What is a Millionaire Mindset?

What if I told you there is something far more important than what you earn, how much money you have, how much money your parents have, your investing strategy, your job and it’s earning potential to becoming a millionaire and staying a millionaire.
What if I told you the majority of millionaires don’t own super yachts and drive around in Ferraris all day.
What if I told you a million pounds wasn’t that much money…
Have a struck a chord? Did you feel a little bristle of indignation at that last one?
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Good, because that means this post is for you and might just change your financial future.
BUT FIRST, WHY ARE WE FOCUSING ON ONE MILLION, WHAT’S SO GREAT ABOUT THAT NUMBER?
Well if you’ve read my post introducing financial independence and early retirement you would know that when invested properly, one million dollars (or pounds, or euros, or whatever your currency is) should provide you with $40,000 per year pretty much indefinitely. You know bar seriously crazy circumstances and acts of God etc, etc etc.
For my partner and I, even when we have kids, that annual amount would enable us to lead a pretty awesome life.
I understand for some people that amount would not be enough to fully sustain them. But I think we can all agree that for the majority of people an extra $40,000 per year would go a long way to reducing the need for full-time work for all members of the household. That extra $40,000 would add masses of financial security and open up many possibilities like no longer having to work, being able to pay off debt, becoming a stay at home parent, only having to work part time, starting your own business, buying a rental property to further increase income. You get the idea.
Amassing a million is a pretty good thing to do for your average household.

SO WHAT’S THIS ONE IMPORTANT THING THAT’S MORE IMPORTANT THAN WELL EVERYTHING ELSE TO BECOMING A MILLIONAIRE?
It’s mindset.
I can literally feel the disappointment rolling off ya. Nope, I didn’t have some get rich quick scheme hidden up my sleeve.
But, real talk here, even if I did have a get rich quick scheme that actually worked, without the correct mindset you would probably end up pissing all the money up the wall anyway. Sorry but its true.
WHAT IS THIS MILLIONAIRE MINDSET?
It’s a way of thinking and being that means all your actions automatically contribute towards financial security and wealth building.
*Note* Before we really dive into the ins and outs of a millionaire mindset I just wanted to make everyone aware of this:
Most people tend to fall into a ‘saver’ or ‘spender’ category with money and it’s often the ‘spenders’ that get the most flack. Now obviously if you are spending every cent you earn then you do not have a millionaire mindset and you certainly won’t be able to secure a million. However, it’s important to realise that savers can be just as bad in the millionaire mindset department.
Often I find that the ‘saver’ types are quite fearful of money which means they allow their money to control them. Or they make poor financial decisions such as keeping all their money in a saving account with the bank rather than investing it. This obviously means that over time their money actually reduces in value because it does not keep up with inflation. And it’s these kinds of money decisions that can hold ‘savers’ back from actually getting their million.
Okay now we are all clear with that, back to what actually is a millionaire mindset and because everyone loves lists, am I right? Yeah I’m right! I have created a list of eight aspects of the millionaire mindset so you can develop your mindset too!

1) YOU NEED TO BELIEVE YOU CAN HAVE THE MONEY
This is the most important point on the list so pay attention.
A lot of people, often without realising, have what I call a ‘not for the likes of us’ mentality when it comes to wealth and having enough money. (I class enough money as enough to not need to work and still be able to have the life you want, yeah I know my enough is very different what most people define as enough.)
They intrinsically believe that they will and can only ever be poor because people like them just don’t get rich.
You need to stop thinking like this immediately. It’s so damaging and so not true! There are literally thousands of rags to riches stories and the only reason it’s them and not you is this mentality.
Figure out why you think like this, and then figure out how to stop. There could be some deep-seated psychological issues involved so therapy may be needed to help with this and that is totally okay. You need to get this issue sorted.
2) YOU NEED TO STOP ALWAYS BUYING THE LATEST STUFF AND KEEPING UP WITH THE JONES
You definitely will have heard this one before. Keeping up the Jones and always buying the latest of whatever is cool is the route of all routes to ensuring you never have enough money.
Buying stuff does not bring happiness. Learn how to be happier with less, I recommend looking into minimalism if you know this step is an issue for you.
Just remember Warren Buffet still lives in the family home he bought over 50 years ago. He is someone with an incredibly developed millionaire mindset which can be illustrated by his lack of desire to buy a huge fancy house which he could most definitely afford. There is no keeping up with the Jones in the Buffet household.
3) YOU NEED TO REMEMBER YOU ARE NOT ENTITLED TO SOMETHING JUST BECAUSE SOMEONE ELSE HAS IT OR BECAUSE YOU THINK YOU DESERVE IT
This very much leads on from aspect 2 above. The Millennial generation gets a lot of bad press for having an ‘entitled attitude’. Now I’m going to be a bit controversial here and say there is only one place where that attitude could have been taught from, the generations that raised us. But controversial statements aside, buying things out of entitlement is everywhere. Car loans, mortgages on houses of an unnecessary size, finance on home improvements or furniture.
Just because you can get a loan for it does not mean you’re entitled to it. Just because you’re neighbour has one does not mean your entitled to it. Just because you’ve worked crazy hard today or every day for the last 20 years, does not mean you’re entitled to it.
Sorry, it’s true.
You know what you are entitled to things like human rights, the opportunity to earn money to feed your family and buy shelter, freedom of speech, the opportunity to make a better life for yourself and self-expression.
A brand new truck is not an entitlement.
And it is most definitely not an entitlement if you can’t pay cash for it.
4) YOU NEED TO RECOGNISE THAT MONEY WILL CONTROL YOU IF YOU LET IT
This one is actually super simple, if you don’t take control of your finances they will control you.
For example, if you spend willy nilly for the first two weeks of the month you may suddenly find your card is declined. Now money is controlling you because you have no money left until the beginning of the month again.
If however you had been conscious of what you were spending and ensured it was within budget then you could still be using your money for the whole month. Which you know is wayyyy better if you’re into eating and stuff like that…

5) YOU NEED TO ACTUALLY GET A HOLD OF YOUR FINANCES AND THIS INCLUDES FINANCIAL EDUCATION
Get educated and get a hold of your finances, I’m talking budgets, net worth, you know those sorts of things.
Without financial education how will you know what to do with your finances! You need to start reading and learning, now that doesn’t have to be conventional learning like at school or college. Although if that’s your bag then find a class and go for it. Nope, it can be as simple as reading this blog, I mean one of the aims of the blog is to educate on financial matters. Another fantastic blog to read for some financial education is Mr Money Moustache, he has a great millionaire mindset.
With all that financial education you will then easily be able to get a hold of your finances, work out your net worth, figure out some money goals and set up a budget that works for you.
6) YOU NEED TO HAVE CLEAR FINANCIAL GOALS TO KEEP YOU ON TRACK
Financial or money goals are so necessary to your millionaire mindset, they give you your WHY of why you’re being sensible with money.
I’ve written a post all about money goals and creating them, which is well worth a read if you know this is an aspect of the millionaire mindset you struggle with.
7) YOU NEED TO STOP SEEING BUYING STUFF AS A GOOD THING
Just so you know by stuff I don’t mean items necessary to live and have a good life. So I’m not suggesting you should stop buying healthy organic food (if that’s your thing) because food is necessary to live, while the healthy organic’ness of it is what to you constitutes a good life.
I’m talking about stuff that you buy but actually, you really don’t care about.
Normally when we get to go shopping or get to buy something it’s seen as great whatever you’re buying. Everyone is excited, woohoo we get to buy stuff. You go buy the item and get it home, that first 30 minutes or even few days it’s awesome. Then it’s slowly forgotten as you buy the next ‘stuff’.
Are you starting to understand what I mean by stuff and why you need to stop seeing it as a good thing. It’s just not. You end up with stuff you really don’t need and end up relying on that just brought something high to keep you happy. Which in turn leads to more stuff that you didn’t need, or particularly want even more!
If this is something you struggle with try a no spend challenge for a week or even just a few days. You will be surprised by how much you miss buying something, but you probably won’t actually miss buying any particular items. Just goes to show how much stuff you have brought or do buy that really you don’t want or need.
8) YOU NEED TO STOP SEEING MONEY AS SOMETHING YOU SPEND AND INSTEAD AS SOMETHING YOU USE
A lot of people say something along the lines of ‘might as well spend it now as I can’t spend it once I’m dead’. Great. That sentiment suggests that unless you are spending the money it’s wasted.
Stop thinking like this!
Money is not something to be spent; it’s something to be used. This is a very different and crucial way of looking at it.
If you only see money as a spending device then yes, of course not spending it looks like a waste. But if you see it as having a multitude of uses then reducing your spending and doing something else with your money becomes a lot more logical.
You think millionaires see money only as a spending device?
Of course not. They see it as a tool to get what they need, want and desire. Things like financial independence, security, education for their children, and peace of mind so that if something happens they can handle it.
And when they do spend money they don’t see it as spending, they see it as a tool for facilitating something else. So they don’t spend money on dinner with friends, they use money to enjoy an evening with friends where the food is cooked so they can focus entirely on their companions in a nice setting. Notice the difference?
So that’s the list folks, remember to start thinking with a millionaire mindset you need to encompass these eight things!
It can be really hard to change your mindset. I know. In fact, it took me around six months to really get my millionaire mindset on and I still have to keep a check on myself.
So whatever you do don’t feel guilty or like a failure if your automatic thought isn’t millionaire mindset style. Just be conscious of it, and correct it.
So for example, if you get a big bonus at work you might first think; ‘yesss I’m going to go on a shopping spree because hello money’.
Instead realize that your first and automatic thought wasn’t one of a millionaire’s mindset. Then check it and think something like; ‘actually that isn’t what I want to do with my money because it is not in line with my goals and nor is it part of the new millionaire mindset I am developing. Actually I’m going to put most of this money towards my mortgage and use a small amount to go out to dinner and celebrate paying a big chunk of mortgage off’.
Still having fun but, with your millionaire mindset employed, you will be well on your way to your first million!
Tell me what you think of a millionaire mindset. Have you got one, or is it something you need to work on? Or perhaps you disagreed and think a millionaire mindset is not needed, tell me in the comments below!


I absolutely LOVE this post. You really are correct when you say it’s all about mindset. Your blog is super inspiring and helpful to me in working on my own. Thanks!
I’m so so pleased you like the post! Mindset really is so incredibly important, not just with money but everything we do in life!
Ahh that’s so sweet of you, it’s so great knowing I am able to help you in some way!