Most people remember the TV game show “Who Wants To Be A Millionaire?”. What an absurd question. While most people would answer the rhetorical questions with a resounding yes, actions speak louder than words. You see, millionaires tend to do things differently than everyone else.
When I was a kid, I thought that millionaires were few and far between. I used to equate millionaire with rich. You could make the argument that that is not necessarily the case. While your average millionaire is certainly ahead of the game, they are not the Scrooge McDuck caricature, diving into a pool of their obscene amounts of money.
Many millionaires are everyday folks. They are your friends and neighbors. They are the no mortgage, no car loan crowd. The 401(k) rockstars and small business owners. They are contrarians.
You may be asking yourself, “What are some common traits of everyday millionaires?”. The answers may be surprisingly boring. Not surprising, they tend to budget well and live below their means. Too many folks spend for the lifestyle they want today hoping that their income will catch up. Most millionaires out there are doing just the opposite. They aren’t buying or leasing new cars. When making big purchases, they are diligently researching. They are very intentional about how they spend their money.
They invest. While saving is important, they realize that they are most likely not saving their way to wealth. They tend to be involved in their investments, and they are consistent long-term. They don’t obsess about day-to-day fluctuations. Typically, they maximize retirement savings accounts such as 401(k) and IRAs. Real estate is also a very common investment for these folks as most realize the importance of multiple streams of income.
Arguably as important as how they invest their money, is how they invest their time. They realize the importance of learning and growing. Education (not necessarily formal) is valued at a premium. They take time to read, learn, and plan. They take care of themselves physically and mentally as well. If you spend your time sleeping in, watching TV, and avoiding reading, you may not be on track.
Another common trait for millionaires is that the majority (79%) are self-made. Not to say that they didn’t have help along the way, but they typically aren’t inheriting their money. They understand the value of a dollar because they’ve probably worked really hard to get there. They also tend to place a strong emphasis on family.
Lastly, most millionaires love what they do, and they do it exceptionally well. If you are looking for a career solely based on income, you are probably not going to excel. Successful people have a way of finding a niche in a business that they are passionate about.
If you’d like to learn more about the behaviors of average, everyday millionaires, I suggest reading “The Millionaire Next Door” by Thomas Stanley and William Danko and The Ramsey Solutions’ “National Study of Millionaires”.