Despite what some people believe, many millionaires had to work and save to achieve their success. Those that did have many traits in common. Do you have any of these 20 signs indicating you’ll be a millionaire one day?
20. You Started Making Money at a Young Age
Many wealthy people began earning money at a young age. Warren Buffett sold packets of gum to his neighbors when he was just six years old. Richard Branson bred and sold parakeets as pets at age 11. Mark Cuban sold trash bags door-to-door at age 12. If you were like this as a child, you likely have an entrepreneurial spirit.
19. You’re an Overachiever
If you’re the kind of student who was never satisfied with getting a B in class, you’re probably an overachiever. That’s true for many millionaires. Their mindset is to aim high and shoot big. Earning only $1 million doesn’t satisfy them – they want to earn $10 million. When they’ve done that, they aim even higher. They seek to continually improve.
18. You’re Attractive
Although it may not be fair, research has demonstrated attractive people have advantages in life. So, if you’ve got it, use it. Research from the University of Texas in Austin found: “Attractive people are likely to earn an average of 3 percent to 4 percent more than a person with below-average looks.”
17. You Have an Action-Oriented Mindset
It’s been repeatedly proven that long-term investing produces significantly more wealth than short-term trading. Yet, many people fail to take full advantage of their work-based retirement plans. They either underinvest, or some don’t invest at all. However, those with an action-oriented mindset take advantage of every opportunity that can create present or future earnings.
16. You Possess a Sense of Urgency
Many people will tell you there is no perfect time to invest – the best time to invest is now. Likewise, entrepreneurs don’t wait for the best time to launch their business. The best way to watch your dreams slip away from you is to sit back and wait for the elusive “perfect time.” Start working toward your goals right now.
15. You’re Focused More on Earning than Saving
It’s well known that many of the wealthy stay that way by being frugal. Wealthy people have a mindset that’s geared toward spending wisely and saving. While wealthy people are good savers, overall, they’re more focused on earning. They know the best way to make more money is to allocate some of their earnings into investments.
14. You Keep an Open Mind
Open-minded people are more likely to pay attention to novel ideas and more willing to consider new opportunities. An opportunity can present itself when one least expects it. While every idea may not be a winner, critical thinkers know how to ask the right questions to identify a solid opportunity. Early movers are often the ones who make fortunes.
13. You Were Mr. or Ms. Popular in High School
Fair or not, research suggests that “moving from the 20th to 80th percentile of the high-school popularity distribution yields a 10 percent wage premium nearly 40 years later.” In practical terms, that means that if you had a significant number of friends in high school, there’s an increased chance of you earning more money in your adult life.
12. You’re Able to Live Below Your Means
Instead of flaunting their wealth, many millionaires live in modest homes and drive practical cars. They don’t spend their hard-earned cash on luxury items. Instead, they live below their means in order to tuck away more money for investments to increase their future wealth. Many try to save 50% of everything they make and put it into savings.
11. You Can Defer Gratification
It takes a lot of time to build wealth. Perhaps the best investor ever, Warren Buffett, says investment is a long-term game. He created more than 80% of his wealth after he turned 50. It’s important to save and reinvest your money. That means delaying gratification and deferring living the high life until you’ve achieved your financial goals.
10. You Have a Mentor
The people you associate with can greatly affect how successful you can be. If you want to be wealthy, hang out with millionaires and successful people. Most importantly, you may be able to find a mentor who will show you the ropes. Don’t be afraid to reach out to them through social media and email and start building a rapport.
9. You’re Not Stuck in the Past
Many millionaires increase their wealth by taking advantage of emerging trends and needs. You won’t find those by looking backward. Like time, life moves in a forward direction. “The good old days” is the realm of politicians – not entrepreneurs. Wealthy entrepreneurs find opportunity by overcoming fear and rejection, persisting through failure, and focusing all their energy on the future.
8. You’re a Goal-Setter
Wealthy people spend time considering their needs and long-term goals. Benjamin Franklin said: “If you fail to plan, you are planning to fail.” Peter Voogd, founder of The Game Changers Academy, made his first million before turning 26. He wrote: “You don’t make a million by accident. If it’s not a goal, you sure as hell won’t hit it.”
7. You Aren’t Divorced
A 2006 Ohio State University study found divorce could reduce a person’s wealth by 77% compared to a single person. Being married correlated with almost double the comparative wealth (93%). The study’s author, Jay Zagorsky, said divorce decreased wealth more than splitting a couple’s assets in half. “If you really want to increase your wealth, get married and stay married.”
6. You Know How to Maximize Your Strengths
While it’s important to identify your weaknesses, it’s more important to identify your strengths and maximize them. Millionaires capitalize on their greatest strengths and surround themselves with people who can make up for and enhance their weaknesses. Gary Vaynerchuk said, “I suck at 99 percent of the stuff, but I go all out on that 1 percent I’m good at.”
5. You’re Optimistic
People who have the capacity to make millions tend to be more optimistically minded than others. Rather than complain, assign blame, or whine, potential millionaires accept challenges and look for ways to conquer them. In his book, “secrets of the millionaire mindset, T. Harv Eker wrote: “Rich people believe, ‘I create my life’; poor people believe, ‘Life happens to me.'”
4. You May Have a Drink, but You Don’t Smoke
According to research published in 2004, non-smokers’ net worth is roughly 50% higher than white smokers and over double that of heavy smokers. Research indicates there may be social capital in drinking. Research published in 2006 found that self-reported drinkers earn 21% more than teetotalers. Women who drink earn 8% more than non-drinking females.
3. You Have Thick Skin
Everyone at every level in life has to deal with criticism. But the critics aren’t always right. Always trying to please the critics or worrying about what others think can hold you back. It’s important to know when you are right, and when you are, you must ignore the naysayers. Remain mentally tough and stick with your plan.
Read More: Tips for Growing Wealth You Haven’t Thought Of
2. You Keep up with Current Events
Many of the most successful people in the world begin their early mornings by catching up on current events. Knowing what is going on in the world and current trends is important for being able to make informed investment decisions. Staying current is one reason successful people tend to stay ahead of the curve.
Read More: 10 Must-Read Books on Personal Finance
1. You’re Constantly Improving Yourself
A college degree can make a difference in your opportunities and your potential for determining your net worth. However, it doesn’t determine whether or not you’ll become a millionaire. Both Bill Gates and Steve Jobs dropped out of college. Instead, they worked on continually improving themselves. Millionaires focus on skills that will have a direct impact on achieving their goals.
Read More: 10 Money Habits That Millionaires Stick To
