Do You Want To Be A Millionaire?
For some, the goal is too high. For others, far too low. Regardless of your “magic number”, here are some great qualities to emulate on your road to financial freedom.
Average people live beyond their means. Rich people live below theirs… Steven Siebold
* Re-posted from May 2013
Dr. Thomas Stanley, PHD, has spent years researching and writing about millionaires and his results are intriguing. Here are a few of his findings which surprised me and might do the same for you.
Well Educated But Not Academic Superstars– while over 90% of millionaires are college graduates, most received very average marks.
Not Extravagant Spenders– most are thriftier than the average person. For example, many buy supplies in bulk, drive North American cars, and resole their shoes.
Use “Life Cycle Costing” For Large Purchases– millionaires accept that quality often comes at a price. For example, some live in smaller homes in a nicer neighbourhood with good schools to avoid paying for private school tuition fees.
Common Foundation Skills- 1) Integrity- they are honest 2) Discipline- they apply self-control 3) Social Skills- they are liked and get along with people 4) A Supportive Spouse- they are married and receive emotional strength and grounding at home 5) Hard Work- they get the job done but are not workaholics 6) Pay Attention To Investments- they are willing to take financial risk but do their homework first. They will often have 3 or more financial advisors and are conservative investors who trade stocks less frequently than average.
Consistent Attributes & Behaviour among millionaires include resilience, persistence, dedication, long-term vision, thinking differently from the crowd & a strong belief in themselves
The majority of the millionaires studied were also self-made; they did not inherit their wealth. Their career profiles were varied; approx. 1/3 business owners/entrepreneurs, 20% attorneys/physicians, 16% senior corporate executives, 1/3 retirees, managers, sales people, engineers, architects & other professionals.
An important conclusion and inspirational quote from Dr. Stanley’s book, The Millionaire Mind, is
“If you could make just one decision right, you could be very successful financially. That decision is choosing the right career. Find something you love to do and you will have the emotional energy and focus needed to succeed”.
These millionaires sound like everyday people to me with a lot of admirable qualities. Put some of their thoughts, characteristics and behaviours into action and yes, even you too can be a millionaire (or more) one day!
Proud founder of this blog Let’s Talk About Money, Patricia Gass, CPA, CA, provides personal finance coaching and education to help improve your money skills