Statistics of a Millionaire
These statistics are taken directly from The Millionaire Next Door.
Today about 80% of Americans are first-generation rich. Which means they did not inherit their money, they created their wealth.
“80% of millionaires have a college degree.”
“About two-thirds of American millionaires are self-employed.”
“About 66% of the millionaires surveyed worked between 45- and 55-hour weeks.”
“Most of the businesses these millionaires run are considered “dull-normal.” These people are “welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.”
I also found a statistic that it takes them an average of 17.2 years to become millionaires. Very interesting statistics. How do you compare to the average millionaire?
Mindset of a Millionaire
I read every book I can about becoming a millionaire and wealth. Most of them seem to say, work hard, take action, persevere and believe you can do it. The common theme I see in all of them can be summed up in one word, self-esteem.
The best definition of self-esteem comes from the Six Pillars of Self-Esteem by Nathaniel Branden. He says, “Self-esteem is:
1. Confidence in our ability to think, confidence in our ability to cope with the basic challenges of life; and
2. Confidence in our right to be successful, and happy, the feeling of being worthy, deserving, entitled to assert our needs and wants, achieve our values, and enjoy the fruits of our efforts.
A millionaire recognizes the value within them before they become a millionaire. If you don’t think you’re worth a million dollars, then you will never be worth a million dollars.”
So if you don’t think you are worthy, what can you do to change that?
How is Your Self-Esteem?
Think about your self-esteem. Ask yourself these questions:
Do you have confidence in your ability to think?
Do you have confidence in your ability to cope?
Do you have confidence in your right to be successful and happy?
Are you worthy, deserving, and entitled?
Can you live your values?
Do you think you are worth one million dollars right now as you are?
These questions are extremely intangible. It’s hard to answer them, but just asking them will start moving you in the right direction.
If you want to start working on your self-esteem pick up The Six Pillars of Self-Esteem. I felt a bit cheesy carrying around a book about self-esteem but it is one of the top five books I’ve ever read.
Do you have a goal to become a millionaire? If so, how do you compare? What do you think self-esteem has to do with it?
This post was in the Personal Finance Carnival hosted by My Journey to Millions.