MILLIONAIRES Do This Daily to Achieve MASSIVE Success!

So many times most people want to be a millionaire, they want to be wealthy. But they don't put in the time, energy or the work it takes to actually scale that to a place in which you can actually win.

Steven Scoggins is a best selling author. He challenges people to break through their obstacles. Coming from a broken home, years of struggle to launching what would become a multi million dollar construction company. Ladies and gentlemen, Steven Scoggin's in the.

So many times I get a question about being a millionaire, right? Everybody puts a lot of emphasis on becoming a millionaire, becoming special, becoming, you know, just way out there. The reality is, is if you're going to become a millionaire, it's going to take a lot of different strategies that you're not currently using, maybe on a daily basis. Which is why I thought I'd make a video really super fast about actually three specific steps that I have used personally to generate generational wealth. Number one, when it comes to millionaire secrets, if you will, or one of the top three steps that you're going to use to actually begin to generate wealth, the first thing you have to work on is actually you. So daily personal development.

Alright, what does that mean? It's very simple. The greatest mistake I ever made in building businesses was not building myself. You see, your ability to earn an income or actually, well become wealthy is totally dependent on the character that you have. Your wealth will never outgo your character. Seriously, if you're not a good steward with money, if you're not practicing great tips, if you're not using the right strategies, if you're constantly spending and not saving or investing and stuff like that, you are ultimately going to end up shooting yourself in the foot over and over and over again. Which is a very hard lesson for me personally to learn, right? When you go to build a business from being homeless up to where it is today, the number one thing that I got wrong, and I'm telling you this to hopefully save you a decade of time, is very simply, I didn't work on me. I didn't work on me. I wasn't reading books, I wasn't watching podcasts, I wasn't studying, I wasn't doing stuff. Now keep in mind that when you're doing this daily routine of daily personal development, it should be focused on the number one area of your life you are trying to change in that given moment. And if it's trying to build wealth, then you need to have a strategy and a resource. For example, I just bought Tony Robbins book Money and it's about that Stinking thick. Why? Because Tony Robbins has been more successful financially than I have to date. So he totally knows something I don't yet know about how he handles his money versus how I handle mine. So therefore, I want to be a student of people who are highly successful but also share a great level of servitude and also a great level of character. Right. I hope that makes sense. So make sure you got your priorities set and make sure you're actually driving home the fact that you're going to learn a different concept or, or a technique on a daily basis, or if nothing else, a daily practice to help your daily fulfillment of that dream. Because you will not have a skyrocket to wealth. It is done by step, by step process on a daily basis. And lo and behold, you'll look back and be like, I did it and this is how I did it. And you will see that it's always a stair step process. It's never a rocket ship. All right, number two, daily.

Priority management.

I'm very fortunate that I myself get to hang out with a lot of super successful people, especially financially. All of us do one specific thing on a daily basis that most people don't do. We are daily assessing the priorities that are laid in front of us about what's going to give us the greatest lift day after day after day. So if I have a choice of playing another round of Assassin's Creed or Hitman or any of the other video games, or, or I have another choice of spending an hour with being mentored by somebody like Warren Buffett or just, you know, a crazy mentor that's just crazy brilliant in what they do in their craft. My priority says I'm going to spend time learning rather than spend time distraction or spend time in distraction. Does that make sense? So many times most people want to be a millionaire, they want to be wealthy, but they don't put in the time, energy or the work it takes to actually scale that to a place in which you can actually win. Instead, what happens is you dream every day and you dream every night and somewhere in the middle you are getting distracted off track and stuff like that. You've got to generate your top key priorities. Now, I just mentioned a minute ago, for example, just super quick about the learning piece. Well, if I want to know what Tony knows about money and how he handles his business and I think he has like 60 or 70 different entities that generate billions of dollars in top line revenue, he does all of that. Well, there's things that I can learn from that. So what do I need to do? One of those things is actually spending the time necessary in learning the information. Maybe I need to read a chapter a day or something. Alright, that's one example. Another example of a key priority. When I go to run my other businesses, right, it takes a lot of time, talent and resources for me to spend time with my management teams to make sure I'm getting the best out of them, they're getting the best out of me, and we're building a strong business. That all equates to building your overall wealth, you, your overall net income, your net worth, if you will. All of these are super strategic and super duper important. So what are you focused on? What are you spending your time and your energy on day after day after day? Is it moving you closer to your goal or further away from your goal? Number three is very important. Daily.

Compounding.

Of time, talent and resources.

One of the biggest things you're going to know about super successful people that generate wealth, that do a lot of impact and they do a lot of good in the world. One of the number one things they all share in common is they understand the power of compounding. They understand how to make money work for them, make their time work for them and make their overall resource structure, whether it's people or place or whatever work for them. People, unfortunately, who do not do it that way, spend all they have, save absolutely nothing, get heavily leveraged in the debt because they are in the mentality of making compound interest work against them rather than work for them. There's a reason why a bank card might have an interest rate of 5 to 30%, right? The reality is they are counting on the fact that you're not going to pay that stuff off, which means they're going to tack on the interest, which means you're now going to pay more money for the same money that you actually got. Does that make sense? So if you have a thousand dollar credit limit and you match your card up to 1000 bucks and the next thing you know is now you have $1,000 balance with a 13% interest rate. So now you owe $1,000 times 13%, which adds money to the amount you owe. So that $1,000 has actually cost you more money than it would have had to leave that credit card alone in the first place. This is a specific skill that you've got to understand because millionaires make compounding work for them. Rather than borrowing $1,000 in many respects, you save $1,000, invest $1,000 to get a 13 or 14 or 15 or 20% return. That way that money is constantly growing on your behalf and your time is the same exact way. I'm going to focus, remember the priority piece? I'm going to focus on the things that give me the greatest lift, that give me more hours in my day. So if I can strategize a way in which to actually do a video, do a series or something like that to get the most impact out of 30 or 40 minutes of my time, then guess what? I'm getting a return on that investment about 10x. Which is the main concern or the main strategy or the main technique you've got to understand about building wealth. So millionaires do things completely different than the average person that's working at the grocery store. Here's the crazy part. Even working at the grocery store, you could still become a millionaire if you understand the power of compounding. So let me go ahead and scroll this thing up a little bit and we'll just call this the bonus lesson, alright? Yes, I changed the ink. Couldn't help myself. Okay, now this bonus lesson is actually going to be a process or framework. So the first thing we want to do is we want to understand the process. Step one is idea. When a super successful person, a millionaire, if you will, has an idea, they don't go and immediately start investing in that idea left and right and just throwing money at stuff. But at the same time, one of the things that actually happens more than anything else is they go from an idea phase to this next phase. A testing phase. A testing phase. The reason is because they want to see if the idea has validity, if the idea can actually take them to a different level. If the idea is something that's going to be scalable and like we mentioned with the third item, it's going to be something that helps them multiply their time, their talent and their resources. If it helps them multiply any of those three or all of those three, then they'll go to the next level, which is the investment stage. Alright, now I'm actually going to put some gasoline on that fire a little bit. I'm going to take my time, talent and resources and invest more of myself into that specific idea, that concept or anything like that. And the reason we do that is because now we have actually tested it to the point that we know that we've got some, well, some momentum that we create and we know if we get the momentum that then we can turn right around and actually leverage that to be create unstoppable momentum. Now once you've actually done the idea, the test and the invest. The next stage of the journey is actually the scalability phase. Okay? Scalability is when.

Basically you can take off all the roadblocks, you can take your foot off the brake and you can just let that thing go. Scalability is what it takes to actually be able to multiply additional streams of revenue in additional ways at an additional time frame. The whole goal of building up additional streams of income, some would call it passive or active. Passive income happens while you're sleeping. Active income happens while you're working. I'm a big believer in always having both streams of income in order to leverage myself to the place in which I can better propel myself. But on the passive side, what happens is in the scalability phase, this area here is almost exclusively passive, meaning the system, the process, the things that were invested into to bring it out, has done so in such a way that allows the money machine, if you will, to operate while you're sleeping, while you're working. Why are you going out with your wife? Why are you going out with your husband, your family? Why are you going into Cancun and not to Mexico or something? At the end of the day, that scalability phase is directly tied to a passive income, whereas the investment phase is where you're actually going from active to passive. Okay? Because you've gone from investing actual time, talent, resources, and now you're crossing that threshold, proving your process, proving your systems, improving your next level to essentially generate your passive income. Where the testing phase is almost always active, it's almost always an active investment. Okay? You're almost always putting money in, expecting return on the end. The difference is you're not putting a lot of money in, expecting an immediate return. You're putting a little bit of money in to see if it works, to see if it clicks, to see if it vibes with your clients, your customers or your job. That's how we actually begin to break this down. Because when it comes down to it, if you were going to be a millionaire, meaning you were going to have a net worth, a net worth now, not a gross worth or a top line, what we call top line revenue, which would be your total income, a net worth is all of your income minus everything that you owe and then equals a million dollars. If you're going to have a million dollar net worth, then you are going to have to use all three of the techniques that I mentioned. And you also have to understand this because this particular process keeps you from wasting this.

It keeps you from wasting the money that you need to actually create the momentum that you need to create the multiplication that you need to ultimately give you the freedom of passive income. I have set the tone. I have chosen to set the tone for my life, and I don't allow my life to set the tone for me.