When I first started out as an entrepreneur, I looked at millionaires as if they were some invincible superheroes roaming our world. However, I quickly realized that there was a lot I didn’t really understand about millionaires.
The truth is, it’s easier today than ever before to attain $1 million or more. Luckily, there is an endless list of ways to earn a million dollars. It just requires passion, persistence and a lot of grit to obtain it.
In this article, I’m going to discuss 6 huge myths about millionaires:
1. Millionaires Are Luckier
Aside from the rare individuals who win the lotto, most millionaires didn’t have any luck contribute to their success. You don’t need a lot of luck to be wealthy and successful. Instead, it requires a handful of other things to be successful.
Success is always a result of one thing. Hard work and lots of it. Ask any millionaire and they can flashback to the days where they didn’t have a lot of money. They can share the struggles and hard work they had to put in to be successful.
2. Millionaires Are Mostly Trust Fund Babies
I was extremely surprised to find out that only 20% of millionaires in the world today inherited their wealth. There has been a larger number of wealthy individuals who have chosen to donate their money after passing instead of leaving it off to their kids.
If you think the only way to become a millionaire is by being born into it, you’re absolutely wrong. 8/10 millionaires are self-made. They worked hard, took risks and built their bankroll up on their own.
3. Millionaires Are Smarter Than You
In fact, millionaires don’t tend to show a higher IQ than most individuals. The skill that separates them from the crowd is that they’re willing to take a chance in life. 50% of millionaires own a business or are self-employed.
Even more surprisingly, 80% of millionaires are college graduates but only 18% of those individuals have masters degrees. Your education has no correlation with your net worth. It’s the path you take and how hard you work to get to the top.
4. Millionaires Blow Their Money On Fancy Things
One of my friends has a Lamborghini Aventador, which he paid just around $440,000 for a while back. When I saw him buy that car, I started believing the notion that most millionaires just blow all their wealth on fancy things.
I decided to ask him more about it. Turns out, he had waited 3 years to buy that car. He took the couple million dollars he had made and began investing it rapidly. As his investments succeeded, he ended up tripling his money over the 3 year period. That’s when he decided to buy the Lamborghini Aventador. Millionaires usually don’t blow their money as soon as they get some cash, they strategically plan their purchases.
5. Millionaires Have It Easy
Biggie Smalls said it best, mo money mo problems. Most people think millionaires live the high life and have nothing to worry about. In fact, the more money you make, the more responsibility you probably have as well.
Remember, money isn’t everything. It’s about living a fulfilling life, being happy and enjoying what the world has to offer. People often times wish they could be a millionaire, but they never realize the hardships that come with it.
Conclusion
Many people don’t have the opportunity to chat with millionaires on a daily basis. If you do have that opportunity, you should use it to find out everything about them. You’ll be surprised at what you learn. In this article, I shared 6 huge myths about millionaires.
photo credit: Chanock Sanchez via photopin cc
