Profile Of A Millionaire: Modeling Behaviors & Beliefs To Build Your Success
For each of us, freedom through our opportunities in the real estate industry is going to take a different form. Each of us will have different goals. We'll have different numbers we want to hit. We'll have different things that our freedom will fund and different objectives of how we're going to spend our time.
Yet, as we make our journey towards freedom, it's important to look at those who have gone before us to gain some wisdom to help us in our journey. Here are some general statistics about millionaires.
As you read these statistics, think about where you're at and what you could do to improve on your journey.
Remember, a millionaire is simply a category to help describe someone's net worth. It's more about the below-the-surface characteristics that we can learn from and apply in our own lives to help us grow our wealth and accomplish the goals we have set out for ourselves.
OVERVIEW:
- Globally, there are 46.8 million millionaires. 40% (18.6 Million) live in the United States
- Therefore, 7.6% of the US population (or roughly 14% of all households) fall into this category
- A millionaire is in the top 0.6% of the wealthy in the world
- 1,700 NEW millionaires are made every day in the United States (what day will be your day?)
WHO ARE THEY?
- They are educated. 84% have a college degree
- They are self-sufficient. 33% funded their own education without debt
- They didn't inherit wealth. 86% made their own wealth.
- They came from humble beginnings. Only 22% grew up in the upper class
- It took time. 80% didn't reach $1 million until AFTER they turned 50 years old
- They are productive with their time. 67% watch less than 1 hr of TV per day
- 63% spend less than 1 hr per day surfing the internet
- 88% read at least 30 minutes each day
- They are savers. They save an average of 23% of their income
- Their mortgage is less than 1/3 of their homes' value
- They still work. 80% are still working after having achieved $1 Million
- They are entrepreneurial. 66% own their own business
- They diversify. 65% have at least 3 streams of income
- They aim to be healthy. 76% exercise at least 4 days a week
- They are counterbalanced. 74% are happy with their work/life balance
- They are thrifty. 81% spent less than 10k/yr on vacations the past year
- 74% spend $0 on gambling the past year
After reading this, you have to have a little bit of an internal "chicken or the egg" debate. Yes, it's much easier to save 23% of your income when you have a million dollars. Yet, it's probably BECAUSE they were disciplined in saving 23% of their income consistently over time that they became a millionaire.
Take a look at their habits. 76% exercise 4 days a week and 74% are happy with their work/life balance. That's probably because they are successfully managing their time vs. letting things throw off their schedule. It's probably why 80% are still working.
They are disciplined. They are intentionally reading 30 minutes a day, meaning they don't have time to watch over an hour of TV a day.
What truths can you pull from these statistics and what can you work on to apply to your own life? The stats will simply remain stats unless you make a CHOICE to apply something to your own life.
Remember, it's a journey so you don't have to change everything overnight. Yet, if you don't make any changes, you'll continue to see the same results.
Credit to millionairefoundry.com for compiling the statistics used in this article.
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