How I Got Rich By Following These 5 Millionaire Tips
Self made millionaire. Alan Corey is a real estate entrepreneur. He is a founding member of House Money Media, a first-generation real estate investor, and author of House FIRE: How to Become a Real Estate Millionaire with Plenty of Time and Money. Alan told CNBC about the habits he picked up from his teachers that helped him earn his first million dollars. What follows is a first-person story.
In 2001, I moved from my mother’s basement in Atlanta to New York. I was 22 years old and I wanted to be a millionaire. I didn’t have rich connections or mentors, but I didn’t lose heart.
For inspiration, I turned to people I knew who lived rich lives, such as my childhood basketball coaches. One of them owned a business selling medical supplies, while the other invested in real estate. Without their influence, I would not be able to fulfill my dream today.
I am now a self-sufficient millionaire with 366 properties in my portfolio. I run my own business and coach basketball players in my spare time. Here are five habits that helped me make my first million dollars:
1. Wealth does not require a suit and tie.
I have never seen my coaches in anything other than a tracksuit. They were their own masters, so they dressed the way they wanted.
It was a stark contrast to the parents of my teammates who were rushing out of the office after their kids after practice, exhausted and still in their suits.
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The sense of freedom and authentic approach to life of my coaches served as an example for me to follow. I don’t spend all my time and energy on how things look on the surface. Instead, I invest in the quality of my life outside of work. To this day, I can’t tie a tie.
2. Focus on your strengths.
I had the worst shot on the team, but my coaches didn’t put in any effort to improve it because I was a great defensive player. They encouraged it and helped me become even better.
They taught me that everyone has weaknesses and that’s okay. Not always comprehensively developed players get into the NBA, but those who have high skill – often.
To increase your wealth, be the best at one thing. Finding homes that people are willing to sell off the market was my natural instinct. I focused on that instead of looking for the same houses as everyone else. This strategy has resulted in even more deals and networking opportunities.
3. Devote your time to what matters.
I’m sure my coaches could spend their time making more money. But they understood that time was their most valuable commodity, and they wanted to spend it on basketball practice.
They taught me that true wealth lies in devoting your time to what really matters to you. I focused on investing in real estate and building my business so that one day I wouldn’t have to spend 40 hours a week in the office.
Now my portfolio is managed by real estate managers and I have a virtual assistant. I am in complete control of my work day.
4. Don’t be greedy.
Greed is not a necessary condition for a rich life. Even though they were busy people, my mentors were always generous with their time and attention.
I often give advice and keep in touch with homeowners because it gives me a sense of satisfaction and joy that I can make a difficult process a little easier. This resulted in numerous referrals, off-market deals, and leads for my real estate business.
Truly rich people give without expecting anything in return, and the reward they receive increases exponentially.
5. Value effort above everything else.
My coaches have always valued hard work and never expected perfection. If you tried something new, failure was also rewarded. I think they did the same in business.
Trying again and again is the way to reach the top in business. There are no shortcuts.
I have developed a strong reputation as a person who will try and try everything for the sake of his clients. My focus on effort, even if it results in failure, has helped me move further in my quest for success than anyone else.
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