Have you ever wondered what separated your mindset from that of a millionaire? It can often seem like someone with a million dollars comes from another planet, that they must have gotten their money thanks to a lucky break or good timing. While that may be the case at times, usually it comes down to their habits.
Business Insider recently conducted a five year study on what makes self-made millionaires tick. In a nutshell, here’s what they had to say:
Self-made millionaire Savers accumulate their wealth by living below their means, saving money, and then investing that money prudently. According to my Rich Habits research, this path to multi-millionaire status takes about 32 years. Savers typically are risk-averse, employed most of their lives, and have a low or moderate standard of living. Self-made millionaire Savers were among the least wealthy in my study, with an average net worth of $3.4 million.
From “establishing saving goals early” to something called “making their money invisible,” Business Insider’s report gives readers some excellent advice on becoming better money managers.
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