In this episode of the Making Bank podcast, Tony Bradshaw talks about how you can create a plan that will make you a millionaire. Tony Bradshaw was the first millionaire in his family. He was broke and living in debt, but he had what he calls a financial awakening. He realized he had been mismanaging his money and set out to learn how to handle his money better. He figured out how to manage his finances and, at the age of 25, his first millionaire choice and created his millionaire plan. By the age of 40, Tony became a millionaire, and now he's helping others...
In this episode of the Making Bank podcast, Tony Bradshaw talks about how you can create a plan that will make you a millionaire. Tony Bradshaw was the first millionaire in his family. He was broke and living in debt, but he had what he calls a financial awakening. He realized he had been mismanaging his money and set out to learn how to handle his money better. He figured out how to manage his finances and, at the age of 25, his first millionaire choice and created his millionaire plan. By the age of 40, Tony became a millionaire, and now he's helping others take the first step to being a millionaire by teaching them how to make their millionaire plans.
Tony talks about what it means to have a financial awakening and how you can change from a scarcity mindset to an abundance mindset and lifestyle. He also discusses what you need to do to create your own millionaire plan.
Listen to Josh and Tony discuss what it takes to be a millionaire:
- (2:47) Why Tony Decided To Be A Millionaire
Tony grew up in a low-income household, so he was never surrounded by wealth. It was around his twenties, he was working but was still living with his parents, and he had around 16 grand in debt. That's when Tony had his financial awakening and decided to change his life for the better. He started reading and figured that money was about making the right lifestyle choices, and from then he set out to be a millionaire.
- (6:19) Tony's Awakening Moment
Tony talks about having a scarcity mindset, when you work, earn money, spend your money, and then repeat the whole process. Tony's awakening moment was when he realized he had no vision — he was living in the scarcity loop, and rather than continue to live like that for the next 60 years, he chose to break the loop. He changed his mindset and started earning to have abundant money rather than just enough to get by.
- (10:59) Changing A Scarcity Mindset To An Abundance Mindset
The people you're surrounded by are the ones that will either lift you up or drag you down. Tony mentions that he spent most of his time with his parents, so his parents were poor, and that's why he was poor. So if you want to be wealthy and successful — find and surround yourself with rich and successful people. The people influencing you are vital to changing your mindset.
- (16:09) Financial Literacy For Kids
Tony is a first-generation millionaire, so he had to figure most of the process out on his own. He's got six kids, and his goal now is to transfer the principles that he learned while becoming a millionaire. For parents, it's important not to shy away from talking about money with their kids. Introduce financial responsibility to your kids early on, and you'll help them develop their financial literacy at a young age rather than them growing older and having to figure everything out then.
- (20:44) Unplugging Your Job Mindset
Tony had two goals when he was 25, the first was to become a millionaire by 40, and the second was to live off his investments after. Tony successfully became a millionaire by 40, but he forgot about his second goal. He still hadn't got over the job mindset — you have to spend the rest of your life working for your money. Find other ways to earn money that don't involve you working.
- (22:55) The Three Things You Need For Your Millionaire Plan
The first thing is to never stop learning about money. There's a lot to learn, and you need to keep educating yourself if you want to be a millionaire. The second thing is having an income plan — you don't want to become income stagnant. Think about how much you earn and how you can increase your income while covering your costs and not being in debt. The last thing you need is a multiplying plan. Today there are multiple ways you can earn more — look for opportunities where you can get the highest return rather than just investing your money in the hopes of multiplying it.
- (26:44) Purpose of Wealth
Tony encourages you to have a purpose for your wealth. If you're making money, give your money a purpose. Find a way to use your money to help other people, and Tony believes that you'll be inspired to build wealth because your money has a purpose.
Links mentioned:
Themillionairechoice.com
Twitter: tonybradshaw
Instagram: tonybradshaw.millionairechoice
Gratitudegear.com
