8 Millionaire Traits That You Should Have - Timothy Sykes

8 Millionaire Traits That You Should Have

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.

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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 Challenge. Basically, I act as mentor to 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.

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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.

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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.

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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? 

Posted in Millionaire Habits

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25 comments

Timothy Sykes

Hey Everyone,

As many of you already know I grew up in a middle class family and didn't have many luxuries. But through trading I was able to change my circumstances --not just for me -- but for my parents as well. I now want to help you and thousands of other people from all around the world achieve similar results!

Which is why I've launched my millionaire challenge. I’m extremely determined to create a millionaire trader out of one my students and hopefully it will be you.

So when you get a chance make sure you check it out.

PS: Don't forget to check out my free Penny Stock Guide, it will teach you everything you need to know about trading. :)

  1. Call

    I got them all. Desire is the first chapter of the book Think and Grow Rich by Nap Hill. Vision is the most rewarding trait.. when you “see” into the future and the world slowly lines itself up with what you imagined. That is a good feeling. The tools, and I mean technological tools are probably the most important edge. A few more screens to monitor just one more detail or indicator might give you a better entry, a hint, a clue.
    Also the tool of education (yes Tim, you and your system is “the” tool to have). The rest of the traits, if your are lucky, do come with age. Patience or perseverance on a young buck might not be as valuable as in an older person. BTWI want a Lambo!!! (not really, but I like saying that. Thanks Sykes, you da man.

  2. Angel De Paz

    Thank you Tim for taking the time to write these articles/blog posts. They honestly really inspire me to continue with trading. I get scared a lot honestly but not as much as I used to. I know for a fact that I have the qualities of vision, desire, reason and passion. I know need to work on my patience, independent thinking and perseverance. I can obviously claim that I have these but I honestly know that I have not completely tuned them to perfection. I am trying very hard to study as much material as I can but you have produced so much It’s going to take lots of time to finish all of the studying. But I will someday. With all of this studying, and video lesson watching, and now, books that I am reading about for the stock market, I know those qualities will tune automatically in time. I just want to say thank you Timothy Sykes for all that you do. I am a person who definitely can not wait to meet you in person one day and shake your hand. That’ll be the day that I can say that I made it.

  3. Al Dinger

    BY ASSOCIATING WITH YOUR TEACHINGS, TIM, I HAVE BEEN STRENGTHEN IN ALL AREAS LISTED IN YOUR POST. THANKS A MILLION.

  4. Kenny Bailey

    Thanks Tim. As a new Challenge, I’m growing a learning everyday. You are an inspiration to strive harder and become truly independent. Thanks again.

  5. Kenny Bailey

    Thanks Tim. As a new Challenge student, I’m growing and learning new and different ways to push and better myself everyday. You are an inspiration to strive harder and become truly independent. Thanks again.

  6. Steve prins

    Awesome write up Tim. Ive been watching tims videos and studying now for 3 weeks. As well as ive been using stockstotrade platform ( which is awesome best ive used so far and i have used etrade pro and thinkorswim) once ive studied tims penny stocking dvd, tim fundamentals dvd, and trader checklist dvd. Then 1 week ago i started my first trade where i lost 176 dollars which later this week finally spiked but cut losses quick and since then ive made 5 straight positive trades and have made 500 on a small 1700 dollar acct. in just a weeks time including my loss on the first trade. If you follow the rules and keep a good clear head you can achieve anything. Thanks Tim

  7. Charles Youmans

    YES – I know I have the Traits that make for success… I have been an active entrepreneur since graduated high school in 1982 – I have tried dozens of different busines models in my life time & I Graduated College late in life while working full time for others… I now own & operate an online retail business and have worked hard in making it profitable even though the model is not very scalable as a one man operation… It has taken me 5 years to hit the break even point… AND now I am again creating a new vision on where to go from here & what to do with my “FINALLY” achieved positive income stream that is finally taking care of my current needs but not my financial future… This is why I have chosen @timothysykes as a mentor/teacher – to help me enter into the financial investment world, as he is REAL & has great values & insights… He has shown me he knows the TRUTH about the true need to be fully educated & in control of your own Financial Visons & Goals by Not let others control it… Thanks Tim for having this DOOR OPEN for those of us strong enough to walk through, as it wil take all the traits you have mentioned in order to persevere through this long-term learning curve of the ins & outs of the Financial Inventment Realm…

  8. Viengsavanh Uk

    Thank you Tim. As a new Challenge Student, I’m Learning something new everyday. You are an inspiration.

  9. Mike Gonzales

    Thanks again for your inspiring words. I’ve only been learning how to trade penny stocks since the first week of January but I am constantly studying and learning more every day. I’ve purchased Stocks to Trade and it is an incredible trading tool. It’s taken a little time to become comfortable with using all the functions but I have started to paper trade and have even begun to profit. Also a big thanks to Tim Bohen and STT for posting how to videos on youtube.

    Of course at first I was skeptical about you but then I realized that you were posting some of your video lessons for free. You teaching style is very encouraging and inspiring. I completely understand what you are saying. Personally, discovering you has been the spark that I needed in life. Now I have something to work hard for and most importantly, thanks for giving me the inspiration to succeed at this.

  10. Natasha F. Betts

    I have been reading and watching videos since last week. I had heard of penny stocks ,but before Tim I didn’t know you could make money with trading them. I mean when I watch MSNBC or Bloomberg it just doesn’t seem like the not born with silver spoon run of the mill everyday American has a chance to attain the dream .Tim Sykes has restored my belief in the American Dream.

  11. Jan Vasquez

    Tim Sikes…I have heard thousands of different videos and heard many pitches… Im not exagerating. Tim feels real and he really has motivated me to start his course.. I hate to say this but I just love his realness… I cant wait to reach my goal.. I will then be his best student… Thanks Tim.. We need more people like you in. This world….
    Tha ks

  12. umar

    Thanks for the great info, again! I have been learning a butt load from several of Tim’s videos, including all of the traders check list videos. I’ve even joined profit.ly. and hope to become a trader challenge student. Many how to success guides I read outlines the same attributes in this list. Which is another reason (among many) why I plan on sticking with Tim in the long run.

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