2019’s self-made millionaires
Bottom Line: One of my all-time favorite topics is discussing how to become a millionaire. It’s less about a somewhat arbitrary goal. My dad correctly told me as a kid, if you put all of your emphasis on making and having money, you’ll never be happy because you’ll always want more. But the idea of becoming a self-made millionaire is aspirational. That’s what excites me. People setting goals, working hard and achieving success. It’s the American dream. It’s literally the antithesis of looking to the government for a handout.
We entered 2019 with a record 11.8 million millionaire households according to Market Insights. That’s 3% of the US population – also a record after adding 250,000 additional households last year. Author Tom Corley just completed a five-year research project on the self-made American millionaire and came up with the four most common traits of them.
- They dedicate at least 15 minutes a day to just thinking. Spend time thinking about your career, finances, family, health, problems and business. Ask yourself questions like, “What can I do to grow my money? Am I happy with my current job? How can I improve myself today?”
- They seek feedback. Learn what’s working and what isn’t working. Without feedback, you won’t know if you’re on the right track or how to improve yourself.
- They are goal-oriented. Goals are the construction crew self-made millionaires use to build their financial empires. Create goals around your dreams and commit to pursuing them.
- They exercise. The self-made millionaires in my study always prioritized their health, and it helped them stay sharp, solve problems, be creative and overcome obstacles.
Good stuff. He also pointed out that they don’t play the lottery. Just saying... To your wealth!