Becoming a millionaire is something a lot of us dream of but don’t really think we can achieve. Well, why not? Reaching the millionaire status isn’t an unachievable goal. There are more millionaires in the world that you may think; specifically, around 42 million millionaires as of 2019, which had gone up from 42 million the year before and 36 million the year before that, according to Credit Suisse’s annual Global Wealth Report.
So, you see that as more and more people become millionaires, the odds of you joining them keep getting better. But first, you have to have the right mindset to get started on your journey to wealth. Based on some of your personal traits, you might already be well on your way!
Here are 10 signs that you’re meant to be a millionaire:
1. The Entrepreneurial Bug Bit You Early
Many millionaires started making money at a very young age. We can see this with so many well-known billionaires of the world, from a 12-year old Mark Cuban who sold trash bags door-to-door, to 6-year old Warren Buffett selling packets of gum in his neighborhood. Richard Branson was just 11-years old when he began selling parakeets as pets!
If you had a similar tenacity for entrepreneurship in your childhood, that’s a good indicator that you’re meant to be a millionaire.
2. You’re an Overachiever
Were you that annoying student in class who reminded the teacher that they hadn’t given you homework before the weekend? Did you wallow in disappointment anytime you got a grade below an A- in class? Many millionaires are the “go big or go home” kind; they aren’t satisfied with making $1 million – they want $10 million!
3. You’re Good-Looking
We know it’s not fair, but we didn’t make it that way! It’s not just a myth that attractive people have more opportunities available to them. Being attractive gives them the advantage of self-confidence; they are able to charm their way through interviews and even make more sales.
They even have an advantage when it comes to salaries.
According to Daniel Hamermesh, an economics professor at the University of Texas in Austin “Attractive people are likely to earn an average of 3 percent to 4 percent more than a person with below-average looks.” This may not sound like much, but it can amount to up to “$230,000 more over a lifetime for the typical good-looking person.”
4. You’re a Go-Getter
“Are you the kind of person who sees an opportunity and then takes action to take advantage of it? If so, congratulations, because it’s that kind of action-oriented mindset that can propel you to financial freedom,” says Todd Campbell, author of Your Guide to Better Stock Picks, in a piece for The Motley Fool. That’s all that needs to be said about that!
5. You Act Quickly
Millionaires don’t sit on their hands and twiddle their thumbs waiting for the “right” time to invest/start a business. They are known to “seize the day”. Waiting leads you nowhere, so start taking the first step towards your dream right now. By the time you’re thinking it through, the opportunity could have passed.
6. You Focus on Earning Rather than Saving
Saving is a crucial aspect of excelling at money management, and we all know that the uber-rich are the ones who are most frugal. But just as good as they are at saving, they are better at spending wisely. This means they know that you have to spend money to make money, but also that they make sure to spend it in a manner that will yield them the best results.
7. You Were a Popular Kid
According to studies done by researchers Gabriela Conti (University of Chicago), Gerrit Mueller (Institute of Employment Research), Andrea Gaeotti (University of Essex) and Stephen Pudney (University of Essex), “Moving from the 20th to 80th percentile of the high-school popularity distribution yields a 10 percent wage premium nearly 40 years later.”
In layman’s terms, it just means that if you had a lot of friends in high school, you have a better chance of earning more money as an adult.
8. You can Defer Gratification
According to Jason wrote Hall, a writer and editor of The Motley Fool, “Defer satisfaction is one of most important steps to becoming a millionaire. “
“The reality is building wealth usually takes time,” he continues, “Even Warren Buffett, one of the richest in life and probably the best ever investor, created more than 80 percent of its wealth after turning 50. “
9. You can live below your means
We mentioned that rich people are actually quite frugal. And remember the number of millionaires in the world, we talked about? That’s how most of them, not regarding the Zuckerbergs brand and Jeff Bezos of the world, got there. In fact, some of your neighbors are millionaires and you might not even know! These people lived in modest houses, drove modest cars and saved money instead of splurging on luxury to get there.
10. You Leave the past behind
People who keep focus on their past rarely have time to think about their future, or they can project their disappointment about what happened before in pessimism about what is to come. Those who have the millionaire mindset do the opposite. Millionaires did not win their high cruising through life. These people have got on fear, failure and rejection – they overcame adversity and got up to get where they are today – and they could have done all this is if they brushed past and turned to the future with an open mind.