From Mom's Basement To Millionaire: 5 Secrets To Self-Made Success

Self-made millionaire Alan Corey moved out of his mom's basement in 2001 and set out on a journey to become rich.

He emulated several habits of successful people around him and ultimately ended up running his own business and building a property portfolio of more than 360 units. Corey credits much of his success to five habits that helped him make his first $1 million.

You Don't Need A Suit And Tie To Become Wealthy

As a kid, Corey had basketball coaches who were well off and rarely dressed nice. They were their own bosses and he took note of that. Other parents with kids on his teams would rush to practice from the office, exhausted from the day. He didn't want to be like that. 

"My coaches’ sense of freedom and authentic approach to life gave me a blueprint," Corey said. 

He realized it's not about how things look on the surface. To this day, he focuses on quality of life outside of work and still doesn't know how to tie a tie, he said. 

Focus On Your Strengths

It's OK to have weaknesses as long as you are aware of what they are and focus on your strengths instead. To become wealthy, you don't need to be good at everything, you just have to be the best at one thing, he said. 

For Corey, he found he was good at finding off-market houses that people were willing to sell. Instead of targeting houses that everyone else had their eyes on, he focused on the homes that no one was looking at. That strategy helped him network and ultimately build a 366 unit real-estate portfolio at the core of his wealth today. 

Spend Time On Things That Matter

Time is the most precious resource we have and if you spend your time on what matters most to you, you will find true wealth, Corey said. 

"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 an office," he said. 

"Now, my portfolio is managed by property managers and I have a virtual assistant. I have complete autonomy over my day."

Also Read: Reddit Cofounder Says Most Successful CEOs Have This Same Shared Regret

Avoid Greed 

In order to become rich, you don't have to be greedy. Being generous with your time and attention can lead to more connections and better opportunities, Corey said. 

He often takes time to establish relationships with homeowners and make difficult processes a little bit easier. This approach has led to referrals and more off-market deals, which helped him grow his business. 

"The truly wealthy give with no expectation of anything in return, and the rewards they reap are exponential," he said. 

Effort Over Everything

It's OK to fail and make mistakes, as long as you are giving whatever you are pursuing your maximum effort, he said. Trying, failing, and trying again is how you make it to the top, he added. 

"I developed a strong reputation as someone who will hustle and try anything for my clients. My focus on effort, even if it leads to failure, has gotten me further in my pursuit of success than anything else," Corey said.

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This story is part of a new series of features on the subject of success, Benzinga Inspire.

Photo: pasja1000 from Pixabay.