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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.

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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.

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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.

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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.

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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

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Last Updated on June 29, 2020

How Does Setting Goals Lead to Success?

How Does Setting Goals Lead to Success?

As well as being the founder of Lifehack, I also help people on a one-to-one basis through life coaching.

I’ve been doing this for more than 10 years now and have helped hundreds of clients reevaluate their lives and turn inertia into progress and failure into success.

A common theme I’ve noticed with many of my clients is that they don’t have any definite goals to aim towards.

This has always surprised me, as goal setting is frequently recommended by self-improvement gurus, performance coaches, and business leaders. It’s also something that I learned at university and have implemented successfully in my life ever since.

If you’re similar to the majority of my life coaching clients and you don’t have any definite goals to aim for, then you’re missing out on what is probably the most powerful personal success technique on the planet.

The good news is—you’ve come to the right place for help with this.

In this article, I’ll explain exactly what goal-setting is and how you can put it into action in your life. As you’ll discover, it’s a key that can open many doors for you.

An Introduction to Goal Setting

Goals can be big, small, short-term, long-term, essential, or desirable. But they all share one thing: They will give you something to aim for.

This is important. As just like a ship without a destination, if you have no goals, you’ll end drifting aimlessly.

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Goals give you purpose. They also give you drive and enthusiasm. In other words—they make you feel alive!

If you’ve never spent time setting goals before, then here’s what I recommend you to do:

  1. Take some time to evaluate all areas of your life (health, career, family, etc.).
  2. Determine which of these areas need a boost.
  3. Think of ways in which to achieve this (for example, if you want to boost your health, you could eat less and exercise more).
  4. Set some definite goals that you would like to achieve.
  5. Write down these goals, including the date you want to accomplish them by.

Now, before you get started on the above, I want to make one thing clear: Goals are not wishful thinking!

By this, I mean that while your goals should be ambitious, they shouldn’t be unrealistic or verging into fantasy land.

For example, wanting to be promoted at work would be a realistic goal while wanting to be President of the United States might not be. (Of course, feel free to prove me wrong!)

If you’re new to the world of goal setting, then I’d recommend you start with easy-to-achieve goals. These could be things such as eating a healthy breakfast, walking more, taking regular breaks from your screen, and sleeping early.

These simple goals might take you a month or so to achieve, including making the daily practices a habit.

Once you’ve successfully accomplished these goals, you’ll find your self-confidence grows, and you’ll be ready to set yourself some bigger goals.

Here are a few examples that you might want to choose or adapt to your personal circumstances:

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  • Run a marathon
  • Buy a new car
  • Learn a new language
  • Travel around the world
  • Change career
  • Retire early
  • Write a book

I’m sure you can think of many more things that you would like to achieve. As the famous Shakespeare line neatly states: “The world is your oyster!”

Now, the trick with big goals (as I’ll show in an example shortly) is to break them down into small, bite-sized chunks. This means you’ll have a big end goal, with smaller goals (sometimes referred to as objectives) helping you to gradually achieve your main aim.

When you do this, you’ll make big goals more achievable. Plus, you’ll have an easy way to track how far along the road to your goal you are at any given point in time.

Let’s see this in action…

Going from an Idea to a Global Success

Everything starts with an idea.

And there appears to be no shortage of good ideas in the world. But there is a shortage of people willing to put these ideas into action!

This is the essential step that will move you from being a dreamer to an achiever.

Back in 2005, when I first had the idea for Lifehack, I really only considered it to be a platform to record some of my productivity and self-improvement techniques. I’d developed these during my time at university and as a Software Engineer at Redhat.

However, based on the number of views and positive feedback I received on the first few articles, I quickly realized that Lifehack had the potential to be a popular and successful website—a site that could help transform the lives of people from all across the world.

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It was at that point that I decided to set some goals in place for Lifehack.

The way I did this was to set specific targets for different areas of the business:

  1. Number of articles published
  2. Amount of time spent writing and promoting the articles
  3. Number of new readers
  4. Number of new email subscribers
  5. Revenue generated from ads

For each of the above, I set weekly, monthly, and yearly targets. These targets were realistic but were also ambitious. In addition, I wrote down the necessary steps to take to achieve each target within the specified time frame.

This goal setting had a powerful impact on my motivation and energy levels. Because I could clearly see what needed to be done to achieve each goal, I found a purpose to my tasks that made them exciting to complete. Each small target achieved took me closer to accomplishing the bigger goals.

For example, my initial goals for writing articles were for just five a week, which equated to 20 per month and just over 100 per year. However, as I dedicated more and more time to Lifehack, I found I was able to exceed my initial goals.

This led me to increase the numbers. Of course, there’s a limit to how many articles one person can write. So when the readership began to exponentially increase, I started to hire other writers to help me out with the site’s content.

From my initial goal of just over 100 articles per year, I’ve used goal setting to help Lifehack publish more than 35,000 articles to date. This is now the largest collection of original self-development articles in the world.

And in terms of readership—this has skyrocketed from a few dozen in 2005 to several million in 2020.

And of course, I have many new goals for Lifehack, including expanding our range of online courses.

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My original goal has always remained the same though: To change people’s lives for the better.

Goal Setting Can Transform Your Life

If you haven’t yet experienced the incredible power of goal setting, then now’s the time to get started.

Build a definite picture of what you want to accomplish, break it down into small, achievable steps, and then start taking action!

You’ll be able to change all areas of your life using this method, including boosting your health, improving your relationships, and transforming your career. You may also want to use goal setting to start a new hobby or plot a path to a prosperous and peaceful retirement.

So please don’t wait for success to drop in your lap (which it is highly unlikely to do). Instead, decide on exactly what you want, then make a plan to get it. This is the secret to lifelong success.

Legendary motivational speaker and author Paul J. Meyer said it well:

“Goal setting is the most important aspect of all improvement and personal development plans. It is the key to all fulfillment and achievement.”

Final Thoughts

Now, let me leave you with five questions that will help you think about your future:

  1. What would you like to be doing in 3, 5, and 7 years?
  2. What things make you happiest?
  3. How can you share your knowledge and experience?
  4. Who can help you achieve your goals?
  5. What would you like to be your legacy?

Take plenty of time to think about these questions. When the answers come, you’ll be able to start building a picture of how you’d like your life to be—and what goals you need to set to make this picture a reality.

More Tips on Setting Goals

Featured photo credit: Jealous Weekends via unsplash.com

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