Connect with us

Success Advice

The Top 10 Millionaire Secrets

Joel Brown (Founder of Addicted2Success.com)

Published

on

Secret Millionaire Advice

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

  1. stephen osoko

    Jan 16, 2016 at 4:02 pm

    This was very interesting

  2. Lidiya K

    Jan 28, 2015 at 11:09 am

    We tend to create our version of millionaires. So it’s good to keep in mind that they are more down to earth than we imagine.
    Great article!

  3. Sterling

    May 15, 2013 at 9:26 pm

    How can I get my picture on your comments page Joel when I try to comment?

  4. Sterling

    May 15, 2013 at 9:23 pm

    Regardless of what things cost, they all add up.

Leave a Reply

Your email address will not be published.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

Success Advice

Why Your Values Dictate Your Success

Published

on

Image Credit: Unsplash

Do you know what your core values are? There’s what you say and there’s what you do. You can be clear with your core values by watching your actions. Do they match what you say your values are? If no, why not?  (more…)

Continue Reading

Success Advice

5 Things I Learned From Pitching Top Publications

Published

on

Image Credit: Unsplash

Everyone can publish a post on Facebook, go live on Instagram, or record a Youtube video. While social media is making out to be a serious business for experts and influencers around the globe, there is nothing that says “I am the expert” as much as a feature in a top magazine.   (more…)

Continue Reading

Success Advice

The Truth About Manifestation and How to Actually Do It

Published

on

Image Credit: Unsplash

Unless you’ve been living under a rock and have not engaged in today’s popular culture, chances are, you’ve heard of manifestation. It’s all the rage in the personal development space. People who are driven to create lives of success and abundance are leaning into the idea of manifestation in order to create what they desire. (more…)

Continue Reading

Success Advice

12 of the Most Common Signs You’re Not Ready to Be a Leader

Published

on

Image Credit: Unsplash

Over the last 20 years, I have seen leaders do amazing things. A story that sticks out in my mind is a story of a missionary who served in Thailand. He went there believing that he could make a difference, yet there were obstacles that stood in his way, and he was persecuted for his faith. Thankfully, in the last 10 years, he has been able to start a radio station, build a school, write books, and serve the poor. His life has touched tens of thousands of people and he is just getting started.  (more…)

Continue Reading

Trending