There are lots of misconceptions about millionaires in this country. Many people believe that millionaires make their money by cashing in on the latest infomercial seen on late night television (really - people believe this!).
Most opportunities you see that are broadcast to millions on television or in magazines are programs that have already run their course or have already saturated the market. The odds that you will make your first million here is pretty small. To really generate wealth, you almost always have to get in on the ground floor. You don't have to be first, but you must secure a niche that is yours and yours alone.
What about the myth that says many millionaires were born to money, or live in big houses and throw lavish parties?
Nothing could be further from the truth. Most millionaires are frugal workers who are usually self-employed.
About two-thirds are self-employed working in such ordinary jobs as welders, contractors, auctioneers, rice farmers, and coin and stamp dealers. The median taxable income is $131,000 annually. About half have lived in the same home for 20 years. Most live well below their means, wear inexpensive suits and drive domestic cars. Four out of 5 are college graduates but only 17 per cent attended private elementary or high schools.
These millionaires invest nearly 20 per cent of household income each year and most make their own investment decisions.
I know one family of millionaires who still live in the same house they bought 30 years ago -- and it's paid for. Sure, they drive nice cars but they're nice, older model cars. Instead of status symbols, they pour much of their income into investments such as rental houses, privately controlled businesses, stocks, bonds, mutual funds and other "non-exciting" opportunities. Over time, these investments add up to a substantial sum. One morning they woke up and discovered they were millionaires.
You don't become a millionaire - or even a more modest success - by buying luxury items that show others how wealthy you are. Millionaires follow a simple formula. They have lots of cash coming in, little debt, and the ability to be financially independent so they can take control of their lives and spend time the way they want.
Does it sound simple? It is.
A recent study determined that millionaires are not necessarily smarter than you or luckier than you.
Here are a few of the ways they reach success:
-- They think for themselves, setting a personal wealth goal -- other people don't define their limits.
-- They seldom make it big on their first go around -- success follows many failures.
-- They work in an area of natural talent -- they take advantage of their edge.
-- They aren't afraid to take risks.
-- They don't get caught up in day-to-day problems -- instead they focus on their success mission.
-- They are willing to accept advice from others who are more knowledgeable.
-- They never give up.
Dennis Hessler is the publisher of The Computer User's Guide to Running Your Own Exporting Company and numerous other books, video tapes, software packages and The International Trade Connection newsletter which is designed to show entrepreneurs new to exporting how to get involved in the booming global market.
Learn more about international trade at his website, http://www.spyglasspoint.com. You can also download a free sample copy of The International Trade Connection at the site. If you have questions about any of his products or international trade in general, e-mail Dennis at Dennis@spyglasspoint.com. Spyglass Point Productions, P.O. Box 13141, Pensacola, FL 32591 U.S.A.
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