This question has been asked so many times by so many people, young and old. We seem to have a relentless desire for wealth, but can anyone become a millionaire, or is it just the elite few? Let’s have a look at how we can answer this question. The first thing you can do is take our Will I Be Rich Quiz by clicking the button above.
Apparently, there are patterns and signs that can tell us whether someone is destined to be a millionaire (or even, a billionaire). But these signs might not be as obvious as you first think.
We did some research by observing how millionaires live their day-to-day lives. We looked at their personalities and traits and based on our study, we’ve compiled a list of things most of the super-rich have in common. If you have any of these tell-tale signs or can relate to them, it’s very possible you could become a millionaire too.
So without further ado, let’s take a look at 10 things almost all the super-rich have in common.
#1 Do You Need It Or Want It?
Having the ability to differentiate between what you actually need and what you want is a very important skill. It’s one of the leading factors that will separate the eventual millionaires from ordinary people.
By having this ability, one can prioritize their expenses and limit non-essential expenses that can quickly eat away your wealth. Over the years, the money you use for non-essential expenses can be used to grow wealth via investments and savings, meaning, you’ll lose a lot in opportunity costs.
#2 Starting At A Young Age
A very common sign of an eventual millionaire is starting to make money at a (very) early age, which can be seen in many famous millionaires and billionaires.
Richard Branson, for example, started his first “business” at the tender age of just 11 years old. He would breed parakeets and sell them as pets. Mark Cuban, on the other hand, started selling trash bags in his neighborhood when he was only 12.
Having this type of entrepreneurial spirit at a young age is a pretty strong indicator you have what it takes to be rich later in life.
#3 Persistent, Not Afraid Of Failure
Successful businesses don’t start overnight, and most millionaires weren’t successful initially. In fact, most of them failed in their first businesses. But what sets them apart from unsuccessful people is their persistence to not give up. Giving up is the easy way out, but to persist after one, two, or even ten failures is a very important trait for an eventual millionaire.
Many rich people have this mentality: they don’t accept failure they learn from them, and always find new ways to move forward. When they fail with one method, they try another, and so on, until eventually, they succeed.
#4 Say No To Procrastination
An eventual millionaire doesn’t procrastinate and is not “waiting for the right time” to start their business or investment. Instead, they have the courage and sense of urgency simply to start now. Not tomorrow, not next week, but now.
Just like Seth Godin famously said in his book Whatcha Gonna Do With That Duck, “the best time to achieve success is yesterday, and the second-best time is today.”
#5 Value Rest And Relaxation
While working hard is a very important quality for rich people, many millionaires and billionaires knew the importance of taking a break and recharging the batteries every now and then.
Working and thinking too hard can quickly elevate our stress levels, and burnout can significantly reduce our ability to think clearly. When running a business or doing our job, being too tired and too stressed can prevent us from achieving maximum productivity.
Having the discipline to get enough sleep each night, and knowing when to relax without not relaxing too much is a very important trait to have.
#6 Helping Others
Many successful millionaires actually achieved their success not because they wanted to be rich, but because they want to help others. John D. Rockefeller for example, started his successful Kerosene business because he wanted to help others have accessible, affordable oil. Bill Gates is another example, as Microsoft was originally invented so people can get affordable and easy-to-use computers at their homes.
By having the mentality of wanting to help others, many successful entrepreneurs can create businesses that genuinely solve real problems, and therefore create real value.
#7 You Like To Read
Many successful people, CEOs, and millionaires are avid readers. Eventual millionaires are hungry for information, and despite other mediums like videos and podcasts, reading books remain a superior way to gather information and knowledge.
When you visit a rich person’s study or house, most likely you’ll see a lot of books, and they aren’t just decorations.
People who read a lot are also often more open to new ideas and new opportunities, which will help them in achieving success.
#8 Have Great Mentors
The people you have around you will determine whether you’ll be successful. When you are in a negative environment surrounded by negative people, you’ll lose the motivation to work or start something.
Many millionaires and billionaires testified to having great mentors at some points in their lives. Mentors can provide you with valuable life lessons and experiences, which you can use when you are facing your own problems and obstacles along the way.
So, if you want to be rich, start hanging out with reach people, and try to get someone to mentor you.
#9 Have Clear Plans For The Future
To achieve success, you’ll need long-term planning.
People who have clear 5-year, 10-year, or even 15-year plans for the future tend to achieve more in life.
Having a clear roadmap and clearer goals can help you be more confident in life so you can make your dreams come true.
10. Dare To Be Different
Being a millionaire is not “normal”, and many famous millionaires and billionaires tend to show they think differently than others.
Having the courage and curiosity to try something different is a very useful trait in achieving success. After all, innovations won’t happen if you don’t dare to be different, and without innovations, there won’t be any successful business.
Do You Have What It Takes?
Out of the ten traits of rich people we’ve shared above, how many have you owned at the moment? How many do you think you’ll be able to get in the near future?
Still not sure? Try our “Will I be Rich Quiz” below to check whether you do have what it takes to be successful and rich.
If you’re still not there yet, don’t be discouraged as this is not set in stone. You still have time to improve yourself, and in fact, continuously improving yourself is another important secret in becoming successful and rich.