- Most of us believe that millionaires earned their money by chance or sheer greed.
- Most millionaires said that hard work was the number one factor in their success.
- Many millionaires live in conservative homes and drive ordinary cars.
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We all have our opinions about the wealthy. Most of us believe they’ve earned their money by chance or sheer greed and that these people are all about the lavish lifestyle. Yet becoming a millionaire is all about cultivating a set of qualities that can, at least financially, set you apart from the rest.
Here are ten qualities of millionaires and how you can apply them to your own life today:
1. Most Millionaires are Hard Workers
During a survey by Spectrem, 94 percent of millionaires said that hard work was the number one factor in their success. This may be in the form of creating their companies practically from the ground up or generating and working on new ideas everyday.
If you want to be a millionaire, hard work is a must. You have to recognize that and be willing to show up every single day and get your hands dirty. That also means you should avoid relying on luck and begin to concentrate more on the things you can influence through hard work.
2. Most Millionaires are Self-Made
Today, the number of millionaires who have inherited their wealth is about 18 percent, and that figure continues to decline. Many millionaires began with very little and many were born into severe poverty. Some of the most notable and prominent examples include Carl Icahn, Larry Page, and Jeff Bezos.
Do not use the inheritance of another person as an excuse for why you can not do it yourself. Many millionaires made their fortune on their own; that means if you put your mind to it, you can do the same. Instead, focus on devising a practical plan that will enable you to make your first million knowing that it is possible without relying on inheritance or luck.
3. Millionaires Have Multiple Streams of Income
This is not only about diversification; it is about generating more wealth across various avenues. Warren Buffett owns more than one stock, just as Richard Branson owns more than one company. Millionaires discover and branch out their specialty. This almost always takes multiple revenue sources to become truly wealthy.
Work on discovering your niche and finding new ways to generate multiple income streams from it. It doesn’t need to start big immediately, but it shouldn’t remain small either. Work on improving your knowledge and expertise once you discover your field so you can prevent foolish mistakes along the way.
4. Millionaires Value Education
With Facebook’s Mark Zuckerberg and WordPress’ Matt Mullenweg college dropout stories, it’s easy to dismiss education. But if you know that the majority of millionaires have a minimum of a bachelor ‘s degree, it’s easy to see that such successful dropouts are the exception. For millionaires, the top three degrees are in engineering, business, and economics. Economy degrees appear to take the pie as far as the super-rich ones are concerned. And remember, many of these college dropouts took advantage of the knowledge they learned in college to start their companies.
If you aspire to become a millionaire soon, get yourself an education and continue to learn along the way. Having a bachelor’s degree and increasing your knowledge about your field through books, courses, and other ways of learning will increase your chances of becoming wealthy quickly than those who don’t have an education.
5. Millionaires Don’t “Look” Rich
You’ll probably see people driving luxury cars and living in mini-mansions, and they’re probably up to the ceiling in debt. They may also be broke based on their income versus expenditure. A lot of people are stuck in the “keeping up with Joneses” syndrome. Many millionaires live in conservative homes and drive ordinary cars. They’re more focused on making money than acquiring flashy things.
Focus on becoming a millionaire instead of just looking like one. Create your inner scorecard that includes assessing your success objectively, rather than concentrating on what others would think about you. The key point here is to spend less than you make and avoid the trap of trying to impress others.
6. Millionaires Love to Shop Differently
Many of us usually have a habit of buying new clothing, vehicles, and toys on a regular basis. This is how broke people spend their money. Millionaires also love to shop but they do it differently. They are constantly looking for great deals on businesses and stocks, not new gadgets, and massive televisions. They know the difference between assets and liabilities and rather than the latter, they concentrate more on the former.
Shift your mentality to purchase assets over liabilities. The fact that wealthy people buy assets and poor people buy liabilities is one of the most significant differences between the rich and the broke. Shop like a true millionaire.
There are millions of millionaires around the globe today. Millionaires are different. When most people spend their precious time doing unproductive things, millionaires are working day in and day out. The true millionaires are busy developing themselves and doing things that really matter while most of us are busy trying to look like a millionaire. To become a millionaire means building and living life differently.