Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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

More by this author

Kalen Bruce

Military, Writer

35 Real Ways to Actually Make Money Online kid millionaires Wanna Be A Millionaire? Learn From These 12 Kids Who Already Are Websites That Will Pay You for Things You Already Do 30 Websites That Will Pay You For Things You Already Do 10 Differences Between Middle Class And Rich People 10 Differences Between Middle Class And Rich People live well on one income 10 Tips On How To Live Well Even With Only One Income

Trending in Money

130 Fun Things To Do With Your Friends Without Spending Much 230 Fun Things You Can Do This Summer Without Spending Much 335 Real Ways to Actually Make Money Online 4How to Make Money with a Blog (According to 23 Successful Bloggers) 5This List of 50 Low-cost Hobbies Will Excite You

Read Next

Advertising
Advertising

Last Updated on August 20, 2018

30 Fun Things To Do With Your Friends Without Spending Much

30 Fun Things To Do With Your Friends Without Spending Much

Spending time with friends is, in and of itself, a great way to pass the time without spending a lot of money. But if you and your friends are used to going out to clubs, pubs or eateries together as your way of hanging out, then you can change it up a bit and save some money too.

No matter where you live, there are plenty of places to go and do fun things that don’t cost a lot.

If you are having trouble convincing your friends to do things on the cheap, then be upfront with them. Tell them straight out that you can’t spend that kind of money right now — and don’t let them pay for you either. But here are some great alternatives you can offer.

30 Fun Things To Do With Friends Without Spending Much

1. A potluck dinner party. Host a dinner party and ask everyone to bring a dish to share. If you are not comfortable with cooking, maybe try and learn how to cook a new dish together with your friends.

2. Host a spa day. Give each other manicures. Try out new hairstyles. Make some facial masks or exfoliates using natural, at-home ingredients. Then drink mimosas.

3. Movie marathon. Log into Netflix and watch every episode of “Stranger Things” Or do an ’80s movie marathon, watching “Pretty in Pink,” “The Breakfast Club” and all of our old favorites. Don’t have a Netflix membership? Get the free trial just for the marathon!

4. Pinterest party! You know all of those cool Pinterest crafts you say you’re going to do? Do them. At home one night with friends. Then make up some of those bacon-wrapped whatevers you’ve been dying to try!

5. Go to the park. Pack a picnic. Hang out. Watch people. Play on the swings.

Advertising

    6. Have an organization party. Set up a day of each weekend where you go to each of your friends’ houses and help them clean out a closet, a room, a garage, whatever. Serve drinks and food and trade stuff among yourselves.

    7. Hold a yard sale. After all of that cleaning, why not hang out together and make some extra cash too?

    8. Concerts in the park. All summer long, many parks host free concerts. Go with your friends. Hang out, bring a picnic dinner. This is a very relaxing way to chill out on a hot summer night after work.

    9. Volunteer together. Offer to do the yard work for the local senior center or hang out with the kids at the YMCA. After a few hours of volunteering together, you will have new respect for each other and something new to chat about.

    10. Play board games. Drag out the Scrabble or the Yahtzee. You can hang out and play all sorts of games with large groups or small ones. Hold a tournament and compete against each other. Here’re some board games ideas.

    11. Video game tournament. Not into board games? OK. Well, how about a video game tournament? Whether it’s the latest dancing game or “Call of Duty,” play against each other and award prizes (or food) to the winners.

    12. Grab a ball and a bat and go play baseball at the local park. Grab a basketball or a tennis racket. Most parks have courts and fields you can use for free as long as there isn’t an organized event going on.

    Advertising

    13. Go to the school play. This might cost a little for admission, but it’s a great way to support your community and have a fun time.

    14. Iron Chef night. Bring your friends over and have an Iron Chef night where you cook dinner out of only the items in your pantry. No buying anything!

    15. Go dumpster diving. Yup. I said it. Check out the dumpsters in your area and see what you can find. You might even find dinner! Here are some tips for respectful diving.

      16. Go to yard sales. Take all that money you made at your yard sale and cruise around your town together looking for cool stuff. Maybe you could even fix something up and resell it.

      17. Go fishing.

      18. Go camping.

      19. Find some cool trails around your town and go hiking. Here’re some of the best hiking trails you should try.

      Advertising

      20. Get out the bikes and bike everywhere for a weekend.

        21. Dig out the old croquet set — or borrow your Mom’s — and play croquet. Do it! Totally fun.

        22. Swap movies and music. Have everyone bring over a box of old movies and CDs they don’t want anymore — or don’t watch anymore. Then swap with abandon.

        23. Go on a walking tour of your town. Most towns or cities have a historic district. Find out if there is a walking tour available. If not, make one up!

        24. Scavenger hunt. Put your friends to the test — yes, this is for grown-ups — to find different things in your city…like a certain bike rack, a vintage sign, that sort of thing. The winner gets a dinner cooked by the losers.

        25. Find out when the free days are at your local museum or zoo. Most have them and they can be great fun to visit with friends.

        26. Hold a quilting bee. No, you don’t have to be fancy — or old — for this. Grab some old T-shirts that you love, old jeans, whatever. Cut them into squares and sew them together. Who knows? Maybe it will become a regular thing?

        Advertising

        27. Go to Open Mic night. Your town is likely harboring some great talent at an open mic night that has no cover and cheap drinks!

        28. Go to a religious service. Even if you’re not religious, going to a service in an unfamiliar religion can be enlightening and a great way to meet new people.

        29. Find a swimming hole. Head to the old town swimming hole — or find a new one. What a great way to spend a lazy afternoon with friends.

          30. Start a book club, card club (canasta anyone?), sewing club or scrapbooking club. Something you and your friends like. My parents used to belong to a cooking club where once a month all of their friends gathered at one house and the host family cooked a meal from a different country. I learned a lot about food that year.

          You don’t really need to spend much to have lots of fun with your friends! Pick a few of these ideas and start trying them out this weekend with your friends!

          Featured photo credit: Unsplash via unsplash.com

          Read Next