Thomas J Stanley and William D Danko surveyed over 700 millionaires to find out what millionaires have in common. In their books, The Millionaire Next Door and The Millionaire Mind, they drew up what could serve as lessons from self-made millionaires.
After extensive research, they found out that approximately 80 per cent of millionaires are self-made, accruing all their wealth in one generation. And they are found to be doing a number of things you and I probably aren’t.
Peter Voogd, founder of the Game Changers Academy, who made his first million before turning 26, observed firsthand a few key characteristics that set certain people up to earn big early on.
“You don’t make a million by accident,” he said in a recent LinkedIn post. “If it’s not a goal you sure as hell won’t hit it.”
Here are a few patterns the researchers and Voogd noted as four vital traits that young, successful millionaires share in common, and these can also catapult aspiring entrepreneurs to the heights of success.
Sense of urgency
Young millionaires become successful so early in life because they constantly work toward success instead of waiting for opportunities to come to them.
“Now matters more than any other time, and the ‘someday isle’ mentality is killing so many dreams,” Voogd said.
Millionaires make monetary success a top priority from day one, instead of pushing it to the back burner as something they would like to achieve someday.
Strong mentor
Millionaires don’t reach that status alone, and even self-made millionaires find smart, wise mentors to guide them as they build their careers.
“Success rises and falls on who you associate with, so make sure you stay aware of your surroundings,” Voogd said. Learning from those who came before you is key to making the right business decisions, and a good mentor will challenge you and help you focus on bigger thinking, he added.
Focus on leverage
Time is money, and while the traditional method of trading your time for a proportional payment will earn you a decent salary, it won’t make you a millionaire. “At some point you have to focus on scaling and leverage. Investment properties, membership sites, building a brand, partnerships, affiliate marketing, different types of programmes, et cetera.”
Young millionaires maximise their time to make sure they are always earning as much as possible. They don’t care what other people think.
“People who care what others think of them will always be limited to others’ opinions.”
Young millionaires don’t waste time trying to please people who don’t believe in them or win over those that don’t support them. Instead, they focus on their own vision and learn to believe in themselves.
To become truly successful, “you must give up the need to be liked by everybody,” Voogd warned.
Take control of your life as best you can
Self-employed people are four times more likely to be millionaires than those who work for others. They think it’s risky to work for someone else. You could get laid off. Your boss could make a bad decision.
They want to be in control of their own destiny and yes – they’re quite confident. And research shows confidence boosts your income.
They plan and are quite strategic in whatever career they might be.
They work quite hard, and watch their money.
These are pieces of advice anyone can follow and everyone can benefit from.
