Some say that it is sheer luck, others say that it is pure hard work and commitment. Let’s look at the Millionaire Mindset and 8 common traits of Millionaires. Millionaires do certain things in a certain way. They feel differently, they think differently, and the most important of all, they act differently. However, it is tough to find that ONE reason as to why some people come in the top 1% and the remaining of us all fall under the “common man” category. Whether they are self-made or born-with-a-silver-spoon types, there is one quality which is a common factor in all of them – Their Mindset! You might be able to propel yourself to a millionaire status a little faster than by saving for the next 30 years. Financial freedom could very well come to you as a result. It’s obviously worth pursuing right? So, let’s delve a bit into that which makes up the millionaire mindset and separates these people from the crowd. Here are 8 common traits of millionaires.
Millionaires do the work that they love doing. The rule goes like this – the more you love the work you do, the more you excel in it, and ultimately you gain more rewards. When you depend on your knowledge, skills and contacts in your chosen field of work, you are more likely to create a niche that gives good returns. Millionaires are happy to do the work they do, as long as it gives them profits; whether it is making a life out of car washes or automobile spare parts. They really Don’t Care what others think. They do what they love, then love what they do!
2. Risk and Reward
There is a strong relationship between the willingness to take risks and being successful. Many people assume starting up a business is a big risk, but the millionaires see working 9-5 as a risky job! In a 9-5 you are totally dependent on your employer for your livelihood, plus your earnings are directly proportionate to how much time you spend at work. On the contrary, millionaires think about the options that will not put a ‘limit’ on their working hours and the income. Now, that sounds interesting, isn’t it?
Millionaires believe in presenting their ideas and persuading others to buy them, all the time. They don’t get disheartened when they hear a ‘no’ from someone. They own excellent social skills, in fact, mainstream researchers believe that social skills are more important than IQ. When you’re selling any product (ANYTHING) communication skills are crucial. Generally, we view salesmen as people with “masks”. But millionaires accept the fact that Honesty plays an important role in their success. So, no frills required to be a millionaire, just honesty and ethics.
9 out of 10 millionaires (married) say that their spouse has been a big contributing factor in their success. Millionaires were found to have gone beyond the initial attraction, sharing of common likes/dislikes, and love. They chose their spouse for small qualities such as ethics, self-value, integrity and compassion. Millionaires typically choose a spouse who is intelligent, honest, cheerful, and reliable. They know that a spouse should be a positive influence in their life.
Millionaires are visionaries! They have a positive attitude (no matter what happens in their life) and have a creative vision about where they want to go and what exactly they want out of life. Millionaires tend to have a ‘belief’ that they will achieve their goals, and it’s kind of unshakable! Hence, if you are a seeker of wealth, you MUST set big goals for yourself and not be afraid of unknown territories. That is exactly what Bill Gates did.
Recently, millionaires around the world were interviewed to determine their common traits. It was found that ALL of them spent hours and hours at a stretch in order to hone their skills. They tasted dust, they sacrificed their social-time, they took the necessary training, focused on improving themselves, they did all that was needed to be an expert in their chosen area. So, if you don’t know what you’re good at, ask your family and friends and see what they have to say. Then, choose training and mentors to refine the skills you already possess. Never stop learning!
7. Independent Thinking
It’s true that millionaires have a different style of thinking, and we’re not talking about just money. The amount of time and energy others spend in thinking, millionaires spend in making a path of their own. Thoughts impact actions, so if you want to be wealthy, change your thoughts. Think thoughts that will take you closer to your goal. People often tend to misunderstand the concept of ‘Independent Thinking’. Independent thinking means giving utmost importance to that which is important to YOU, and not just blindly doing the opposite of what others are doing. Don’t chase money. Chase what’s important to you; chase your Passion, and the money will follow!
8. Every Little Bit Helps
All wealthy people have GOOD habits. And it’s obvious because you can’t focus on your goal if you indulge in extremes. Here are a few common, every day habits of millionaires that seem to be of little importance to us, but are very important to them-
* Repairing shoes instead of buying new ones.
* Keeping a list when visiting a super market.
* Investing in good quality clothes that last for a long time.
* Purchasing household items at bulk discount stores.
* Millionaires can be misers, but never a ‘do-it-yourself’. They know that their time is important, hence, they hire a person to paint their house. They know that paying taxes is important so they hire experts to take care of it. All these things can cost you at that very moment, but will save a lot of time, help you make better contacts, bring in expert advice, and save money for the future.
The millionaire mindset is not about making money your God. It’s all about freedom from reliance on credit and being in total control of your finances. Many millionaires took years (and even decades) to build that amount of wealth. Most people think that millionaires love their work because it gives them millions, but they forget that it was the love for their work that made them wealthy, in the first place. Also see “What Rich People Know“
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