It could seem like an unattainable aspiration to become a millionaire. When I was there, I thought it was impossible and something I would never experience.
Then I began reading, researching, and imitating innumerable other wealthy individuals.
In truth, it happens a lot more frequently than you might imagine, and it’s quite doable if you have the correct mindset to become wealthy. Here are 20 indicators that you’re destined for success based on the observations of numerous of my billionaire pals.
1. YOU STARTED MAKING MONEY AT A YOUNG AGE.
The ability to start making money early is one of the characteristics that the wealthy share most frequently. For instance, at age 12, Mark Cuban sold trash bags door-to-door; at age 6, Warren Buffett sold gum packets to his neighbours; and at age 11, Richard Branson reared and sold parakeets for sale as pets.
Since you’ve constantly looked for methods to create money, having an entrepreneurial spirit as a child is a strong sign that you’ll become a billionaire.
2. YOU’RE AN OVERACHIEVER.
Were you the type of student who didn’t consider a B in class satisfactory? Millionaires have a big-shot mentality. Making $1 million is not enough for them. To make $10 million is their goal.
3. YOU’RE REALLY, REALLY GOOD LOOKING.
I know. This may sound ridiculous and prejudiced, but study by economics professor Daniel Hamermesh at the University of Texas in Austin shown that this is the truth. His study found that “attractive people are likely to earn an average of 3 to 4 percent more than a person with below-average looks.” Even if it doesn’t seem like much, it adds up to “$230,000 more over the course of a lifetime for the typical good-looking person.”
Hamermesh discovered that attractive people may woo interviewers and close more deals.
4. YOU HAVE AN ACTION-ORIENTED MINDSET.
“Are you the type of person who seizes an opportunity by acting quickly to seize it? If so, kudos to you because Todd Campbell, author of “Your Guide to Better Stock Picks,” thinks that kind of action-oriented mindset can help you achieve financial freedom.
“For instance, it has consistently been shown that long-term investing may generate much greater wealth than short-term trading, yet many Americans underutilize their finest long-term investment vehicle, their job retirement plan.
Do you make payments into your plan? If so, do you give 10% of your salary in return? More? Less? Underutilizing retirement plans is a certain way to get off track from becoming a millionaire, as demonstrated by the fact that someone who contributes 10% of their $40,000 income to a 401(k) plan at a 6% return has $311,572 more after 35 years than someone who contributes 3%.
5. YOU POSSESS A SENSE OF URGENCY.
Millionaires don’t hold out on making investments or starting a business until the ideal moment. They understand that there is never a better time to start producing money than right now. One of the easiest ways to kill your dreams is to just wait and watch.
The bottom line is to start today.
6. YOU’RE FOCUSED MORE ON EARNING THAN SAVING.
It goes without saying that the wealthy are thrifty with their funds. They are excellent at budgeting and spending responsibly, but they also understand that investing is the best way to grow your money.
7. YOU KEEP AN OPEN MIND.
You can never predict when an opportunity may arise. And you can miss out on generating a fortune if you immediately dismiss the idea of investing in this chance. I had to quickly spend six figures to buy an awesome domain when I first launched my online invoicing business. This required moving some cash about and persuading my spouse to agree. Since we both have an open mindset, this process is made possible.
The wealthy always have an open mind to new concepts because of this. They might not have supported it in the past, but if it can bring in a few cash, they might change their minds.
Opportunities don’t come around very often, as Warren Buffett famously said. Put out the bucket rather than the thimble when it starts to shower gold.
8. YOU WERE MR. OR MRS. POPULAR IN HIGH SCHOOL.
According to the abstract of a study by Gabriela Conti (University of Chicago), Gerrit Mueller (Institute of Employment Research), Andrea Gaeotti (University of Essex), and Stephen Pudney (University of Essex), rising from the 20th to the 80th percentile of high school popularity yields a 10 percent wage premium nearly 40 years later.
In other words, your chances of making more money are better if you were popular in high school, which means you had a lot of friends.
9. YOU’RE ABLE TO LIVE BELOW YOUR MEANS.
The ability to live below one’s means is another characteristic shared by millionaires. They don’t flaunt their wealth by driving utilitarian vehicles, residing in simple dwellings, or spending their hard-earned money on unnecessary luxuries.
For instance, my wife and I make a point of saving at least half of every dollar we earn so that we can use it for investments. Long-term, this generate a lot more revenue for us. Even if we occasionally indulge, we’re more interested in the long run.
10. YOU HAD A MENTOR.
It goes without saying that your success will be influenced by who you associate with. Consider that for a moment. Do you believe that being around negative or unmotivated people for the most of the time will have a positive impact on your ability to be driven and upbeat?
In other words, start socialising with millionaires if you want to be wealthy. This will not only keep you inspired, but you might meet a mentor who will help you out and show you the ropes.
If you haven’t met any millionaires in person, don’t be hesitant to start a conversation with them via email or social media after you’ve met them at a networking event.
11. YOU’RE NOT STUCK IN THE PAST.
To put it mildly, the current presidential election is exciting. No matter who you vote for, there is a lot of talk these days about returning the nation to the “good ole’ days.” That claim could be true for politicians, but it won’t fly with millionaires.
These are those who have conquered fear, failure, and rejection. Additionally, they are more focused on investing their energies in the future. I’ve lost millions of dollars in my life, but I’ve overcome it, and the fear of failing won’t ever keep me back.
12. YOU’RE A GOAL-SETTER.
Speaking of the future, the wealthy think about their long-term goals and needs.
“You don’t make a million by accident. If it’s not a goal you sure as hell won’t hit it,” writes Peter Voogd, founder of the Game Changers Academy, who made his first million before turning 26.
13. YOU AREN’T DIVORCED.
According to a survey of around 9,000 people, being married nearly doubles comparative wealth (93 percent), whereas getting divorced diminishes it by roughly three-quarters (77 percent) compared to being single.
“Divorce causes a decrease in wealth that is larger than just splitting a couple’s assets in half,” said Jay Zagorsky, the study’s author and a research scientist at Ohio State University’s Centre for Human Resource Research.
Zagorsky advises, “If you really want to increase your wealth, get married and stay married.”
This is not to argue that being divorced prevents you from being successful. I’ve divorced before, and since then, I’ve made millions.
14. YOU CAN DEFER GRATIFICATION.
Delaying pleasure is one of the most crucial steps to becoming a millionaire, according to Motley Fool writer and editor Jason Hall.
The reality is that accumulating wealth typically requires a lot of time, says Hall. Even one of the richest persons living and possibly the greatest investor of all time, Warren Buffett, built more than 80% of his enormous wealth after the age of 50.
15. YOU KNOW HOW TO MAXIMIZE YOUR STRENGTHS.
“I suck at 99 percent of stuff, but I go all out on that 1 percent I’m good at,” Gary Vaynerchuk once said.
The point is that millionaires are able to build on their strongest assets and then surround themselves with individuals who can bolster their deficiencies. This is not to say that you shouldn’t learn something new or improve on some of your lesser skills.
16. YOU’RE OPTIMISTIC.
How many people do you know that complain all the time and then point the finger at others? They can’t be in great financial shape, can they?
Millionaires don’t gripe, criticise, or blame others. Instead, they embrace difficulties and seek for solutions to overcome them.
Rich people have the belief that “I create my life,” according to T. Harv Eker, author of “Secrets of the Millionaire Mindset: Mastering the Inner Game of Wealth.” The mantra of the poor is “Life happens to me.
17. YOU MAY HAVE A DRINK, BUT YOU DON’T SMOKE.
Did you know that women who drink earn 8% more than women who don’t drink, while men who self-report drinking make 21% more than men who don’t drink. The cause? Drinking increases social capital, which improves market results.
Author Jim Britt of “Do This. Get Rich!,” continues, “A person who doesn’t drink at all is presumably pretty conservative, and that would keep him or her out of a lot of social circles. Not that that’s a terrible thing.”
The wealthy, however, do not smoke. According to J.L. Zagorsky, smokers spend a staggering amount of money on their habit. Those packs of smokes mount up over time. Additionally, that money may have been invested or used in a wiser manner.
18. YOU HAVE THICK SKIN.
You’re letting yourself to be held back when you let what other people think of you rule your life. The wealthy have a thick skin because they are mentally tough, so they don’t bother about what other people think of them.
In fact, having a strong mind is one of the essential qualities of a successful entrepreneur since it helps them deal with stress and overcome obstacles and setbacks.
19. YOU KEEP UP WITH CURRENT EVENTS.
The world’s most prosperous people start their mornings by reading up on the news. For instance, Warren Buffett and Bill Gates read the “Wall Street Journal,” the “New York Times,” “USA Today,” and the “Financial Times” to better understand the world and guide their investing judgements.
20. YOU’RE CONSTANTLY IMPROVING YOURSELF.
While having a college education can influence your nett worth, it ultimately has no bearing on whether you’ll become a millionaire or not. One of the most well-known college dropouts of all time is Bill Gates. But it hasn’t prevented him—or rich individuals like Mark Zuckerberg and Jeff Bezos—from relentlessly reading and picking up new knowledge and skills in order to better themselves.
Here is to becoming the next millionaire.