Four Reasons You’re Not a Millionaire
You need the right strategy to make millions.
Unfortunately, most people are on the wrong track.
Let me ask you, are you one of those people that plays the lotto, hoping – against all odds – that you’ll be the one to walk away with the million dollar jackpot?
Even if you are, I’m guessing Ed McMahon hasn’t shown up on your doorstep with a giant Publishers Clearing House check. Otherwise, you wouldn’t be reading this post.
But I’m going to let you in on a little secret today…
The fact that you haven’t won the lottery yet isn’t the only reason you’re not a millionaire.
Over the past few years, I’ve dedicated myself to teaching the lessons I’ve learned from earning millions of dollars trading penny stocks.
Through that, I’ve had the chance to work with tons of different students – including a 29-year-old single mother of two who’s up more than $50k since she started using my method.
Of course, not all of my students have been that successful, but what’s fascinating to me is that those who haven’t achieved their dreams of becoming millionaires haven’t missed out because they’re not smart enough or because they made bad trades.
Instead, the things that hold people back from gaining wealth and living the lives they want are much simpler.
I’ve outlined four of these factors below.
If you work hard and apply what I share with you below into your life, there’s no reason you can’t become a millionaire with penny stock trading.
Reason #1: You Don’t Have Clear Goals
Here’s one of the biggest problems I hear from students.
They say, “Tim, I really want to use your penny stock trading strategies to get rich.”
And that’s a great starting place, but I always respond back, “Well, what does “get rich” mean to you?”
The problem with setting a goal of “getting rich” is that it isn’t specific enough. You’re not going to get out of bed in the morning to study stock charts just to get rich, because that doesn’t really mean anything to you.
Let me show you the difference…
When I was growing up, I had a picture of a Lamborghini on my wall. That, to me, was what I was fighting for. I wasn’t fighting to “get rich.” I was fighting to be able to pay cash for my dream car.
I was fighting for the feeling I’d have sitting behind the steering wheel of one of the world’s most powerful cars. And I was fighting for the thrill of picking up girls and showing off to all the kids who’d teased me growing up.
That’s a dream that made me get up everyday and fight tooth and nail to become the trader I am today.
So what’s your motivation for wanting to get rich?
Maybe sports cars aren’t all that appealing to you – maybe instead you want to use your wealth to tour the world, to take care of family members, to pay off medical bills or to leave a sizable inheritance for your children.
All of those are great goals, but I want you to pick your top goal and make it as specific as you can.
If you’re paying off medical bills, write down the amount of money you need to make to get out of debt.
If you’re planning a round-the-world vacation, make a list of the specific countries you’ll visit – even go online and map out an itinerary of the cities you’ll see, the hotels you’ll stay in and the tours you’ll take.
Whatever your goal is, get as specific as you can about what you’ll do with your money once you become a millionaire.
Now, I want you to find a symbol that represents the goal you just set for yourself.
When I was growing up, it was the poster I looked at everyday. But yours might be something as simple as a picture on your computer’s desktop or a online dream-board of inspiring images.
Every morning when you wake up, look at your symbol and visualize yourself completing your goal.
State your goal out loud. And in your mind, see yourself living your dream.
It sounds cheesy, but that’s what you’ve got to do to make your goal real enough in your mind that you’ll fight for it!
I’ve seen so many students give up along the way, not because they aren’t skilled, but because their dreams weren’t real enough to justify the hard work needed to become a successful trader.
Don’t be like them.
Know what it is you’re fighting for and keep that specific goal at the front of your mind everyday as you work towards your dreams.
Reason #2: You Aren’t Willing to Work Hard
Now, about that hard work I mentioned above…
I hate to break it to you, but I’m not running a “get rich quick” scheme here. I’d be lying through my teeth if I told you that my journey to becoming a self-made millionaire has been easy and stress-free.
The reality is, I’ve screwed up trades. I’ve lost big time, and I’ve had to dig myself out of mess after mess. But what I’ve always believed is that I don’t have to win on every single trade – I just have to win most of them.
That’s why most of my trades are actually pretty small. I’m not one of those guys that’s making millions every time I decide to buy or sell. I’m grinding it out, making a few hundred here and a few thousand there on my successful trades.
And the thing is, active trading is only a part of how I spend my days. The rest of the time, I’m researching companies, preparing the watchlists I share with my students, reading the news and studying everything I can about penny stocks so that I can give my students the best possible information.
Yeah, it’s a lot of work, but the rewards are absolutely worth it.
Reason #3: You Aren’t Willing to Fail
If there’s one thing I want you to take away from this article, it’s that truly great success involves hard work, failure, mistakes and, most importantly, transforming those mistakes into lessons that lead to big wins.
When I mentioned above that I’ve failed plenty of times, I wasn’t telling you that just to blow smoke.
I really believe that the mistakes I’ve made have helped get me where I am today, because I’ve been able to turn them into opportunities for learning.
But while they’re helpful now, I’m not going to lie to you and say that learning those lessons was fun and easy. While some of my mistakes have been little stepping stones, others have been so big they’ve scared me shitless.
My point is that you can’t let this kind of fear hold you back.
Don’t let setbacks make you quit – look at them instead as ways to mold you into a better, stronger trader.
When facing failure, ask yourself, “How badly do I want to succeed?”
If you want it bad enough – want the goals you’ve identified and visualized for yourself – you’ll find a way to transform your mistakes into learning opportunities.
Reason #4: You Don’t Have a Mentor
I think we can all agree that mentors are pretty universally helpful, but I want to give you an example to show you just how important these teachers are:
Think about the top chef in your city. Now, think about what that chef had to do to get where he is today…
He didn’t start from scratch, buying different ingredients at the supermarket and testing them out, trying to figure out which ones taste good together.
Instead, he went to culinary school, where skilled teachers taught him basic recipes and the principles of cooking.
When he got his first job, he wasn’t running the line on his own. He was learning from the line chefs, sous chefs and head chefs who imparted the wisdom they’d gathered over their years of experience working in professional kitchens.
Sure, the chef may have experimented on his own and created his own dishes, but while doing so, he was standing on top of the knowledge and experience passed on from others who gave him the shortcuts he needed to succeed.
I think you get where I’m going here. You can go out on your own and learn everything you can about the stock market. Hell, that’s what I did for my first 15 years as a trader!
But it doesn’t have to be that hard. When you work with mentors, you learn all about the mistakes they’ve made in the past. Avoiding them will save you tons of money and countless hours that would otherwise be wasted.
Remember, you’re in control of you.
Only you can decide how much or little you want to study, or how much or little you want to push yourself to become a millionaire.
If you’re willing to set goals, work hard and learn from your mistakes, I’m here to help you succeed.
Editor, Penny Stock Millionaires