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If you want to read about a self made millionaire (would be a billionaire in today's dollars and likely richer than any of the current richest people in the world ....according to this The 20 Richest People Of All Time - Business Insider
* no school debt
* lucrative professions
* consistent investment (from day one of their first job)
* a bent toward frugality (but not extreme)
* married
* late parenthood (30+)
Pretty much my traits, indeed.
People with deep school debt and start their career late will have more difficulties accommodating wealth. Sorry, compound interest require time.
Do you know any self-made millionaires? And if so, what are the most consistent traits that you see among them? We're talking about people who were able to go from being a member of the middle class community, to becoming a millionaire. Do you find that there's any general commonalities among people who were able to achieve millionaire status?
I personally know a dozen self made multimillionaires. They are every one of them organized, hard working, capable of predicting results, aware that behavior has consequences, and capable of accepting responsibility.
Most, not all, of them, are over average intelligent. One of them couldn't read until he was in his late forties but he made up for it with hard work.
The ones I know didn't start as members of the middle class. They started dirt poor, not enough to eat poor.
I also know a couple hundred self made millionaires as internet acquaintances. I dont know what economic status their families had when they were growing up, but they all show similar traits: hard working, well organized, well prepared, not blaming others for their own shortcomings, and not expecting success to be handed to them as their right.
I might be a millionaire, I might not, I'm not really sure. It's simply the last thing I think about.
I'm motivated by a lot more than dollars to own the business I do.
I think wealth is a state of mind. People fixate on a number, and million is still the standard...
A million in the bank, free and clear, is different than owning a million in real estate.
And none of that means much about wealth and freedom.
Million is just one mark on the road to whatever motivates you.
$1.2M, 1.4M, .5M, .1M, 250M...
they are all just numbers.
Millionaire is a mindset that anyone can have, no matter how much money they currently posses.
I think that's what this forum is about and why people choose to spend time here.
i wouldn't call any millionnaire "self made", that's a real misnomer. it takes a combination of circumstances and only part of that lies with the individual.
yes i have known a few who are at least millionnaires or more. they seem to be quick thinkers, sharp, and sure to act on an opportunity. Real movers.
All intelligent yes, and a good deal of their success was due to their considerable talents not going to waste, and also , to the appreciation of real estate values. Knowing how to get the most value from a real estate asset sale or contract negotiations in business, too. How to drive a hard bargain or at least one that benefitted them at crucial times, making a big difference.
NONE of them had a college degree.
They were people who would talk things over and find things out, get lots of advice from everyone they trusted.
ONE or two came from somewhat wealthy families, the others were either from lower /mid middle class or downright poverty stricken. Two had very helpful fathers with supportive mothers/ stepmoms. The others did not, in fact had troubles at home.
only one of them was NOT addicted to drugs or alcohol. but he's truly eccentric.
Most of them had one or more sexual aggressive incidents/ behaviors considered to be either criminal or questionable, either in teen years or older. ALL of them are male.
Last edited by 2bpurrfect; 05-11-2015 at 05:42 AM..
It also has to be able to outpace inflation, taxes, fees, market corrections, and simple investor bumbling. Tall task.
There is also no point at which it is too late to start investing. Realizing at 40 that you really should have behaved differently at 25 is not a reason to simply toss in the towel. The best that anyone can do is measured from wherever right now is to wherever the finish line is. Work with that. The past is forever in the past.
Millionaire is a mindset that anyone can have, no matter how much money they currently posses.
I think that's quite a good insight.
90% of this game is half mental. -- Yogi Berra
More seriously, the senses of success, happiness, and satisfaction that are most people's actual objectives in life certainly have some basic financial underpinnings, but at some point, most people seem to start believing that the more important things actually lie elsewhere. One of the more common hospice retrospective comments is "I wish I hadn't worked so hard." This isn't to say that later-in-life perspectives are somehow superior to those held earlier on. It's just a note about where we might all be headed one of these days. And that day can certainly come along well before we find ourselves in hospice. Could happen today, for instance. You just never know....
Knowing how to get the most value from a real estate asset sale or contract negotiations in business, too. How to drive a hard bargain...
From my own experience, better watchwords would be to take good care of the people who are helping you, and never be afraid to leave a nickel on the table.
There aren't any millionaires responding on that thread and it's not really what I'm looking for.
Now how would you know there are no Millionaires responding on that thread? You don't.
A lot of those who are financially secure do not flaunt their wealth with fancy cars, lots of jewelry and big homes.
They tend to their business, keep their personal and professional lives out of the spot light and live a nice quiet uninterrupted by BS life with their families.
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