Most of the millionaires in this world are not celebrities. They don’t live in massive villa’s. In fact, you could be living next to a millionaire without even knowing it. It turns out that millionaires have a couple of things in common – and by that I don’t mean their banking account. We’re taking a look at these similarities that are backed up by research.
1. Millionaires are Entrepreneurs who are Self Employed
Do you think it’s a big risk to start something on your own? Millionaires think opposite. Even if they work for someone else, they always need to do something on their own. It’s a certain drive millionaires have.
According to The Millionaire Next Door less than 20% of American households is headed by a self-employed business owner. These households are 4 times more likely to be or become millionaires.
2. Millionaires have Big Dreams and Strong Work Ethic
Nothing holds Millionaires back. They see obstacles and setbacks as learning experiences instead of reasons to quit. Millionaires dream big and truly believe that their dreams will come true. No matter what. Even if it means that a time of uncertainties is coming. Achieving these dreams is a lot of work. Hard work. That’s why Millionaires need to have a really strong work ethic.
According to researchers of Mind in Context: Interactionist Perspectives on Human Intelligence 94% of the millionaires answered “a strong work ethic” when they were asked what they have learned in college.
3. Choosing a Career Strategically
Millionaires usually start a career in a market or niche where they know they can make money. This is not always something millionaires are passionate about. If they are, that just makes it even easier.
The Illusions of Entrepreneurship have some interesting facts about this: 63% of new business owners say that their business don’t have a competitive advantage. There is also no evidence that business owners choose an industry based on high profits. Last, only 1/3 of the participants said they actually did research to come up with a good business idea.
Weird right? You’d think entrepreneurs would research the market they want to join before they do so. But that’s the secret right there. Millionaires think differently and just jump into it. The product they are interested in isn’t necessary cool or exciting. It could be a normal, everyday product.
4. Millionaires have Inherent Sales and good Marketing Skills
Millionaires probably don’t think about this often, but they all have some sort of inherent sales and marketing skills. It’s like a second nature to them. They’re just that way.
It is important to keep in mind that you should let the market guide you to your idea. People usually think the opposite. They say, I have this great idea and people are going to love it. But, how can you invent something great when you don’t know what people want and need? That’s why you should learn from the marketplace! The more you think like a customer, the bigger your success will be.
5. Millionaires don’t spend Frivolously
Most millionaires don’t drink champagne worth £1000 or buy expensive cars and houses. Most of them are planning a bright, financially independent future.
The Millionaire Mind have found some interesting and surprising facts about millionaires’ habits: Half of the millionaires have never spend more than £400 for a suit or paid more than £30.000 for a car. Last, they concluded that the more materialistic millionaires were, the more unhappy they were.
Now that we know what millionaires have in common it is time to try some of these things out in your daily life, and who knows maybe you’ll be a millionaire someday too. If this all sounds as too hard or as too much for you, you can always try and play Lotto or Euromillions. It’s not difficult or too much work, just buy a ticket and who knows maybe you’re lucky!