Multi-Millionaire Mindset Mastery

The connecting thread of multi-millionaires boils down to one similarity—mindset. These economic actors weave a pattern of unspoken rules that are simply thoughts and philosophies put into action. This is especially prevalent in real estate and with business owners. I pulled together the financial rules and actions that make up the multi-millionaire mindset so you can see how to master it for yourself.

Unspoken Rules In Millionaire Business

One of these unspoken rules is most millionaires have multiple bank accounts to build relationships with institutions. This helps to build the health of their business and aid in long-term goals. Another rule many millionaires follow is investing in real estate—especially after understanding the power of equity.

Another path to success is the awareness that business is more than having a product and selling it; it has many working parts that all need strengthening to function properly. A business can be viewed as a living and breathing body that requires a leg day now and then, and what you put into it determines the results.

Millionaires also know how to take a successful business and leverage it. Often, millionaires have multiple companies because the leverage from each LLC or entity is incredibly valuable. One of these business muscles to work on is business credit. Leveraging credit in any capacity is also what many describe as the Great American Credit Secret. This can start with an Electronic Industry Number or EIN, which acts as a social security number for the business. While you can use your personal credit, which is called a Personal Guarantor (PG), you can utilize your EIN to build strong credit for your business. Oftentimes, a PG is required until a business can stand on its own.

Strengthening Your Business

So, what exactly makes a strong enough business? I believe the most critical factor, which takes time and dedication, is age. The older the business, the better. After age, the next factor to consider is income. Keeping detailed records such as bank statements and tax returns (proof of income) will greatly improve approval odds. If strong business credit is the muscle of your company, the organization is the lungs and breath that sustains it.

The next factor is a high PAYDEX score. To receive a PAYDEX score, apply for a D-U-N-S number on the Dun and Bradstreet website. A PAYDEX score runs from 0-100, with 0 being the highest risk of late payment. Simply put, a PAYDEX score is based on how well the business pays its suppliers and vendors. A healthy score is considered 80 and above. Lenders, landlords, and suppliers will typically check this score to assess your business, and it is available information for all to see.

The next step is to perform a credibility check on your business. A credit check is the data points that prove a company is legitimate. These factors include a website, business phone number, business address, and EIN. This is where you gain trust from not only customers but institutions as well. It is a simple step but should not be overlooked for the integrity of your business.

While it can be easy to focus on the short-term goals of a business, its longevity and success are based on its long-term goals and actions to achieve them.

Since you know that this is the mindset of a millionaire, why not follow their lead?

The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.