Common Millionaire Traits
Common Millionaire Traits
Hi Radus,
I have been writing to you for weeks about
the process of building wealth and getting
to a 7 figure net worth. This week I thought
it would be helpful to look at the qualities
possessed by most self-made millionaires.
Many books have been written on the subject
and clearly different authors approach the
subject from different perspectives. Nonetheless,
it is interesting to note some of the commonly
agreed upon millionaire traits.
* Most millionaires hold integrity as one of
their highest values. Contrary to the old
“Robber Barron” image, they believe in honesty
and fairness and believe that trust is one of
the most important factors in any kind of
relationship.
* They are optimistic people. They look for
ways to achieve rather than excuses to fail.
They are adept at seeing the opportunities in
a bad situation and learn valuable lessons even
when they make mistakes.
* Millionaires are disciplined people. They
apply the principle of self control. They do
the things that need to be done even when they
would rather be doing something else.
* They are risk takers when the rewards are
worth it. They take action when opportunities
present themselves, in a deliberate, calculated
way.
* Millionaires work harder than most but
usually love their jobs. Many have the attitude
that they have never worked a day in their lives
because of the enjoyment of what they do.
* Yet, they are not workaholics. They are masters
of time management. They believe in periods of
focused effort for maximum results, which gives
them time to do other things.
* One of the important things they do with that
time is to manage their money. The overwhelming
majority of them handle their own investment
decisions.
* Millionaires understand the importance of taxes
in the wealth building process. Over 70% regularly
consult their accountants and/or attorneys for
tax strategies, investment and legal advice.
* They truly believe in the concept of life
balance. They spend lots of time with family and
friends and enjoy many other activities. They
believe that you can still enjoy life and
become wealthy.
* Many millionaires have had very diverse
experiences. They have done very different
things in their lives. This diversity of exposure
enables them to recognize opportunities. It’s
tough to recognize opportunities when you’ve only
done one thing all your life.
* They are master-multitaskers. They have
created multiple income streams from very diverse
sources. Let’s look at a few of the best.
Warren Buffett owns Geico Insurance, Net Jets
Aviation, Nebraska Furniture Mart, Pampered Chef,
and Fruit of the Loom, Dairy Queen, Benjamin Moore
Paints, Sees Candy, Kirby Vacuum Cleaners and
World Book Encyclopedia. And this is just a
sampling of the companies he controls!
Donald Trump has real estate interests, casinos,
hotels, Trump University, is the star of the
Apprentice TV show, publishes books, and owns
the Miss Universe, Miss America and Miss Teen
U.S.A. Pageants.
Magic Johnson made millions playing basketball
and endorsing products. He had a TV show and
still works as a sports analyst. He also owns
Starbucks, TGIF and Fat Burger Franchises, and
the Magic Johnson Theaters. He develops
residential and commercial real estate, has a
clothing line and sells a basketball skills video.
Granted, these folks are the “superstars” of
millionaires but they didn’t start that way.
They’ve traveled the journey to where they are
by highly developing the characteristics listed
above.
Until next time,
Fly High, Fly Fast but Fly Safe.
Captain “T”
Copyright 2008