What do Millionaires Have in Common?

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 Businesses 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.

There are plenty of businesses where you need great business as well as marketing skills. Whether they are sole proprietors, or running businesses through partnerships, discipline and adaptability are some innate traits that play a crucial role in determining business success. Alternatively, if not “born with” such excellent abilities, they master proficiency through proper resources. The same holds true for family businesses too. For multi-generational businesses looking to successfully transition leadership and ownership to the next generation, they might take the help of professional consultants such as attorneys, Family Business USA or others in doing so. Through proper grooming and development of skills such as strong communication habits and conflict resolution, the younger family members are prepared for future roles.

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!

Leave a Reply