Connect with us

Success Advice

The Top 10 Millionaire Secrets

Published

on

Image Credit: Unsplash

The idea of what was once considered “rich” is rapidly changing, as is the profile of the wealthy themselves.

Here are ten secrets you probably didn’t know about millionaires.

 

Top 10 Millionaire Secrets

 

1. They don’t see themselves as rich

Millionaires are wealthier than 90% of U.S. households, and they make an average of $366,000 per year.

Now, the millionaire club isn’t as exclusive as it used to be—10 million America households now have a net worth of more than a million dollars, which is double the number in 2002.

 

2. They shop at Wal-Mart, too

Millionaires might not be buying the off-brand soda pop, but they understand the importance of being frugal and do so consistently.

Most millionaires come from middle-class households, and over 80% of millionaires report shopping with a middle-class mindset. That means they’re not above looking for bargains.

 

3. I didn’t become wealthy by cutting back on lattes

To join the millionaire club, you could invest in the stock market, buy real estate, or take the most popular path: starting your own business. About half of all millionaires made their money that way.

 

4. I have a concierge service

A personal concierge service is the modern-day equivalent of a butler. They work on retainers ranging from $25/hr to six figures annually.

A concierge will help you get restaurant reservations, good tee times at golf clubs, or go to great lengths to find whatever you need. Some concierge services now even include personal physicians.

 

5. You don’t become wealthy by being nice

One author who wrote a book about millionaires says that they openly admit to being “bastards in business.” But, when it comes to the homestead, they share values with middle-income people. Spending time with family is very important to them.

 

6. Find ways to avoid taxes

Because millionaires earn most of their money from dividends and capital gains, which are taxed at lower rates than wages, they can get away with paying less of a tax burden than they theoretically should.

The biggest savings come from owning a business and deducting expenses to minimize the tax burden.

 

7. I was an OK student

The median college GPA for millionaires is a modest 2.9, and the average SAT score is 1190. Indeed, 59% of millionaires attended a state university or college.

Most millionaires agree their ability to work hard mattered more than their education.

 

8. My Ferrari is a rental

More and more businesses are offering “fractional ownership” programs for jets, cars, designer handbags, and more. You pay a fraction of the cost to show off the car or product for a few weekends or months of the year.

 

9. Actually, money does buy happiness

Money buys freedom, and studies show that higher incomes correlate with a higher level of life satisfaction.

 

10. They’re trying to keep up with the Trumps, not the Jones

What makes people happy about having money is how much they’re making relative to their peers, so millionaires are always looking across the fence where the grass is greener.

I am the the Founder of Addicted2Success.com and I am so grateful you're here to be part of this awesome community. I love connecting with people who have a passion for Entrepreneurship, Self Development & Achieving Success. I started this website with the intention of educating and inspiring likeminded people to always strive for success no matter what their circumstances. I'm proud to say through my podcast and through this website we have impacted over 200 million lives in the last 10 years.

Advertisement
4 Comments

4 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Success Advice

8 Quick Strategies to Boost Your Email Survey Response Rates

Creating an effective survey invitation email is key to maximizing response rates and gathering the insights you need.

Published

on

How to boost email survey response rate

Creating an effective survey invitation email is key to maximizing response rates and gathering the insights you need. Whether it’s for customer feedback, market research, or employee satisfaction, the way you invite participants can significantly impact the success of your survey. (more…)

Continue Reading

Success Advice

Why Diversifying Your Portfolio Can Make You More Money and How to Do It

Diversification is key to keeping yourself protected in a highly volatile sector

Published

on

How to diversify your portfolio to save money

When you put your cash into the stock market, there is a 1-in-4 chance that you’ll lose money, regardless of the year. This can lead to significant loss, especially if you are still a beginner who does not know how to choose the right stocks. A change in the market can also lead to failure, despite how much care and thought you gave into choosing your investments. (more…)

Continue Reading

Success Advice

Mindful Productivity: How Top Achievers Combine Focus and Balance

By being aware of your emotions, thoughts, and surroundings, you can work with your internal and external environments

Published

on

Mindful productivity

Your big-dream goals matter … but not at the expense of your health. (more…)

Continue Reading

Change Your Mindset

The Art of Convincing: 10 Persuasion Techniques That Really Work

The knack for persuading others can act as a catalyst for change, open doors, forge alliances, and effect positive change

Published

on

how to be more persuasive

Persuasion is not as complicated as it may sound. In fact, it is something that we have been practicing since childhood. Do you remember convincing your parents to let you skip school, asking your teacher not to assign homework, or persuading your boss to give you a day off? Well, these are just small examples of what persuasion looks like. (more…)

Continue Reading

Trending