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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?
having the ability to see a need and fill it .. the only self made millionaire i know started an auto junkyard in 1970 and quickly made a deal with several insurance companies to buy their wrecks for a set price ..most other yards would go to open auctions and bid for wrecks ..lots of profit in a wreck you can buy for 250 bucks back then ..
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.
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?
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.
6% of households in the US have >$1M in assets. They are common, particularly among the >50 age group, and I know a lot.
All the ones I know did nothing special. Some bought houses in CA a long time ago, and had a little excess income they invested. Most owned businesses where it is normal to accumulate capital, like farming.
My cousin is a self-made multi-millionaire. He pulled together savings from himself and his siblings (my other cousins) and acted as an investment manager for his family's combined fund.
I don't know how much that pool of money had grown into, but he and his four siblings all retired early (the youngest one never had to work a day in his life after graduating from college) and each of them are making low to mid six-figure off of dividends and rental income. They have zero debt. I figure the family trust should have about $30 millions worth of money/asset.
I guess his one gift is that he is a F___ing genius at picking stocks. He is very knowledgeable about the world - he worked on cargo ships and he traveled all over world; and he used that knowledge in his investing. He knows the cause and effect, how one sector in one country would affect another industry in another country, like the back of his hand. When some news broke about something (say the price of corn) he knows immediately what companies are affected and he invested accordingly. Often ahead of the market. He is a long term investor, often holding a stock for decades.
I guess the lesson I learned from him is: invest, invest, invest; and good investors are very astute about the world.
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?
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.
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