Success Secrets of Today’s Millionaires
April 15th, 2008The road to riches is paved with hard work and persistence
Now is a great time to be a millionaire. Despite the shaky economy of recent months, there’s more wealth and opportunities to make money than ever before. In fact, the number of millionaires in the world climbed 8.3% in 2006, and their numbers are growing.
Today there are about 10 million individuals globally worth more than $1 million, according to a study by Merrill Lynch and Cap Gemini. And interestingly, more women are joining the ranks of the millionaires’ club, as they increasingly climb the corporate ladder and launch their own businesses.
While the achievement can sound daunting, experts say becoming a millionaire doesn’t have to be a fantasy. In fact, the same characteristics that enable some people to become successful in business can also help them to acquire millions. Millionaires share many common attitudes and approaches in their businesses and their lives, and here are a few of them.
Secret #1: Be clear about your life goals
You have to have goals if you want to achieve anything, and it’s important to be specific. Instead of having a vague desire to “be rich,” state a specific goal of acquiring a $1 million in net worth within five years, for example. Being specific not only holds you accountable, but gives you some focus.
What’s important isn’t necessarily accomplishing that particular goal to the letter, but having some framework for what you want. For instance, when comedian Jim Carrey was a poor struggling comic in the 1990s, he wrote himself a $10 million check, put in the notation line “for acting services rendered,” and post-dated it for Thanksgiving 1995. At the time, Carrey barely had $10 to his name, but he carried the check around in his wallet for years.
By 1995, Carrey had become hugely successful through hit films such as The Mask and Ace Ventura, Pet Detective, and his per-film fee had skyrocketed to $20 million. So as hokey as it sounds, visualization and goal-setting has worked for many people, and it can work for you.
Secret #2: Be flexible and adapt.
The road to success and riches is never smooth; if it were, everyone would be a millionaire. Just as it took Thomas Edison nearly 10,000 failed experiments to invent the light bulb, so the path to riches is littered with setbacks and failures. Millionaires understand this, learn from their mistakes, make adjustments and move on.
Secret #3: Cultivate a good support team.
No one makes millions all by himself. Behind every successful person is a support system of family, friends or colleagues who encourage her during disappointments. Therefore, try to surround yourself with positive, like-minded people. Sharing a common vision is powerful, and nothing works like the positive reinforcement of others who believe in you and your goals.
Along the same vein, build bridges in your business and throughout your career. The people you meet on your way up can become lifelong friends and professional contacts long after you clear your first million-dollar milestone.
Secret #4: Do what you love.
This sounds simpler than it really is, since not all of us can make a living doing what we love. One peek at reality TV shows such as American Idol or America’s Next Top Model shows there are more people who want to be singers or models than possess the talent to succeed in these fields.
But generally speaking, it’s far more likely that you’ll make a million doing what you love than something you hate or aren’t good at. The more wealth a person has, the more likely that person will say, “My success is a direct result of loving my career or business,” according to Thomas J. Stanley, author of The Millionaire Mind.
Make sure you choose a career that allows you to fully use your aptitudes, talents and abilities. This way, you can enjoy the fruits of your labors, but also enjoy the journey.
Samantha Chang is the Executive Editor of TheImproper.com. Previously, Samantha was the associate editorial director at High Net Worth Inc. and assistant managing editor at Crain’s InvestmentNews. A business and lifestyle journalist for 12 years, Samantha has appeared on news broadcasts for Fox News, ABC News, NBC News, as well as on the CBC and the BBC. A graduate of the University of Pennsylvania and Temple University Law School, Samantha enjoys running, cycling and music.
Source: theimproper.wordpress.com