6 Ways Self-Made Millionaires Overcome Obstacles
Written by
Nicole Spector
Edited by
Molly Sullivan
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
If you’re fixing to become a millionaire all on your own, you may have assembled a fairly vivid image of what life with self-earned riches could look like. You may think of how you’ll feel, and imagine a more fulfilling life than the one you have now. It’s healthy to be optimistic about what the future could hold if you succeed in becoming a self-made millionaire — particularly if you’re doing so through entrepreneurship, but know that unique challenges await you.
Just as you’re met with obstacles now, you will be met with obstacles as a self-made millionaire. What sort of obstacles and how can they be overcome? GOBankingRates spoke with self-made millionaires to find out.
Simplifying Their Strategies — And Doubling Down
The first obstacle you may encounter is that of “starting from zero,” as Sophie Musumeci, an award-winning entrepreneur, leadership, PROSCI-certified change management expert, speaker and self-made millionaire, put it.
“In April 2021, I made $0 in my business,” Musumeci said. “Instead of giving up, I treated it as ‘Day 0’ and committed to becoming the best comeback story.”
To overcome this obstacle of starting from scratch, Musumeci focused on simplifying her strategy, doubling down on sales and consistently showing up. Her efforts paid off relatively quickly. “Within 12 months, I had a seven-figure business,” she said.
Reframing Spending Money as an Investment in Growth
Musumeci shared that spending money on her business before making money from it was “terrifying.”
“I overcame this by reframing investment as fuel for growth, leveraging funds from my mortgage offset account to invest in mentors and marketing that accelerated my success,” she said.
Learning a New Mindset That Embraces Risk
The biggest challenge Mark Beyer, a self-made millionaire and the founder of Mybey Ventures, faced in the journey of building out an empire was a matter of mindset.
“I thought if I just go to college, get a degree, get a job, I could build enough wealth by rising through the ranks of corporate,” Beyer said. “I soon realized that all the millionaires I looked up to — none of them had taken this path. Instead, they were all risk-takers trying to disrupt their fields through innovation and entrepreneurial acumen. Leaving the comfort of a nice career with the perks into the wild west of business was a big risk and it required a complete change of mindset. It took me years to get there but I eventually did.”
Understanding Failure as Growth
We often hear visionary self-made millionaires — and billionaires — discuss the important role that failure plays in their success stories.
Daniel Ramsey, a self-made millionaire and the founder and CEO at MyOutDesk, looks back at the past decade and of being an entrepreneur and finds that embracing failure as necessary growth enables you to overcome obstacles and get clear on what you want.
“From the beginning, I knew that the most successful people were those that stayed focused on the vision and were able to push through despite setbacks,” Ramsey said. “Regardless of your age, everyone has a chance to get very clear about what they want in life after a setback.”
Ramsey recommended finding ways to connect with other entrepreneurs who have demonstrated the success you’re aiming to achieve.
“It’s key to embrace the world of entrepreneurship holistically and build a path forward through community,” Ramsey said. “Furthermore when it comes to entrepreneurship, most people have gaps in resources (money), skillset (personal abilities), emotional (internal leadership). Start planning for this gap through self awareness practices and understanding your leadership capabilities to level up.”
Being Intentional With Time Management
When you’re running your own business, you may start to realize, even more acutely than before, just how precious time is. The feeling that there’s just not enough of it is an obstacle to overcome. Being intentional with time management is key. This can mean hiring people to help, even if you’re trying to be frugal.
“The first person I hired was someone to help with admin paperwork, which was a time consuming task for me,” Ramsey said. “You have to be able to lead in bringing people on board with the vision. It’s important to shift your mindset to understand the team that you’re building and slow down to give them a roadmap to be successful at your company. The number one metric is how much time are you going to be able to buy back for yourself.”
Recognizing the Importance of Social Capital
When you’re immersed in making your own millions, you may find yourself feeling a bit cut off from the world. This can be a difficult obstacle to overcome, particularly since we don’t talk about the importance of community enough — at least, not when we’re talking about making money.
“We talk a lot about financial capital,” Ramsey said. “But it’s equally important to maintain social capital, which allows you to open doors that you may not have been exposed to previously. The goal is for your networking to deliver moments of connection and reputation beyond the business itself.
“I’m active in my local community and always recommend keeping a list of people in your local city and in your field that you’re able to track,” Ramsey said. “Invite like-minded peers into your world and prioritize the human aspect of your relationships.”
More From GOBankingRates
