We all have our opinions about
millionaires and the rich.
I’d like to challenge some of those
opinions and show you some things you might not know about millionaires.
It’s not about luck, fancy
lifestyles or greed.
It’s about developing a mindset that
sets you apart from the rest.
Here are 10 game-changers that you
didn’t know about millionaires…
1.
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 could be in the form of
literally building their businesses from the ground up, like Sam Walton and
Walmart, or creating and acting upon new ideas everyday, like Steve Jobs and
Apple.
How you can apply it: Hard work is a must if you want to be a millionaire.
You’ve got to accept that and be willing to get your hands dirty.
2.
Most Millionaires are Self-Made
Today, the amount of millionaires
who inherited their wealth is around 18 percent and that number seems
to be falling.
Most millionaires started out with
very little and many were born into extreme poverty.
Some of the most popular and most
impressive examples include Carl Icahn, Larry Page and Jeff Bezos.
How you can apply it: Don’t use another person’s inheritance as an excuse
for why you can’t do it yourself.
Most millionaires made their money
on their own; that means you can do the same if you put your mind to it.
3.
Millionaires Want You to be a Millionaire
Millionaires understand that there
is enough wealth for you to be rich too and it actually helps them in different
ways.
More millionaires means more
business and enterprise and that helps everyone.
Robert Kiyosaki and Donald Trump
even wrote a book called “Why We Want You to be Rich”. It’s true, it’s not a
battle, but more of a buddy system.
How you can apply it: Become a millionaire. Next!
I know, easier said than done, but
this list is a great starting point for you to be on your way. Keep reading…
4.
Millionaires are Not Jacks of All Trades
You’ve heard the phrase “Jack of all
trades, master of none” right? Well millionaires are quite the opposite.
It’s common for them to be masters
of one, or possibly a few different things, but not many.
Millionaires figure out what they’re
good at and what they’re passionate about, then they devote their life to it.
How you can apply it: Stop trying to master everything.
Figure out what your one thing is
and devote everything you’ve got to it. Master your one thing.
5.
Millionaires Have Multiple Streams of Income
It’s not just about diversifying;
it’s about creating more wealth through different avenues.
Warren Buffett owns more than one
stock, just like Jeff Bezos owns more than one company.
Millionaires find their specialty
and branch out. It almost always takes multiple streams of income to truly
become rich.
How you can apply it: Start your multiple streams now.
They may start small, but they don’t
have to stay small.
Try different businesses and
investing approaches, just makes sure you understand what you’re doing when you
get started.
6.
Millionaires Value Education
With the college dropout stories of
Mark Zuckerberg (founder of Facebook) and Matt Mullenweg (founder of
WordPress), it’s easy to discredit education, but when you consider that most
millionaires have a minimum of a bachelors degree, it’s easy to see that these
successful dropouts are the exception to the rule.
The top 3 degrees for millionaires
are engineering, business and economics.
As far as the super-rich, economics
degrees seem to take the cake.
And remember, many of these college
dropouts used the knowledge they learned in college to start their business in
the first place.
How you can apply it: Get an education! If you decide to dropout and become
a self-made millionaire, more power to you, but getting started with an
education will increase your chances for earning more money.
7.
Most Millionaires Don’t Feel Rich
Generally, when you’re a
millionaire, there are still thousands of people with more money than you, so
millionaires don’t often think of themselves as “rich”.
We all tend to define success
in our life by the next thing coming and millionaires are no
different.
Just like you think you will be
happy with that next promotion or that new car, millionaires usually think they
would be considered rich when they hit the next million or a billion.
How you can apply it: We can all takeaway an important lesson here. Be where
you are now and be happy with it.
You are getting better,
wealthier and smarter, but that doesn’t mean you have to wait until you
hit the next level to enjoy it.
Enjoy your life now. Right
where you are.
8.
Millionaires Don’t “Look” Rich
You probably see people all the time
who drive brand new Escalades and live in mini-mansions, and they’re probably
in debt up to the roof.
They might even be broke based on
their income, versus their spending.
The “keeping up with the Joneses
syndrome” traps many people.
The Joneses are broke! Most
millionaires live in conservative homes and drive cars that are a few years
old.
They focus more on having money than
having stuff.
How you can apply it: Never focus on what other people think.
Budget your money and invest wisely.
That’s the road to wealth.
Huge homes and fancy cars are quick
roads to piles of debt.
The main takeaway here is: spend
less than you make!
9.
Millionaires Know They Can’t do it Alone
They may be self-made, but that
doesn’t mean they did it alone.
Millionaires understand the value of
making friends, networking and seeking help from experts when they need it.
Most millionaires report that they
had a mentor along the way and that their mentor played a huge role in their
success.
How you can apply it: If you want to do something big, you’re going to need
help.
Becoming a millionaire is no
different.
It’s important to reach out to
others for advice and mentorship.
10.
Millionaires Love to Shop…Differently
If you develop a habit of buying new
clothes, cars and toys on a regular basis, you are developing a habit that will
leave you broke.
Millionaires love to shop, but they
shop differently.
They look for good deals on
businesses and stocks, not new motorcycles and 1000 inch TVs.
They know the difference between
assets and liabilities and they focus on the former rather than the latter.
How you can apply it: Shift your mindset to buying assets over liabilities.
One of the most important factors
between the rich and poor is that rich people buy assets and poor people buy liabilities.
Shop like a rich person.
Today there are literally millions
of millionaires across the globe.
Millionaires are different.
They are not the status quo, but
being different may not mean what you thought it did.
These are all common characteristics
of millionaires and even billionaires. Develop these traits and you’re on your
way to becoming one.
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