Advertising
Advertising

10 Traits That Young Millionaires Have in Common

10 Traits That Young Millionaires Have in Common

The world’s idea of who and what a millionaire is has changed. When we conjure up an image of a very wealthy person, we are imagining less and less a stodgy old man sipping branding in a wing back armchair, and instead, more and more what we envision is a young, energetic entrepreneur.  The internet has paved the way for anyone with a good idea and the ambition to see it through to become rich and it is increasingly common for the successful people among us to be young and driven. So what do the young millionaires we are getting so used to seeing have in common? They all share the following 10 traits.

1. They Act Fast

A sense of urgency lies at the heart of any young millionaire. It isn’t enough to have a great idea, you need to have the will to act on it before anyone else has a chance. If Mark Zuckerberg had decided to sit on Facebook and develop it slowly over a few years instead of a few months, he would have been left in the dust. Instead he put his idea into action almost as soon as he formed it and the result has been massive success.

Advertising

2. They Build Strong Teams

Even the people who seem to have built their empires on their own have had the help of a good team. It is usually the case that they built that team themselves. When Steve Jobs founded Apple he wasn’t alone, his partners gave him insight into the things he didn’t understand and allowed him to grow the business in all directions at once.

3. They Leverage Their Success

Success breeds success and young millionaires aren’t afraid to keep the ball rolling. When they see a good idea, they jump on it. It is no coincidence that Google now owns Youtube and countless other web applications that we can’t imagine the world without. The leaders of forward-thinking companies aren’t afraid to go beyond their own comfort zone and use the money they have to generate more money.

Advertising

4. They Are Independent Thinkers

Founder and CEO of Alibaba, Jack Ma, held a meeting when he decided to start his company. He invited nearly two dozen friends to his home and asked them what they thought of his idea. All but one told him not to quit his day job. He chose to ignore them and pursue it anyway. He is now a billionaire. Not being afraid to stand alone is a common trait among the young and self-made wealthy.

5. They Think Big

Young millionaires dare to dream big. They see the possibilities that lie behind great ideas and aren’t overwhelmed by the scale of what they are chasing. The truly successful individuals take things one step at a time and work at what they can handle, but their eye is always on the larger goal.

Advertising

6. They Follow Their Passion

Most people who achieve success early in life do it by following a path they care about and are interested in. Just because an idea is good, doesn’t mean it is inspiring. When Steve Jobs was trying to convince John Sculley to leave his comfortable job at Pepsi to come take over the business side of Apple, his sales pitch was “Do you want to spend the rest of your life selling sugar water, or do you want to come with me to change the world?” That is passion incarnate.

7. They Are Focused

When asked what makes Mark Zuckerberg such a great leader, Facebook employees time and time again reference his focus. Mark Zuckerberg’s goal is to connect the world in ways no one else has ever dared to imagine, and every decision he makes is unflinchingly taking him closer to that goal. Having a clear vision is a key to success for any young leader.

Advertising

8. They Love Learning

Just because they are rich doesn’t mean they think they have all the answers. Young millionaires in every field share a lifelong love of learning. They hold open meetings where they can get advice from people at every level of the organization because they understand that you never know where the next great idea will come from.

9. They Love Teaching

The best way to get better at what you do is to teach the tricks of the trade to someone else. Successful young people share their vision and teach their team members what they need to do to succeed. It not only makes everyone smarter, it builds camaraderie and gets everyone on the same page.

10. They Aren’t Afraid to Fail

Finally, and most importantly, young millionaires aren’t afraid to fail. Bill Gates once said, “It’s fine to celebrate success but it is more important to heed the lessons of failure.” Keeping an open mind and being willing to learn from your mistakes is the only way to keep moving forward.

Featured photo credit: Robert Scoble via flickr.com

More by this author

8 Benefits of Running 5 Minutes Every Day You Didn’t Know 10 Common Job Hunting Mistakes You Need to Avoid 8 Keys to Success from Jack Ma, Self-Made Billionaire and CEO of Alibaba This Is Why Recent Graduates Should Join a Start-Up 5 Fun Lessons to Help Make Your Kids Financially Independent

Trending in Productivity

1 What Is Creativity? We All Have It, and Need It 2 How to Set Long Term Goals and Reach Success 3 Easily Distracted? Here’s How to Regain Your Focus 4 Why You Need to Set Future Goals (And How to Reach Them) 5 15 Productive Things to Do When Bored (So Time Is Not Wasted)

Read Next

Advertising
Advertising
Advertising

Last Updated on January 21, 2020

What Is Creativity? We All Have It, and Need It

What Is Creativity? We All Have It, and Need It

Do you think of yourself as a creative person? Do you play the drums or do watercolor paintings? Perhaps compose songs or direct plays? Can you even relate to any of these so called ‘creative’ experiences? Growing up, did you ever have that ‘artistic’ sibling or friend who excelled in drawing, playing instruments or literature? And you maybe wondered why you can’t even compose a birthday card greeting–or that drawing stick figures is the furthest you’ll ever get to drawing a family portrait. Many people have this common assumption that creativity is an inborn talent; only a special group of people are inherently creative, and everyone else just unfortunately does not have that special ability. You either have that creative flair or instinct, or you don’t. But, this is far from the truth! So what is creativity?

Can I Be Creative?

The fact is, that everyone has an innate creative ability. Despite what most people may think, creativity is a skill that everyone can learn and hone on. It’s a skill with huge leverage that allows you to generate enormous amounts of value from relatively little input. How is that so? You’ll have to start by expanding your definition of creativity. Ironically, you have to be creative and ‘think out of the box’ with the definition! Creativity at its heart, is being able to see things in a way that others cannot. It’s a skill that helps you find new perspectives to create new possibilities and solutions to different problems. So, if you encounter different challenges and problems that need solving on a regular basis, then creativity is an invaluable skill to have.Let’s say, for example, that you work in sales. Having creativity will help you to look for new ways to approach and reach out to potential customers. Or perhaps you’re a teacher. In this role you have to constantly look for new ways to deliver your message and educate your students.

Advertising

How Creativity Works

Let me break another misconception about creativity, which is that it’s only used to create completely “new” or “original” things. Again, this is far from the truth. Because nothing is ever completely new or original. Everything, including works of art, doesn’t come from nothing. Everything derives from some sort of inspiration. That means that creativity works by connecting things together in order to derive new meaning or value.From this perspective, you can see a lot of creativity in action. In technology, Apple combines traditional computers with design and aesthetics to create new ways to use digital products. In music, a musician may be inspired by various styles of music, instruments and rhythms to create an entirely new type of song. All of these examples are about connecting different ideas, finding common ground amongst the differences, and creating a completely new idea out of them.

What Really Is Creativity?

Creativity Needs an Intention

Another misconception about the creative process is that you can just be in a general “creative” state. Real creativity isn’t about coming up with “eureka!” moments for random ideas. Instead, to be truly creative, you need to have a direction. You have to ask yourself this question: “What problem am I trying to solve?” Only by knowing the answer to this question can you start flexing your creativity muscles. Often times, the idea of creativity is associated with the ‘Right’ brain, with intuition and imagination. Hence a lot of focus is placed on the ‘Right’ brain when it comes to creativity. But, to get the most out of creativity, you need to utilize both sides of your brain–Right and Left–which means using the analytical and logical part of your brain, too. This may sound surprising to you, but creativity has a lot to do with problem solving. And, problem solving inherently involves logic and analysis. So instead of throwing out the ‘Left’ brain, full creativity needs them to work in unison. For example, when you’re looking for new ideas, your ‘Left’ brain will guide you to a place of focus, which is based on your objective behind the ideas you’re searching for. The ‘Right’ brain then guides you to gather and explore based on your current focus. And when you decide to try out these new ideas, your ‘Right’ brain will give you novel solutions outside of the ones you already know. Your ‘Left’ brain then helps you evaluate and tune the solutions to work better in practice. So, logic and creativity actually work hand in hand, and not one at the expense of the other.

Advertising

Creativity Is a Skill

At the end of the day, creativity is a skill. It’s not some innate or natural born talent that some have over others. What this means is that creativity and innovation can be practiced and improved upon systematically.A skill can be learned and practiced by applying your strongest learning styles. Want to know what your learning style is? Try this test. A skill can be measured and improved through a Feedback Loop, and can be continuously upgraded over time by regular practice. Through regular practice, your creativity goes through different stages of proficiency. This means that you can become more and more creative! If you never thought that creativity was relevant to you, or that you don’t have a knack for being creative… think again! You can use creativity in any aspect of your life. In fact you should use it, as it will allow you to to break through your usual loop, get you out of your comfort zone, and inspire you to grow and try new things. Creativity will definitely give you an edge when you’re trying to solve a problem or come up with new solutions.

Start Connecting the Dots

Excited to start honing your creativity? Here at Lifehack, we’ve got a wealth of knowledge to help you get started. We understand that creativity is a matter of connecting things together in order to derive new meaning or value. So, if you want to learn how to start connecting the dots, check out these tips:

Advertising

Featured photo credit: rawpixel via unsplash.com

Advertising

Read Next