I’m only going to say this once…
80% of millionaires are self-made.
Only about 20% of Americans inherit their riches. The rest of them, 80%, are self-made first-generation millionaires. (Source: Investopedia)
Ok so, how did they get there?
> 84 percent of millionaires having a college degree according to Spectrem
> One in three funded their own college education without debt
> 67 percent of wealthy people watch less than one hour of television daily, and 63 percent spend less than one hour daily surfing the internet
> Often pursue multiple streams of income, with 65 percent having at least three streams
> 88 percent of self-made millionaires read at least 30 minutes every day, focused on self education
> Take good care of their health, with 76 percent exercising 4 days a week
> 2016 study also showed that 78 percent started out as middle class or poor, only 22 percent grew up in the upper class
> Many grew up in disciplined environments, with 76 percent citing that academic achievement was emphasized, and 68 percent saying financial discipline was emphasized
> Save an average of 23 percent of their income
> Out of the most popular millionaire investment choices, investment in real estate remains number one. For over 200 years, approximately 90% of the global millionaires spend their fortune or real estate investment (Source: The College Investor)
In summary…on average it takes 32 years to become a millionaire. It doesn’t happen overnight, but shockingly, most of what makes a millionaire is in YOUR CONTROL.
So why aren’t all of us millionaires?
Take a look at the list above. MOST people are enamored by consumer goods, loans, credit cards, lack discipline, don’t save any money, don’t pursue any investments, and they don’t take care of themselves resulting in significant health costs. There’s been so much discussion on generational wealth these days, which there absolutely is, but numbers don’t lie. It CAN be done. You just have to want it.
Or maybe you don’t?
That’s cool too, but find your financial happy place. Living paycheck to paycheck CANNOT be what you want from life.
Do you have more month than money?