What's up guys people I'm your host Jay Will and I would like to welcome you to inspire guys people where we balance faith and business To guide you to your purpose. This is the millionaire mindset Explain and the millionaire mindset is a really important topic that you're gonna be talking about a lot in the upcoming episode So I wanted to make sure that I took a moment before we got into all the detail of you know The millionaire mindset is talking about these principles Which if I'm being honest we've already discussed to some capacity on the show in the past But I'm really diving deeper because I'm at this point in life where I really feel like for your average everyday person Right like people are stressing and struggling over money And I think there are some biblical principles that we need to align with the way that a millionaire thinks What am I saying? I'm saying that I believe that most people obtain a million dollars by applying biblical principles Whether they know it or not and a lot of Christians who struggle financially and struggle with the idea of money Let's just be real a lot of Christians struggle with even talking about money They make them feel nasty and creepy and they feel like it's evil and all of those things So this is about unpacking and really trying to have shine a biblical light on how we should think about money And one of the key aspects is that is not about a million dollars You don't have to be rich to listen to this This really is for your average everyday person because I believe what happens is that like everybody trying to get the million Everybody trying to get the bag trying to get rich that we skip in steps and missing out on the principles and also Understanding that money doesn't buy happiness and maybe I don't know Maybe you a hundred thousand here and God gives you peace because you are living according to his will and you're following these principles But what we can't do is misuse and abuse money like oh money ain't nothing You know I love God forget money. I don't care about money And then you know you create this cycle of stress in its lifestyle.
It's really just challenging to live in it called poverty All right, so let's kick it on the millionaire mindset. What exactly is the millionaire mindset first things first Let me let me kick it so you like this. It's the idea that if you think like a millionaire You will get closer to godly success. All right cool So the first thing I want to do is actually look at like what are some stats about millionaire?
So I'm gonna share the screen if you listen on Apple podcast or Spotify You know I'm saying you won't see this but for those of you my YouTube and Facebook people obviously you will I want to share my screen real quick There's this article on business use news daily. I can talk business news daily calm This is from February actually February this year and it's called how most millionaires got rich, right? So let's explore this article a little bit and this is by Stella Morrison. All right, she's a contributing writer at business news Day we got come all right, so we just gonna kick it on a couple of things She got some some some key stats here at the top that I like or key points There are two types of millionaires self-made millionaires and those born into wealth All right So peak this one of the first things for us to try to like sort through and we even think about what a millionaire is or who is a millionaire?
A lot of us I think when we talk about millionaires we like to focus on you know the millionaires that was born into wealth right like maybe the rich Brats or whatever like you know I said if you rich you a brat But you know what I you know what they say about you fam So we focus on that what ends up happening that keeps a lot of us comfortable because it makes us think hey I didn't have a million dollars. I wasn't born into whatever I was born into this struggle We all got all these struggles and these excuses that we could use even if they legitimate excuses But we don't want to use those we want to throw those out the window right now and really start looking into this mindset of a self-made Millionaire because this is a person that didn't start with a million So one of the first things I really want to point out with a millionaire mindset is that it's not about where you started that You know I'm saying I ain't start with this mindset I gotta had a lot of struggle a lot of growth still growing you know when you come up a certain way like a poverty or something Sometimes it's just a lot of residue like it is a lot of residue when you constantly got a look in the mirror and ask yourself Like is this golly or is this the emotional poverty side of me speaking right now, right? And sometimes it's kind of a clash. It's kind of a clash All right, so we're gonna focus on self-made millionaires as it relates to this conversation because again This is about the progress and I really want people thinking about like The other excuse of like whether you was born with a million out the window and really just think like oh even if you start with nothing You can't get to something and what are the principles that you can use to go from zero to a millow?
You feel what I'm saying and again? It ain't about actually obtaining a million dollars But you're gonna hear me talk about million dollars millionaires all that we're looking at the mind people the mind of a million Air because I believe there is something to be learned and to be gained Alright, so Stella also says I'll keep this more than two thirds of individuals with a net worth of 30 million or more are considered self-made Hey, that's 66 percent So it's like yo 66 percent at least according to whatever stat she's quoting here is saying most of the millionaires really more than half of them are self-made 30 million plus so that's a specific group of millionaires alright Ooh no matter how millionaires get their money they all share some core traits including prioritizing savings and diversifying Investments alright, so let's think about this part no matter how a millionaire got their money They have these things in common This is why I love the millionaire mindset And this is why we're focusing on principles in particular because I want you thinking it's like no matter how you like no matter How much money you got no matter how you got there no matter where you came from no matter your race ethnicity all this different stuff That people like to focus on at the end of the day there's some core principles that can move us all ahead What's an example that I have alright? Let's say you go in your car today, right? Your car let's say you got Chevy and Polly your car don't know if you black white like who you voted for like nothing You know what I'm saying?
Oh at least today these cars not again smart I don't know they might know my point is if you press your foot down to a certain lever the car will go 50 miles an hour If you hit your brake the car will stop whether the car goes 50 or whether it stops has nothing to do with where you start in life And all this other stuff there's just some principles you can drop your car off to me give me your keys And I can do the same thing you do and get the same results That doesn't mean we all we don't all drive the exact same maybe I got a move to seat up and you got to change the mirror But my point is there are some core principles in life that apply to all of us and that we could take advantage of so if you gave me your Car say hey, man, just hit the pedal you'll go 50 miles an hour and I was like, oh, but you don't understand man You know I'm from Detroit dog like I started here, you know this car ain't trying to you know I guess a lot excuses we can create can create I can't talk people I promise I can talk There's excuses that we can create but they don't do us any good like they're pointless sometimes these excuses are just pointless for our life All right, so let's get back into this article this article is for those curious about how self-made millionaires got to where they are today And hoping to learn something from their success. All right, so let's look into it as we know most most of today's millionaires weren't born into Well, so let's go to excuse out the window a 2019 study published by Wilte X Founded at 68 percent of those with a net worth of 30 million or more our self-made Oh a second study was done by fidelity investments that found that 88 percent of all millionaires are self-made meaning They did not in here at their will so that's something even for us to look deeper into we could be upwards of 88% Almost 90% most of these people worked for it. You feel what I'm saying? So they might have even give it to them none of that they work for it This is an important one on the fidelity study It also revealed that self-made millionaires top sources of assets were investments capital appreciation Compensation and employee stock options and profit sharing.
All right, I think this is super important because It's saying that most of the people who are self-made millionaires are really calling out these three ways that they made their millions You get what I'm saying? So it's like either investments right so something they purchase that Increased and value over time so we all have that capability to some extent right to purchase something that is an asset versus spending all your money on Liabilities so that might be a change in mindset for us because a lot of times we get a couple dollars You know we going out and we trying to hit them all and we buying stuff that does not increase in value So if you're thinking about making decisions and doing things and having this mindset of a millionaire It's like alright I need to first stop focusing on purchasing or attaining things that don't increase in value now Tell me that's not a godly or biblical principle making decisions that are better for you in a long term Or do I just please my flesh and do whatever would feel good right now? No, that's not godly like Jesus didn't tell you just to please your flesh He said to deny your flesh to follow him right? So what am I saying?
You might have to deny some of your spend to have is deny some of those things that feel good right now Those liabilities to purchase some assets That's the more responsible purchase some things that are going to increase in value over time if you need a direct biblical reference Which I'm not gonna unpack right now, but I'll go back on different shows Matthew chapter 25 versus 14 through 30 That's the parable of the talent is specifically using a financial currency through this example And it's talking about the idea of Doubling your money and even the servant that had one talent right just call it one dollar or one whatever form of currency They didn't go in the master came back. They didn't increase it in the master came back and ask the question Why didn't you at least invest it to gain interest right? so at the end of the day this idea of gaining interest and Specifically with money if you look at Matthew chapter 25 verses 14 through 30 is like it's right there for us in a Bible that This is a mindset that not is just that is just not of a millionaire, but it is a godly mindset So that's the first thing first like I'm having this conversation because a lot of people we've been real They don't want to believe that God wants them thinking like this again because you convince yourself That just the whole idea of money is evil. Yes money the love of money could be evil It might be evil to love your car.
You get what I'm saying. So at the end of the day. We got to take a lot of things in context Let's get back. What was the second thing?
What was the second thing the article said? It said these three things that are out of the door to be one second where was I at? Okay, here we go Compensation and employee stock options. So yes compensation is a way that people have gained or earned millions So what that just simply means is that let's say because I've worked in McDonald's as an example, right?
If I worked in McDonald's if I would have stayed there what I should do if even if I was starting at a cashier I should have meetings with my manager. I should have understand what is McDonald's career path because all these organizations have a career path of opportunity, right? Now, what does that mean? Let's say if I look at McDonald's and I'm like, all right You go from you typically go from cashier to team lead to a shift supervisor to store manager to district manager to regional manager to Regional director, right?
Let's just say those are like the first six jobs you could do with McDonald's, right? So you go from just ringing people up on the cash register to being responsible for the people to bring people up on the cash register To be irresponsible for the whole shift in the whole store like I'm going from cash register to store responsibility So like oh now I'm not just responsible for shift. I'm the store manager. I'm responsible for the whole store all the time, right?
Those are new responsibilities then you take on the district manager and you're like, whoa wait a minute I'm responsible for multiple stores in this particular territory, right? And then you say oh, I'm a regional manager like now I'm responsible for stores across three states, right? Then it's like oh now I'm a regional director now It's like I'm responsible for the people who are responsible for everything that happens here, right? And you can go so on and so on fourth in your career now what I would have done at McDonald's It said all right.
I know that compensation increasing your compensation over time is a way that people can make a million dollars This also represents growth and responsibilities, right? The Bible says to whom much is given much is required. So that's just one example where I believe that there's a biblical There's some biblical alignment with this thinking of taking on more responsibility Being you know God will bless you with more but you'll be required and responsible for more So this is a biblical mindset It's not a biblical mindset to be lazy and to never want to do nothing and say I don't want to deal with people I don't see that in the Bible God called Moses out of the kingdom to go lead his people like the Bible if you look at it It's about a lot of leadership So the idea of like growing and being a leader This is a biblical principle guy gave you gifts, talents, skills and abilities and he don't want you to hide them. All right cool So now I look at McDonald's and I'm like yo, there's this career path that McDonald's bro I can go to McDonald's and do A, B and C now it's like well What what are the requirements?
So maybe one path is if I go get a degree one as if I don't right and then you map those out And this is a way when you think about how people make accumulate millions They don't do it overnight and remember we're not talking about actually trying to get to a million dollars We're just trying to adopt some of those mindsets to apply to our everyday lives You know to relieve some of the stresses to align with our purpose and godliness And to be in a position to be a giver because it is more blessed to give the receive, right? So what am I saying millionaires they quote either compensation? Increase investments which we talked about those two and then profit sharing or stocks and equity, right? Those are things that you typically get when you have like a Executive role out of organization.
So now you don't went through you don't went away from just district regional all those things Now you're talking about the company either you got involved in a startup or something really early or you purchase shares But you know one way or another now you have ownership of the company So this is the idea of basically you got skin in a game You can gain something you can lose something now a lot of people are scared a scare I can talk y'all A lot of people are afraid of ownership because ownership comes with risk But the one thing that I understand is that in order to grow you are going to have some level of risk Now this doesn't mean to go out and be careless These people are knowledgeable educated on investing and things like that So you got to learn you know So you can't skip that part of the process and try to do something overnight But you also have to understand that when you become in a position of ownership of something Yeah, you got the potential to grow a whole lot But there's a potential of this thing failed that you're gonna fail to Alright, so let's go back to this article and try to unpack a little bit more about this idea of the millionaire mindset So what traits do millionaires have in common? This is the fidelity study show That even though millionaires have different ways of making money They often share these traits Let's explore some of these traits and then just see you know, I'm saying off top of the head like this Does this remind me of anything in the body? They said ambitious goals and act on them. They have mentors.
They look for feedback. They are not afraid of failure Alright, I got to talk about some of these they said ambitious goals and act on them Alright, so I love this because It's the idea of having a target to grow like you ain't just gonna grow Just because you woke up in the morning and you just trying to wing it like a lot of people are If you want to have a growth mindset a millionaire mindset, then you need to have some ambitious goals This means you need to make yourself a little uncomfortable regardless of what that is. Maybe you'll go this I want to read the entire bible, right? That's ambitious if you've never done it before and it takes time But you can find a way to do it Maybe you like I want to read the new testament or maybe you want to get in shape or maybe you want to save $1,000 This mindset for godly success can be applied to different things But the root of it is the same the idea that you need to have ambitious goals But oh man, the second part is where a lot of us fall off and then you need to act on them This means you can listen to this podcast a thousand times and I might be spitting nothing Facts like I'm telling you I got to be spitting facts, right?
You know I'm saying am I spitting facts people am I? Right, but it don't even matter if you don't act on it Like if you don't act on the things that god calls you to do bro We just waste the time and talk in the circles and it means nothing All right, what else that they say in an article they have mentors Oh, I love this one because a lot of us are too prideful to have mentors a mentor can be older than you younger than you They can be um white black brown. They can be from where you from from somewhere else This idea of mentorship though is just really stating that you can't do this on your own So think about having a pastor or ministers in your life and church or different people that you trust that a lot of times For me my opinion is you want to look for people that have some credibility That means you actually have like you can show incredible fruit of like yo I've done what you're trying to do you have done something that I'm striving to do or whatever And you are willing to help me through it. That's gonna relieve some of my pain and mistakes I'm gonna tell you we got to throw the pride aside Especially talking about the million or mine said because a lot of y'all out there a lot of us out there I'm just throwing myself in the two a lot of us out here We want to have success, but we saw arrogant in our ignorance Whoo, don't be arrogant in yo ignorance femme How can you be so arrogant and you don't even know nothing and a lot of us are failing because we are arrogant in our ignorance That means we don't want to hear somebody tell us that there's a better way to do it The bible says there's a way that seems right to a man man I can talk the bible says there's a way that seems right to a man But the end thereof is dead that means that there could be some things that seem right to you But you kind of educate it on the thing You just kind of following your emotion in your feeling and that thing is gonna lead you to a dead end And we don't want that what else to say it says millionaires look for feedback Man, this is an important part of being a believer in growing If you want to grow, I've been here I'm telling you like this is something especially in the corporate world I've had to be vulnerable and allow people to give me feedback And there are areas that I'm trying to grow in right now that are specifically based on feedback that I received this year I've received received I can talk people Yes Yes, I can I've received feedback on various levels this year that I've been acting on all your long I'm starting to see some progress and some results from some of it and some of it I'm still trying to sharpen and get better But the whole point is that if you want to grow if you want to have this millionaire mindset Then you need to be willing to listen to what people have to say And I'd always try to be right and I'd always have a comeback Like just listen and try to understand and comprehend what people who have been there are trying to help you with I like this one These last two are gonna be the last two that I focus on They are not afraid of failure.
Now this goes back to what I talked about about that About risk Millionaires aren't afraid to fail because a they are educated B they got mentors right you follow all these other steps you have Some experience you've been in the game a little bit and you know what you're doing You're not just guessing you ain't just trying to get rich You're not afraid of failure because you know that you got these principles to lean back on if you did fail But you also realize that in life everything ain't guaranteed and so at the end of the day like we walking by faith Walk about faith not by sight You can't be afraid of everything if you want to grow That's a biblical principle all day long And this last trait that you know according to this article millionaire's have that I think is Really important is they understand the value of time So let me tell you something about the value of time A lot of us waste a lot of time And you spend a day like oh watch tv all day. I don't do nothing Uh, whatever And we all realize number one that makes you more lazy that takes more energy But there's no productivity behind that a millionaire has a purpose with their day because we know our days are limited We know our time is limited You wouldn't take something that's limited and important and abuse it and misuse it You should be treating time like go This also means you have to practice keeping your word This is something that's important to me that I've tried to grow in through the years If I tell you I'm gonna be somewhere I want to be there unless there's truly an emergency Not my dog got sick Not something random that you just make it up because you really don't want to go Like no This means when a person asks me something I have to first maybe have the challenge and conversation on a frontian If I know I really don't want to do it or can't do it is like I can't do that Here's why I'm gonna get in the respect or whatever, but I Understand the value of time. I don't want to tell you oh I can you know, I can um, let's say what some I want to use examples with people might feel like it's about them So I'll always be hesitant but people hit me up for different things Let's say somebody want to book me to speak out of church next week next month Well, when they book me, I got to look at my calendar and be like all right Well, next month is my anniversary is my wife birthday and it's Thanksgiving That's too much going on like I'm not mentally gonna be able to do it And I got a lot going on at work like and so I have to say no And a lot of people want you to say yeah to them all the time But I think there's respect and credibility and saying no because you're understanding the value of time Also being on time if I tell you I'm gonna meet you for lunch at 5 30 I don't show up at 6 or hit you up at 5 15 and say I'll be there at 7 because I value your time A lot of people do not value time and they don't realize that this is a part of their failure and lack of success today Is because you don't even value your own time. You don't even know how to manage your own time to get the most out of your day That's really what you're trying to do is manage time to get the most out of your day It's the reason why I hang up when people put me on hold I know that sounds bold But you know if you've been on the phone with me the moment you say hold on I hang up Why?
To me whatever's on the other end is more important to me right now I don't have time to waste so why would I just sit on the phone and silence for the 45 seconds or a minute? Because you forgot that you was like you see how that 45 seconds we just waste the time bro You can either call me back when you want to talk or we just talk again in the future little willing But I got other things to do so even if what I'm doing right now is resting that's specific to this time I could be recording a podcast a short video like I could be doing anything other than sitting on hold So I understand the value of my time. So I don't wait on hold really for nobody nobody Maybe my mom. I don't know.
Love you my I'll wait on hold. I'll be on hold for my mom rest of the arcade rocks Um, all right. So let's wrap this video up. The millionaire mindset is really Foundational I put it that way So I want you to think about the mindset as foundational just like a house, right?
So you got a you build a solid foundation for a house You can build it up two stories, whatever you can have a finish basement You can have all these things in a home if the foundation is right You can build on it over time and it can grow But if you don't have a good foundation and you try to build on that it's gonna fall apart Your mindset is about the foundation for the future of your success That's the importance of the millionaire mindset is that this is the starting point for you understanding and being convinced That you're going on a path that does take time that is a process that is not about just becoming a multi-millionaire or something It's about taking these principles and building on them and growing and becoming better and finding peace And being more efficient with time and what happened when you had these small victories and these wins over time You will realize this is better for me. This is good for us. It's better. Why let's be real man Poverty is full of stress full of stress.
Um, you you look at the numbers people live in poverty They get sicker they die quicker like because you don't have access to good health You know a lot of times have to wait on somebody else to come save you from something There's a lot of stress and tension on those families. Um, there's a lack of responsibility and accountability and we don't talk about all that But this was just about explaining the millionaire mindset Set in the foundation if you had somebody is like, yo, what's this millionaire mindset? Which y'all talking about? This is the starting place where you go and say yo first watch this video the bible says i'm running 12 and 2 Be transformed by the renewing of your mind We got to renew our minds and if you can't get this part Nothing else that i'm going to tell you during the millionaire mindset school The thought is going to make any sense and you're not going to be able to buy into it If you don't first have the mindset and understand why and have faith and believe that this is something that can work for me Even if I only make 30,000 a year by make 40,000 a hundred thousand it doesn't matter because so many times we focus on the million dollars the money the bag A pot and really man if you don't have a good foundation, you ain't gonna keep that money anyway How many of y'all have seen 10,000 dollars?
You didn't touch it whether it be a taxes whether it be profit sharing at your job Something you didn't want a case like you didn't have you didn't a lot of people in touch 10,000 They don't got enough they don't got five thousand. Why because you didn't have a millionaire mindset and that's okay I ain't here to judge you. I ain't here to condemn you I'm just here to share and hopefully help you grow along the way and for those It's like the body say let he who hath an ear here at the end of the day if you don't got no ear for this fam You know what I'm saying? You're the same that there's nobody who do I mean you can still subscribe to the show though check out smart guys people on youtube Apple podcast is Spotify subscribe or just google inspire guys people typing in the search bar inspire guys people a bunch of dope stuff It's gonna pop up, but I appreciate you rocking with me on this episode of the millionaire mindset explain and uh more to come This is something we gonna be talking about and I wanted to set the stage to help you understand It's not about money.
I ain't tripping like all Jay Trippin all you want to do is talk about money No, it's just that I see all these aligned principles that we can learn from millionaires to apply to other areas in our life I have success listen y'all having amazing amazing amazing day And uh, you know if you want to you can listen to the podcast share the podcast talk about the podcast post about the podcast You know I'm saying if I was a podcast on Instagram at inspire guys people or follow me at inspire j will Thank you so much for being a part of this show and what we do and we don't keep growing baby We on a pathway to 1000 subscribers on youtube. I think we are at 957 today. Won't you be 958? Won't you be 959?
Won't you be 960 buddy? Join us when it's fire guys people where we balance faith and business to guide you so you're perfect Y'all having amazing amazing