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10 Game-Changing Things You Don’t Know About Millionaires

10 Game-Changing Things You Don’t Know About Millionaires

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.

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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.

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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.

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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.

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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.

Featured photo credit: OnInnovatio via flickr.com

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Last Updated on June 25, 2019

5 Books You Must Read if You Want to Be a Millionaire in Your 20’s

5 Books You Must Read if You Want to Be a Millionaire in Your 20’s

Millionaires and billionaires read more than you think. In fact, the likes of Warren Buffet are said to read 1.000 pages a day. As the old saying goes “There’s no smoke without fire”; so, start off with these 5 incredible books!

1. The 48 Laws of Power

48-laws-of-power

    “If you are unsure of a course of action, do not attempt it. Your doubts and hesitations will infect your execution. Timidity is dangerous: Better to enter with boldness. Any mistakes you commit through audacity are easily corrected with more audacity. Everyone admires the bold; no one honors the timid.”

    On your journey to becoming a millionaire in your 20’s, there will be many people trying to manipulate you into doing what they want. This international bestseller by Robert Greene is the widely read by those in the entertainment industry because of its dog-eat-dog environment. This book is a must-read for anybody who wants to claim power and keep it. it’s a fun read that tells the story of some of the most powerful people in history.

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    An example of a law of power is: Always say less than necessary.

    • When trying to impress, the more you say the more common you look and less in control.
    • Be vague.
    • Powerful people impress and intimidate by saying less.

    2. Influence: The Psychology of Persuasion

    influence-the-psychology-of-persuasion

      “Often we don’t realize that our attitude toward something has been influenced by the number of times we have been exposed to it in the past.”

      This book explains the core strategies people use to influence others using real world examples. Robert Cialdini’s book goes over human quirks like the need to be consistent, and how you can use that in your marketing strategy to make more money. “People’s ability to understand the factors that affect their behaviour is surprisingly poor,” Cialdini says, “which leads to people making poor decisions without realising why.”

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      Cialdini includes real world examples of why people join cults, buy certain jewellery, or give to charity.

      3. Blue Ocean Strategy

      blue-ocean-strategy

        “Value innovation is the cornerstone of blue ocean strategy. We call it value innovation because instead of focusing on beating the competition, you focus on making the competition irrelevant by creating a leap in value for buyers and your company, thereby opening up new and uncontested market space. Value innovation places equal emphasis on value.”

        This book argues that leading companies don’t succeed by battling competitors in “Red Oceans”, but by creating “Blue Oceans” where they have uncontested market space to grow. It goes over case studies like “Cirque Du Soleil” who created a blue ocean by creating a circus platform that didn’t include animals or more than one act on at once but instead, decided to focus on talented performers and music who created a mystical storyline.

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        4. The Fountainhead

        the-fountainhead

          “A man’s spirit is himself. That entity which is his consciousness. To think, to feel, to judge, to act are functions of the ego.”

          The Fountainhead takes place in the United States, mostly in New York City, during the 1920s and 1930s. Billionaire Mark Cuban named his yacht “Fountainhead” after this book. This classic novel is about the struggles of an innovative architect named Howard Roark and his effort to achieve success on his own terms. Many entrepreneurs are inspired by this book because it depicts how you should be uncompromising when it comes to your vision and your goals. If you follow this way of life, you develop the ability to change the world and creating something unique.

          5. The Compound Effect

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          the-compound-effect

            “Do you know how the casinos make so much money in Vegas? Because they track every table, every winner, every hour. Why do Olympic trainers get paid top dollar? Because they track every workout, every calorie, and every micronutrient for their athletes. All winners are trackers.”

            This book is by Darren Hardy the CEO of Success Magazine, he goes over how it’s the small, seemingly insignificant choices that compound to create success or failure over time. No one has a plan to be broke and fat but that’s what happens when you don’t have a plan and go along the path of least resistance. Hardy argues that you cannot improve something until you measure it and to always take 100 percent responsibility for everything that happens to you.

            So, those are five books you must read if you want to give it a try to become a millionaire in your 20’s. What are the best books you have ever read? Leave a comment and share these life-changing books with your friends to help them become successful like you.

            Featured photo credit: Bill Gates Foundation via businessinsider.com

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