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.

Success Advice

6 Network-Building Tactics To Perform In The Next 30 Minutes

We’ve all heard it before: “It’s not your network. It’s your net worth.” Kind of a cheesy slogan, I know. But, cheesy doesn’t necessarily mean wrong.

Published

on

Image Credit: Unsplash

We’ve all heard it before: “It’s not your network. It’s your net worth.” Kind of a cheesy slogan, I know. But, cheesy doesn’t necessarily mean wrong. Chances are you know that you should be working harder to build your network. It’s also fairly likely that you’re not doing what you know you should be doing, as diligently as you know you should be doing it. (more…)

Continue Reading

Success Advice

10 Principles to Attain Success in Modern Business

Work hard, play hard is the mantra for success that is given to budding entrepreneurs. But in the 21st century, no single rule can be applied to it.

Published

on

Image Credit: Unsplash

Work hard, play hard is the mantra for success that is given to budding entrepreneurs. But in the 21st century, no single rule can be applied to it. You might even have heard people saying, “Don’t simply work hard, work smart.” There are endless motivational and inspirational videos of successful businesses and of people who can go on and on with their advice.  (more…)

Continue Reading

Success Advice

11 Things to Avoid When Starting a Side Hustle

Published

on

Image Credit: Unsplash

It’s all about the hustle! (more…)

Continue Reading

Success Advice

Why It Can Be Harder for Creatives to Achieve Their Goals

Published

on

Image Credit: Unsplash

Perhaps, like me, you’re a very creative person. A dreamer. An idealist. And you have big goals and dreams you’d like to achieve. If that’s the case, I’m about to share information that will be very beneficial to you. If you’re an aspiring entrepreneur, this information is vital—I know so from experience. (more…)

Continue Reading

Trending