Most people find it easy to believe that the millionaires in the world struck it rich through the lottery somehow or maybe they inherited it from their parents, but the truth is very simple, these wealthy men and women had a plan to become wealthy and lived according to that plan for much of their lives. Pretty boring huh? Yes, this may be a yawner, but it’s important to know that ANYONE can become wealthy. It just takes hard work and determination.
According to the book, “The Millionaire Next Door”, there are seven factors among those who have successfully built wealth. This is how to become a millionaire:
1. They live well below their means
2. They allocate their time, energy, and money efficiently, in ways conductive to building wealth
3. They believe that financial independence is more important than displaying high social status
4. Their parents did not provide economic outpatient care
5. Their adult children are economically self-sufficient
6. They are proficient in targeting market opportunities
7. They chose the right occupation
What do you think of these 7 characteristics of Millionaires? Do any of them surprise you?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.