By Timothy Sykes

I’m humbled that my career as a penny stock trader has helped earn me the title “millionaire,” and I’m even more blown away to count two of my students among the ranks of this elite club.

Having worked my way up from a few thousand dollars in bar mitzvah money to a few million has given me a unique perspective. I know what it’s like to start out with no big advantages, but I’ve also had plenty of exposure to the unique way millionaires think and act.

As a result, I’ve been able to see what they do differently and how they both earn the big bucks and protect their financial positions. I’ve applied all of these principles to my own life, and if you aren’t currently where you want to be financially, I recommend you do the same.

1. Millionaires work hard.

The “get rich quick” thing is such a cliché, but the thing is, it’s rarely ever true. We all see startups earning million dollar valuations, but the real story is that their “overnight success” was ten years in the making.

Millionaires aren’t afraid to work hard, and they take advantage of the principle of “success begets success.” When you have a few small wins, you build on them. You take the next step and you keep plugging away, because you’ve had a taste of success and it’s great!

I hear from a lot of trading students who are looking for a way to make a few quick bucks trading penny stocks, and I always have to disappoint them. There are no secret “hacks” to building generational wealth. There’s only hard work, discipline and a willingness to push ahead through any circumstances.

2. Millionaires have clear goals.

Do you know why millionaires are so willing to work hard? Sure, experiencing regular success helps, but it’s also because they have clear goals.

Let me give you an example… Which of the following statements do you find to be more motivating: “When I get rich, I’m going to buy a nice car?” or “When I get rich, I’m buying a cherry-red Lamborghini Aventador LP 750-4 Superveloce?”

Which one do you think will motivate you more to do the hard work required to become a millionaire?

When I was in high school — when I got my start as a stock trader — I had a poster of a Lamborghini hanging on my wall, because that’s what I was working towards. My dream was so clear I could practically feel the wind whipping around my face as I showed off my sweet ride to my envious friends.

That’s the kind of goal you need to have if you ever want to be successful. If your current goals are a bit lackluster, whip them into shape to continue down the path towards becoming a millionaire.

3. Millionaires are willing to fail.

Being afraid of failure makes you overly cautious. If you’re constantly afraid of failing, you’ll miss out on the opportunities that present themselves to you — all because you were too scared to move forward.

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