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OP: Your doctor, dentist, lawyer, and your plumber (if he is the owner of a plumbing business) are probably self-made millionaires. So am I. A million bucks isn't what it used to be - if invested in the corporate bond market, it produces a lordly $30,000 in annual (taxable) income.
i did it just investing in my 401k for decades. it was easy r to do , just invested in funds . hit a million by age 50 and tripled it in 12 years in commercial real estate ventures in manhattan ..
What others have said so far is true. This is especially if you’re talking about people with only 1 million+ net worth. Some traits that most of them possess are:
-Good self-discipline
-Possess a decent amount of intrapersonal intelligence
-Usually planners who plan out long term goals
-Wise with how and what they spend their money on
There are more traits but these are probably the most prevalent among self-made millionaires. In terms of profession; some are entrepreneurs. Others have skills to land upper middle class jobs and used that salary to invest wisely. In regards to the thread mathjak mentioned; yes there are multimillionaires on that thread. I know some from their posts but I will let them tell you who they are if they decide to divulge that detail to you.
I know a few. They didnt exhibit all of the traits, it varied. Heck one of them couldn't read.
The bottom line is....I saw a lot of normal people that exhibited those same traits you listed. So I dont think thats it.
In the end....it varied all over. Some just avoided bad luck. some planned to make it possible to avoid bad luck.
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?
A millionaire IS a "member of the middle class community".
They got there by being able to spot an opportunity. Those are all over the place....
I know a few. They didnt exhibit all of the traits, it varied. Heck one of them couldn't read.
The bottom line is....I saw a lot of normal people that exhibited those same traits you listed. So I dont think thats it.
In the end....it varied all over. Some just avoided bad luck. some planned to make it possible to avoid bad luck.
So by saying you "know a few" I'm assuming you verified that they were all self-made millionaires? If not then that sentence doesn't hold a lot of water. Also I find it hard to believe that someone who can’t read made a million without an inheritance.
And in regards to the traits, why in the world would you think normal people can't possess the traits I listed? I thought it was obvious they did. OP asked what are some common traits millionaires possess so I listed a few that many millionaires possess.
Like some others here I consider myself a self-made multimillionaire. I can't really think of any one specific trait that I posses that everyone else does not.
I was told by family members that I would not amount to anything. I came here as an immigrant that could not speak English in my early teen. High school dropout in California and gang member in Syracuse NY. For nine years the US military was my salvation, learned structure and responsibility. Most of all I learned that education was my way out. Served in Vietnam and took advantage of any educational opportunity.
I married a person with the same values and goals. We planned together and stayed together over 50 years now. We lived a simple lifestyle and saved our money.
I can't say that I'm a real hard worker but will say I'm a smart one. I'm logical and also mostly live in denial. In other words very few things bother me and I'm a very happy the glass is always half full person. I have little fear of failure and no aversion to risk.
If you saw me on the street, you may think lower working class. Yet, I have not worked in many years.
I have never received any help from family or the government with the exception of the military.
If the definition of a millionaire is someone with a net worth (assets minus debts) of more than one million, I know lots of them. Most are just good examples of the tortoise vs. the hare. Had a good skill set (such as software), worked for a company where software was the business, and didn't blow it. Their houses are paid off or close to, and they live well.
Thanks, but I was talking more along the lines of people who became millionaires by owning a business.
Quote:
Originally Posted by Electrician4you
Most people that are self made millionaires look like Average John or Average Jane. They don't need to flash their cash. Because they don't need their neighbors or public validation. I'm willing to bet there is more than one millionaire on that post and thread.
Umm thanks, I guess? I'm not sure how your post answers my question ...
Quote:
Originally Posted by griffon652
What others have said so far is true. This is especially if you’re talking about people with only 1 million+ net worth. Some traits that most of them possess are:
-Good self-discipline
-Possess a decent amount of intrapersonal intelligence
-Usually planners who plan out long term goals
-Wise with how and what they spend their money on
There are more traits but these are probably the most prevalent among self-made millionaires. In terms of profession; some are entrepreneurs. Others have skills to land upper middle class jobs and used that salary to invest wisely. In regards to the thread mathjak mentioned; yes there are multimillionaires on that thread. I know some from their posts but I will let them tell you who they are if they decide to divulge that detail to you.
Thanks!
Quote:
Originally Posted by Larry Siegel
OP: Your doctor, dentist, lawyer, and your plumber (if he is the owner of a plumbing business) are probably self-made millionaires. So am I. A million bucks isn't what it used to be - if invested in the corporate bond market, it produces a lordly $30,000 in annual (taxable) income.
How does it feel to be a millionaire?
Quote:
Originally Posted by griffon652
So by saying you "know a few" I'm assuming you verified that they were all self-made millionaires? If not then that sentence doesn't hold a lot of water. Also I find it hard to believe that someone who can’t read made a million without an inheritance.
And in regards to the traits, why in the world would you think normal people can't possess the traits I listed? I thought it was obvious they did. OP asked what are some common traits millionaires possess so I listed a few that many millionaires possess.
I must have missed where he said normal people couldn't possess the traits that you listed.
Quote:
Originally Posted by Chava61
I know a friend of friend who became a self-made millionaire overseas because of Herbalife.
I don't know any millionaires living the millionaire lifestyle. Here is how most became millionaires...
1. Work hard in a field that pays really well.
2. Marry someone who has a good job with good pay.
3. Be frugal and save/invest money.
4. Wait. It takes time to build wealth.
That's it. That's the big secret. Most people aren't willing to do that. Most people waste their money because they want that instant reward.
What do you do with your bonus or IRS refund? If the answer is spend it...you will have a harder time becoming a millionaire.
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