If you want to be rich or become a millionaire today, do you know why? You have to know the reason before you can achieve it. This is because it is the reason behind that is going to drive you, motivate you and lead you to take more action toward your goals. That means, if you don’t know why you want to start your own business today, you will never be backed up with strong reasons and strong drives. You will give up the moment you face with obstacles in your life.
One of my post explained it best: What Actually Drives You Towards Your Goals
This is why you have to find out why you want to be rich and start your own business before you start your journey to become a millionaire. No matter what reasons you have, they all can be categorized into 4 simple common reasons. They are…
1. To Create Significant Wealth
As long as you are an employee, there is a limit to how much you can possibly earn, no matter how much effort you put in. In most professional jobs, the only form of performance-based remuneration comes in the form of bonuses and annual increments. The problem is, they are dependent on how the rest of your colleagues perform and are usually allocated at the discretion of your superior and whether he has noticed your contribution.
At the same time, your added remuneration will only be a fraction of the added profits that you have made for the company. In other words, you may bring in $1 million worth of additional profits as highly driven business development director, but receive only $50,000 as an incentive. This is if you are very lucky too. So it is hardly possible to be significantly wealthy as long as you remain as an employee.
If you are a business owner, you are in control of how much money you can make each year. Your remuneration and your profits are directly linked to how well you manage and grow your business. There is virtually no limit to how much you can possibly earn. Besides paying yourself a salary and taking a share of the profits, you can also sell shares in your business. In fact, that is how the richest people in the world created their wealth. They sold shares in the company they built.
Bill Gates is the top 10 richest man in the world not from selling software and drawing a salary, but by selling shares in Microsoft, which is worth billions on the stock market. A survey of the 100 richest men in America showed that over 95% amassed their wealth by first going into business for themselves.
2. To Enjoy Freedom and Independence
Many people become business owner simply because they love being in control of their own destiny. They want to be in the driver’s seat and cannot stand reporting to anyone else. They want to make all the decisions and take all the responsibility. They want to decide what time to come to work everyday. They want to decide what products to sell. They want to decide exactly how the business they work in should run. In other words, they want to be their own boss.
3. To Create Passive Income
Creating and building your business allows you to eventually create passive income for yourself. What is passive income? Well, there are 2 forms of income, active and passive. Active income is money you earn by spending time working. The best example of this is a salary. As an employee, you will always earn active income. The problem is that you have to continue working to earn your income. You have no choice but to keep on working until you retire.
But passive income, like rental income, royalties, interest on investments, and dividends from stock, is income you earn without having to actively work for it. Unfortunately, while you remain an employee, these forms of income are normally insufficient to meet your expenses. The only way to create significant passive income way beyond your expenses is to build a business that can eventually run without you having to actively involved. The business becomes a great passive income vehicle that generates profits for you every month, and that means you can retire early!
4. Passion
The final reason that drives people to go into business is the most important reason of all. It is the passion to do what they love and create a business out of it. In fact, unless you have a passion for the business that you are going into, you will surely fail. So if you are going to start a childcare business, you must have a passion for children and education. But if you go into it just for money, the odds are against you already, why?
The first few years of running a business are extremely tough and trying. You are bound to go through failures and massive frustrations. Unless you have the passion to pull you through, you will probably give up half way. How do you know you have a passion for something? The test is to ask yourself, “If I were to strike the lottery and win $10 million, would I still want to do it?” If the answer is yes, then you are truly passionate about the business.
So did you find out which reason suits you the most? You MUST know the reason for you to be a millionaire. If you do not know the reason, you will never achieve your goal. So take some time and figure out why you want to be rich, why you want to be a millionaire today?
Find out where to start to earn your first million in your life. Read The Millionaire Mountains now.
