There are many different types of millionaires out there. Some have made their riches in the stock market; others have made millions in real estate. Regardless of the industry and style, though, most millionaires do have a few things in common (other than just money).
Often, millionaires share certain traits which help increase the odds of career success, you can NEVER guarantee profits or riches, all you can do is put yourself in the best position to achieve your goals. Be sure to read “An Athlete’s Guide To Stock Trading” and understand success all comes down to “boring old habits”.
Below I list some of those habits/traits so that you can work on incorporating them into your life.
1. Desire. Desire is absolutely vital to financial success. At the core of this is setting specific goals. They will create the spark of desire to succeed and attain what it is that you want. It’s this desire that will galvanize you into action.
Just idly wanting to be rich is not going to make or keep you millions. However, having specific things that you want incredibly badly to attain and setting yourself to do whatever it takes to attain those things will get you there. This deep-seated desire is a trait common among millionaires.
Download a PDF version of this post.
See more in this video:
2. Skills And Tools. Millionaires absolutely need to assemble the skills and tools necessary to succeed in their chosen profession as to rise above the masses you must be extra-prepared. Now, this doesn’t necessarily have to mean formal education. Even though I did go to college, for instance, I taught myself how to trade penny stocks, which is how I began to make my fortune.
Groundbreaking tools like this can help you beat others in the stock market as technology can give you a leg up as this video shows:
Taking the time to truly learn your trade and develop skills is vital if you want to be successful in business. If you want to follow my path as a penny stock trader, consider my Millionaire Students, helping them by offering an education on penny stocks but also imparting some of the knowledge that I learned the hard way. Developing a strong skill set is vital to becoming a millionaire.. Basically, I act as mentor to my
3. Independent thinking. Yes, you need to develop skills, and this means learning from others. It’s important to absorb knowledge from a variety of different sources, including books, media, and a mentor. However, it’s equally important to retain the ability to think for yourself.
If, in your learning, you realize that you’re just becoming a parrot of facts and opinions of others, then it’s time to take a step back. To really succeed in business, you need to be able to think on your feet and problem-solve. So do pause during your learning to really ponder how you feel about certain things. Develop opinions and be able to defend them. Millionaires are able to think for themselves…for example, This Great Trader thinks entirely for himself, he doesn’t need my training or alerts AT ALL.
4. Perseverance. The dictionary defines perseverance as “steadfastness in doing something despite difficulty or delay in achieving success.”
Gaining skills, developing knowledge, and getting good at your chosen field have something in common: they require time and perseverance. You have to be able to commit to doing what it takes to get ahead in business. At times, it will be challenging, and you will want to quit. Things will get hard or discouraging or confusing. But if you persevere, you will penetrate a level of success that few realize.
5. Vision. There’s a reason why many millionaires are referred to as visionaries. Sometimes, it takes vision to see opportunities and ways to make money where others haven’t before. After all, Walt Disney never could have become a millionaire if he didn’t have the vision to see an opening for a magical world that nobody had considered before.
Having vision doesn’t mean that you have to be a creative genius like Disney, but it does require that you think out of the box a bit. Believing that you can find success and sometimes in unexpected ways is one of the traits common to Longtime Millionaires.
6. Passion. To become a millionaire, you have to move past being just a good worker. The best work ethic in the world won’t get you ahead without a driving force. To really stick with it and succeed, you need a deep passion for the process.
What if you don’t feel as if passion comes naturally? There are tips that I can offer.
One is that you need to really focus on your goals and turn your work into a game: let the passion for what you want drive, turning your work into a game that can get you there.
Another is that you need to challenge yourself to find something in your work that you really, really love. For instance, in penny stock trading, you might not love doing your research–it might not ever be anything other than boring. But if you can develop a love of the process of trading and choosing which stock, this will keep you going in the long run.
7. Reason. Millionaires dream big, but they also have the ability to get real. This means that sometimes, they have to face their strengths and weaknesses to make reasonable choices which will be the best for their career.
For instance, you might not want to walk away from a business deal, but when you’re meeting resistance and losing money, sometimes you have to have the wherewithal to cut your losses.
As another example, reason means that you have to know when and how you can improve in various situations. Sometimes this can be hard to do, but the ability to reason will help you in becoming a millionaire.
8. Patience. You’ve heard that patience is a virtue, right? This is particularly true if you want to become a millionaire. You need to calm down and be patient.
It’s true that it doesn’t need to take years and years to become a millionaire. Nonetheless, it’s unlikely to happen overnight. You have to stick with the process and be patient while you slowly improve.
Moreover, there are many different types of people who become millionaires. But regardless of the industry or personal style, there are certain traits which most millionaires share. By cultivating and developing these traits yourself, it’s highly likely that you will see improvements in your professional life.
Which of these millionaire traits do you have?