Back in 2007, Forbes Magazine reported that all over the world there are a total of 946 billionaires, and according to Capegemini, a financial consultancy firm, in 2011 there are about 10 million millionaires. All of us probably have this dream of becoming millionaires ourselves, and sometimes we’re left wondering how these once ordinary people manage to make it big.
If prima ballerinas have the characteristics of grace, flexibility and poise, and if football athletes train to be resilient and strong, millionaires also share certain character traits that groom them to become the financial successes that they are today.
Below are ten attributes that are common in most (if not all) millionaires:
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They are focused
The first thing I did was commit to my success and playing to win. I swore I would focus and not even consider leaving this business until I was a millionaire or more – T. Harv Eker, millionaire and author of Secrets of the Millionaire Mind
If there’s one thing we notice about millionaires, it’s their focus on a single craft and their perseverance to succeed. Many motivational speakers and millionaires are preaching about the importance of finding your passion and committing to it until you reach success. The problem with ordinary people is that when they start seeing hurdles and problems along their chosen path, they are easily swayed into giving up. This causes them to jump from one profession to another, when the truth is, they could have made it big had they stuck it out.
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They think big
As long as you’re going to be thinking anyway, think big. – Donald Trump
For those who are familiar with billionaire Donald Trump, he always emphasizes the importance of thinking big. This doesn’t mean immediately making a grand gesture or taking risks that are larger than you can handle, it only means that even if you’re still starting small, it’s important to keep thinking about the future and the possibilities that are open to you. Sooner or later, your dreams and aspirations will eventually become your reality.
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They don’t stop learning
Robert Kiyosaki, millionaire and author of Rich Dad, Poor Dad preaches the importance of continued education. This doesn’t mean having to go back to school to take a master’s degree or PhD, what he’s trying to say is that learning doesn’t stop once you graduate from college. Reading financial books, attending seminars, and even hanging out with “rich minded” people can be avenues of learning, and it’s these bits of added knowledge that can take you further in your money making skills.
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They love to teach
If millionaires love to learn, it’s true that they also love to teach. Despite common belief, many millionaires love sharing what they know. The advantage of teaching others is that you also reinforce what you already know, and perhaps even learn some things you might have missed before.
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They have a bias for action
When we decide to do something, we do it quickly. – Carlos Slim Helu, world’s richest man
Millionaires have a bias for action. When they see an opportunity, they immediately take it. When they’re struck by a brilliant idea, they don’t put it away in a shelf to ponder on the next time around, they take the idea and do something about it. No matter how knowledgeable a man can be, and how many bright ideas he gets in a day, if he doesn’t get up and do something about it, it will all be for naught.
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They build a team
It’s rare to find a millionaire that made it rich without a team. Having a trusted team allows him to duplicate himself and do more at one time. A team also provides extra insight and ideas that one person may not think about by himself. It is often an interesting thought how Warren Buffet simply writes a letter to his managers every year dictating what he wants the company to do. After that, it’s all up to his managers to execute.
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They invest, not spend
There is no millionaire out there that does not know how to reinvest his money. They all know that the secret to wealth is not to work for money, but rather to have money work for you. When these millionaires started out, they chose to make sacrifices by not spending the money that they had, but by reinvesting it to gain more. When your money starts crunching up more money for you, then that’s the time you can go out and enjoy.
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They are generous
The beauty about having a lot of money is that you have more than enough for yourself. Millionaires know the importance of giving, and many even practice the Biblical mandate of tithing, or giving away 10% of your gross earnings. One of those who believed in tithing was John D. Rockefeller Jr., who taught his children the importance of always giving a set amount every time they receive any sum of cash. It’s also no secret that there are a lot of millionaires that form charities or foundations in order to share what they have with the less fortunate. In giving, you put yourself even more in the position of receiving.
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They are not afraid of failure
It’s fine to celebrate success but it is more important to heed the lessons of failure. – Bill Gates
Most of us are afraid of failure. The thought of failure brings about a negative reaction and immediately scathes our self-esteem. However, being afraid of failure also stems into the fear of trying and taking action, making us prone to stay in our comfort zones. Millionaires on the other hand, know that failure is an essential part of success and that the failure should in fact be viewed as a positive thing because of the lessons it teaches. To millionaires, failure means you are taking one step closer to success.
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They are leaders
And finally, the last characteristic common to millionaires is the fact that they are all leaders. Being a leader means having the ability to inspire others, manage a team, and make decisions in spite of fear and failure. Being a leader also means having strength in character that brings the fighter in others as well. This is an important attribute in managing a business or in investing.
These ten characteristics of millionaires isn’t something that was picked from the sky. These are all values and traits that we have learned about every since childhood, and it’s only a matter of awakening these traits within us. The best thing about it is that we too can inculcate these characteristics in ourselves and by focusing, persevering, and learning, we too can be on the path towards becoming a millionaire.
Dominique Brown
Dominique Brown is the CEO of DNB Financial Planning, landlord, financial educator and non-profit owner. He enjoys working out, helping others and everything finance. His sole purpose for creating this website is to share his passion of personal finance and to help you simplify your finances. I love questions.. So feel free to ask me anything!
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i had been reading a series books on how to become a millionaires so simple formula , thrifty , invest and above don’t spend which not needed and always think positive . . . go go invest money for gaining
This is great! I especially believe "they are always learning" and "they invest instead of spend". Those are two very important characteristics I picked up a couple years ago, and it has paid off for me a ton.
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Great and inspirational thoughts, thanks for sharing them! I really like your point on the importance of teaching, all of the characteristic millionaires are great teachers as well!
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I agree 100%.. once you have enough money and resources.. there is nothing left but to teach and help others. On Mon, Aug 13, 2012 at 9:50 AM, YFS <yourfinancessimplified@gmail.com> wrote: approve
Great post on millionaire traits. I think people are surprised when they see that millionaires are generous. Some of the most generous people with their time, resources, and contacts were my multi-millionaire clients and friends.
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Joe,I think it's because they are that the top of the hierarchy of needs. Once you have enough to survive and have fun, the only thing left to do is help other people. On Fri, Aug 10, 2012 at 12:28 PM, YFS <yourfinancessimplified@gmail.com> wrote: approve
Thumbs up great post. I totally agree with the characteristics, success leaves clues.
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I agree 100%. Those clues are often, disguised as hard work and consistency.
They are way more frugal than you think, too. Sure, there are millionaires who live like people on Bravo…but most millionaires know how to live within their means so that their wealth lasts.
Either they are extremely frugal or only splurge on one-time expenses. Everything is about propensity to consume.
Number 9 'Fear of Failure' is what keeps a lot of people from chasing their dreams, whether they include making millions or not.
I think the thinking big one is key. Why be an employee when you can be an employer? I just need to find the will to put my ideas into motion.
I’m glad that you shared this helpful info with us. Please keep us informed like this. Thanks for sharing.It was very well authored and easy to understand.
I think the two that stand out for me are the focus on one thing, and not being afraid of failure.
Hmm.. if we could all master just those two thing life would be so easy lol.
Sounds like me! :) As a future millionaire I see a little bit of myself in each characteristic. I think the first point is the one that I need to work on more though. I have a habit of starting something but not seeing it all the way through because I got sidetracked by another goal. I am trying to be more focused this year. It's actually helped me already in building a web based business.
Same here. I have all these ideas I want to implement. I think I'm getting to the point where I can just write them down and tell myself I'll get to them later. I'll never get anything accomplished if I try to do everything.
Oh, wow, that is cool! I have never thought of millionaires like this, but you are so right, we should all follow their mindset and maybe become more wealthy by that.
Anna,
Thank you for the comment. Which characteristic do you think would be the easiest to mimic?
The easiest would be to not to be afraid of our failures…I guess. If we are poor already, we do not have anything to loose.
Love this list. I could improve on a few characteristics in this list (leader, building a team, thinking big).
Great characteristics… I couldn't help but think, "I do that," or "I could improve on that," as I read the article. Thanks for getting me to think about myself in a different way.
That's good to hear! Just think 5 years of having these characteristics how successful one can be?
Love these, and I love that the common characteristics are all things that anyone could learn to do or cultivate.
Jackie,
Is there one characteristic in particular that you personally identify with?