Everyone wants to become a millionaire someday. To live a life where you don’t have to worry about your future or your finances can be achieved if you have the right mindset. Many millionaires today have a very different mindset than your average person.
People often think that millionaires are made from luck, talent, or money given to them, but there is no hidden secret to becoming a millionaire. With that in mind, here are some amazing facts about millionaires to learn more about who they are and how they make their money.
Only a Few Inherit Their Wealth While Many Are Self-Made Millionaires
Whenever you think of millionaires, you immediately think they are just offspring of rich businessmen. Apparently, only 20% of millionaires became one from an inheritance. A lot of millionaires today are self-made.
Some common lines of work that create self-made millionaires include mobile application development, video game streamers and pros, and YouTube influencers or vloggers.
For example, because of the rise of the digital world, many people can learn to code from home and create web applications, mobile applications, and other software that can then be sold to major tech companies or corporations.
Get These Jobs If You Want to Become a Millionaire Someday
There are a lot of ways for you to become a millionaire. Some might think that owning a business and making it big will help you towards your goal. Others might even want to become a celebrity and earn millions of dollars from movies and TV shows.
But there are jobs that will help you become a millionaire without taking a lot of risks like the ones mentioned above.
Accountants and lawyers are some of the most prolific and highest-paying jobs in the world that will help you earn hundreds of thousands or even millions of dollars. Another good example of jobs that can pay you millions are tax advisors or estate planning experts.
Millionaires Are More Common Than You Think
You might think millionaires are very rare people, but in fact, statistics show that a new millionaire is created every 58 hours.
That means that every two days or so, there is someone who reached $1 million in earnings and became one of the newest millionaires on Earth. Imagine how you have been living your life in the past few days while someone out there has just become a millionaire.
It’s time that you change the way you view life and start learning how to become a millionaire. Apart from that, you might even come across a millionaire at some point in your life without knowing it. They may not be as flashy and extravagant-looking as you think but one out of every 854 people that you meet are millionaires.
Most Millionaires Know When to Say No
A lot of people might think that for them to become millionaires, they will have to either work harder or take on a lot of tasks to earn a lot of money. This may be true for some but financially successful people, also know when to take a break and even say no to some projects.
Successful millionaires are very selective in the tasks they take on, especially when it comes to dealing with risk. They have grown to be very comfortable with saying no to people, especially those who do not support them in their progress.
To have a millionaire mindset, weigh the risks involved with a project that you want to finish so you get to have more options on hand. This way, you are on your way to becoming financially stable and reaching millionaire status.
You Will Experience Bankruptcy More Times Than Others
Many think that being a millionaire saves you from financial burdens and failures but the fact that you have more money means you also take on more risk. This is why understanding risks are part of becoming a millionaire. Many millionaires often face bankruptcy due to how they handle their businesses and finances.
An average millionaire goes bankrupt at least three times in their lifetime. They undergo financial hardships over and over until they learn how to handle their money better.
Some millionaires use bankruptcy to help them with their finances. It is all about knowing when the time is right to file it.
Most Millionaires Focus On Their Health Instead of Spending Their Money
Your health is one of the most important aspects in life that you need to take care of if you want to become a successful millionaire. When you focus on health and exercise, you release endorphins and other hormones to help you feel better.
You also become a much healthier version of yourself and you begin to think more, concentrate more, and focus more on the task at hand. You may think that living the lavish life of a millionaire means spending a lot of your money on smoking, drinking, and partying.
But most millionaires tend to focus on the opposite instead through exercise such as running, jogging, or biking. If you want to become successful, you need to start treating your mind and body with respect so it becomes stronger and withstands the stress that comes with life.
Many Millionaires Continue to Live a Very Modest Life
Becoming a millionaire means you get to afford different things that you could not before. This also means that you can finally live the life that you want or build a mansion in a high-end neighborhood. While many might think that millionaires often have extreme changes in their lifestyle, it is far from the truth.
Many millionaires continue to save money and live a very modest life even if they are earning millions of dollars. For example, one of the world’s richest men Carlo Slim Helu continues to live in the same home he’s lived in for the last 30 years while his wealth continued to grow.
Being a millionaire should give you the opportunities to grow your wealth instead of putting most of it in areas that only cost you a lot of expenses. Having this mentality keeps you grounded and modest in life which is a great trait to have when becoming a millionaire.
Character Traits Common in Millionaires
Millionaires have a lot in common with average people but they become millionaires because of some important decisions they’ve made in life. What made them reach such an opportunity is they were prepared.
They have developed traits that helped them on their path toward becoming a millionaire. The very first thing you need to master is the art of risk-taking. Many millionaires often identify the risks involved and when to take them or when to fold, allowing them to make a profit.
This translates into sound investments. Investment plays an integral role in becoming a millionaire which you can wholeheartedly adapt through businesses.
Adopt These Traits So You Can Live a Similar Life
As mentioned above, being health conscious is a trait that you need to develop. Your health is your greatest investment. You invest time, money, and effort in keeping yourself healthy so you can stay in top shape to prevent stress and other health issues from consuming you.
Many millionaires are often very open to different ideas. If you want to become one, you should never turn down an idea without hearing them out first. Those that can find the potential within an idea and act on it will soon find themselves profiting from it.
Many other traits that you can adopt are salesmanship, emotional stability, and honing your interpersonal communication skills.
You don’t really have to be a musician, a celebrity, or born into a wealthy family to become a millionaire. There are a lot of factors that contribute to a person becoming one. It doesn’t matter who you are or how much money you earn, it’s how and what you do it that makes for a great first step to becoming a millionaire.
The facts above shed some light on where millionaires come from, how common they are, and how you can take steps to stepping into the millionaire mindset to earn your first million some day too.