6 Characteristics of millionaires
There’s no secret formula to becoming a millionaire, but thinking like one is a good place to start. While everyone has dreams and aspirations, millionaires in the making take steps to realise them.
More and more young entrepreneurs are reaching millionaire status, and they’re doing it on their own. That doesn’t mean it came easy. What sets them apart is a millionaire mindset and habits that help them build wealth instead of being a slave to a paycheque.
Here’s how millionaires do things differently:
1. They’re independent thinkers who think BIG
Millionaires don’t follow the crowd. They stand out and look for the extraordinary, even if no one agrees with them. Adopting a mindset that accepts challenges and having the foresight to see the potential behind the idea gives you the courage to take it on.
2. They aren’t big spenders
It’s not what you earn: it’s how much you spend. Millionaires rack up assets, not debt, because spending more than they earn is the fastest way to no longer being a millionaire. Instead of spending their money on gadgets, flashy cars or gourmet dinners, millionaires put it in investments, real estate and savings so their money can make more money.
3. They’re resilient and persistent
When it comes to success, people miss out because they either don’t start or they give up too soon. Millionaires are persistent and consistent in pursuing their dreams, standing strong in the face of rejection or criticism to push on and move forward.
4. They are focused and act fast
The conditions are never going to be perfect, so millionaires take the initiative and put ideas into action before anyone else does. While others are still talking, millionaires are already doing. When they see a good idea, they take the chance and move quickly because they can envision the payoff behind the risk.
5. They’re always hustling
No one’s going to do it for you; if you want it, you need to go out and get it. Millionaires know that a salaried job is unlikely to get them all the way to the top. That’s why they have multiple streams of income, take on side hustles and are always on the lookout for (and open to) the next thing that could generate a profit.
6. It’s about more than the money
Millionaires don’t just want to grow their bank balance; they seek out opportunities for personal growth, achieving new heights and making an impact. They understand the value of investing in themselves and the importance of spending time, energy and emotion wisely on things they are passionate about and motivated to work hard for.