Have you ever wanted to be a millionaire? If so, you might care to know what traits and habits come in handy for raising capital.
This article is based on the book “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J. Stanley and William D. Danko. The authors held massive research on the profiles of American millionaires to identify peculiarities in their thinking and behavior.
The major group of American millionaires is comprised of those who own from one to a couple of million dollars by accumulating well over their income. These are so-called “prodigious accumulators of wealth”. In general, around 80% of American millionaires have earned their capital whereas 20% of them have inherited it.
On average, an American millionaire 62 years old. Many millionaires hold a university degree. The majority of the wealthy are officially married.
An American millionaire is distinguished by his thrift and modesty as his wealth is based upon hard work and economy. He goes towards his wealth for his whole life. Sticking to a belief that “a wealthy man is not the one who earns a lot but the one who spends a little” he accumulates his capital gradually.
Wealthy Americans are very meticulous in spending their money. To be so they manage the family budget and calculate their expenses by the end of every period. In the meantime, an average millionaire is not a cheapskate restraining himself from material demands.
Amongst the American wealthy, one of the key premises to gain millions is a developed ability to control personal consumption despite growing demands. This is crucial as excessive spending that goes beyond reasonable needs will naturally hinder the accumulation of capital.
Typical millionaires are modest in the way they dress. They normally do not overspend on luxury goods and clothes. They do not parade their wealth or show their social and financial status.
Interestingly a millionaire’s wife is also lean in personal consumption. This makes perfect sense as a lavish partner might affect the chances for accumulation of capital.
Wealthy Americans are usually professionals of their kind or successful entrepreneurs. Stable and relatively high income contributes to gaining wealth. At the same time, they measure their wealth by the number of assets they own rather than the level of income.
The vast majority of American millionaires invest part of their income into the stock market on a regular basis. Long-lasting and repeated investments in shares has proved to play a huge role in making a fortune of millions.
To sum up, such personal traits as thrift, modesty, diligence and prudence in handling money have helped some Americans to become millionaires.
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Originally published at https://telegra.ph on June 7, 2021.
