Want some actions to get started?

How about tracking your net worth and cash flow?

This is something you can do today and will want to do indefinitely as you begin to build your wealth.  I assure you as your net worth grows it’s fun to watch!

Step 10: Watch it Grow/Rinse and Repeat circle-311551_640

The final step to constructing a millionaire mindset is simply to come full circle.

You see we never really reach a place of perfection (nor do we want to), but we do want to commit to becoming outstanding.

Part of a healthy millionaire mindset is simply observing what’s working (watching it grow), rinsing and repeating.

Final Thoughts

There is always something new to learn, a goal to achieve, and someone to help!  I believe it’s in these pursuits where we find true happiness.

The reward at the end isn’t just the million dollars. It’s so much more. It’s the culmination of all you have had to become in the process.

I wish you many blessings along your own path to a million, FI (financial independence), or FIRE. And if you ever need a hand, I’d love to help. Coaching has been a fulfilling side hustle for me because the best feeling I could ever have is watching you spread your wings and take flight.

Readers, have you already made the decision to become a millionaire?  Why, or why not?

Follow me

20 Comments on “10 Steps to Create a Millionaire Mindset”

  1. Hi Michael,
    I’ve been reading your blog and loving the content.

    I’m really intrigued by #8 and how giving creates an abundance mindset that can actually create more wealth in my life.

    How do you give back (other than writing this blog)?

    1. Thanks for reading, Anna. Other ways I enjoy giving back are mentoring youth, feeding the homeless, and occasionally performing random acts of kindness. I could always do more tho!

  2. What an amazing article. I for so long thought all those things, I’m not good enough, no one is going to pay me, whatever. Since I’ve changed my viewpoint my income has increased and I have been feeling way better. My debt is decreasing and my net worth is increased its amazing. I have so much more work to do but have accomplished so much.

    1. Congrats Tyler! I definitely sounds like you’re hitting your stride. Keep up the momentum and it’ll only get easier from here. 🙂

  3. Excellent post Michael. Reading has been the difference maker for me. Digging into personal finance books in the library really opened my eyes.

  4. This is an excellent list. Reading as a way to propel thought into action has always been a favorite of mine. Taking steps now, especially the tiny ones, will make such a difference on your journey.

  5. Great tips, Michael! I love reading books, it’s something, if done consistently over time, that can give you an edge over someone in the competitive world of capitalism. Simple and small behaviors that make a huge difference in the end!

  6. I’d say you’re the epitome & a great example of the “millionaire” mindset & it’s no coincidence you are one 🙂
    Cool article here & I like #1 about the questions we ask ourselves along with others!

  7. It is all about the mindset! It is so important I included it in my site name. Knowledge without action is worthless. Action is attained by having the right mindset.

    1. Thanks for the comment, Brian. The proper mindset is the catalyst that leads to the necessary actions -> great habits -> fat bank account! 😉

  8. Great list of advice Michael. I’ve read many of the books you mentioned and the one that the most lasting impression was rich dad, poor dad. There was nothing technical in the book, but the story was really appealing. I’d recommend this book to anyone who wants an introduction to financial freedom.
    I have heard, but not read, the Slight Edge. I’ll give it a try, I’ve heard great reviews about it.

    1. MM, yeah I agree 100%. Rich Dad Poor Dad was a great story to convey the basic mindset you need to have in order to build wealth. Once I was convinced of that, I dug into the technical books (which would have been way too boring without the proper mindset!)

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.