Have you ever wondered what percentage of millionaires are actually self-made versus ones who inherited their wealth? This article states the facts and most people may find this hard to believe!
“Most millionaires aren’t born; they’re self-made. In a survey by Fidelity Investments, approximately 80% of people who have a net worth of $1 million or more did it without a trust fund or inheritance. As the classic Smith Barney commercial from the ‘70s used to say, ‘They make money the old-fashioned way . . . they earn it.’
They also have habits that help them accumulate wealth: ‘Your habits are the reason why you’re rich or poor,‘ says Tom Corley, author of Rich Habits: The Daily Success Habits of Wealthy Individuals. ‘In fact, it’s often two or three habits that separate the wealthy from those who are financially challenged.’
Corley has studied millionaires for 12 years, and says many of them share the same daily practices and beliefs. Here are seven habits of self-made millionaires:
1. THEY READ
Self-made millionaires are readers, and Corley says this is the number one habit to adopt if you want to become wealthy. According to his study, 85% of millionaires read two or more books a month, and they choose books that help them grow, including topics like careers, biographies of successful people, self-help, health, current events, psychology, and leadership.
‘The key to success in life is growing your knowledge base and skills,’ says Corley. ‘Devote 30 minutes or more each day to learning by reading books. If you do, it will set you apart from the competition, as most people do not read.’
2. THEY PURSUE THINGS THAT INTEREST THEM
People often enter careers for the stability factor, but wealthy people pursue their interests. ‘They put their ladder on their own wall,’ says Corley. ‘When you’re passionate about what you’re doing, you work harder.’
3. THEY FIND A MENTOR
Ninety-three percent of self-made millionaires in Corley’s study attribute their wealth to having mentors.
‘Finding a success mentor in life is one of the least painful ways to become rich,’ says Corley. ‘It can put you on the fast track to success…'”
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