Lifestyles of the rich and the famous. Always complaining, or living life mindfully and conscientiously? Well, it depends on who you ask. Have you ever wondered about the secretive habits and tips which millionaires cite as the key to their success? When we think about the super rich, we imagine champagne breakfasts, expensive car collections, wardrobes with all the latest designer clothes and year-round private jet trips to exotic destinations. But it’s not all fantasy and frivolity. It’s often more about thrift and humility.
So, if you’re looking for a different perspective on the money-smart principles of some of the world’s richest, and how to best spend your lottery winnings more sensibly if you found yourself hitting that big win, then read on. Here are 5 IDEAL secrets of becoming a millionaire.
TRY TO LIVE WITHIN YOUR MEANS
Just because millionaires ought to be living stereotypically in high-status neighbourhoods and driving fancy cars, it doesn’t mean they necessarily prefer to. American business magnate, Warren Buffet, with an estimated net worth of $62 billion (approximately £44.6 billion), has been living in the same home for more than 50 years, which he bought for what, today, is equivalent to about £22,600. Meanwhile, Facebook’s founder, Mark Zuckerberg, drives an unpretentious, Volkswagen GTI, roughly valued at £21,500, and dresses modestly in grey t shirts daily.
THEIR CHILDREN AREN’T AUTOMATICALLY GIVEN THE WORLD
A great deal of respected millionaires did not build their riches with family money, instead grafting and ‘coming up’ the hard way, and often state that they don’t plan on affording their children luxury and spoiling them. Instead of giving their kids everything their hearts desire and leaving them massive inheritances, millionaires often claim, at least publicly, that they aim to teach their children the value of money, so one day they’ll be able to succeed on their own.
RETIREMENT IS A DIRTY WORD
Many people vow that if they won the lottery, they would never work another day in their life. We have to admit we’re in that bracket. Self-made millionaires, however, love to say how much they love their work. To them, it’s not a job, it’s a passion. As Warren Buffet puts it: “Money is a by-product of something I like to do very much.” If you haven’t found your life’s calling yet, don’t worry. The average millionaire doesn’t find his/her passion until the age of 45, and averages state that joining the millionaires club happens only at the age of 54.
‘WEALTH’ IS NOT PURELY DEFINED BY MONEY
Of course being a millionaire nominally refers to the digits in your bank account, but being ‘rich’ and having ‘wealth’ aren’t necessarily the same notion to millionaires. Many have realised, through decades of struggle, toil and hard work, that having a big bank balance doesn’t mean anything if you don’t have health, or loved ones to enjoy it with. Building meaningful relationships, seeking adventure and taking care of your body should go hand-in-hand with working hard and chasing your dreams and ambitions to live a truly fulfilled life.
NOT ALWAYS TOP OF THE CLASS
Another surprising commonality among millionaires is that they didn’t all graduate at the top of their classes, or have advanced degrees. Some millionaires, like Henry Ford and John D. Rockefeller, didn’t even finish high school. Indeed, the most important thing to remember is that success doesn’t have anything to do with your level of education or performance in school (although education, of course, is still extremely important). With enough passion and perseverance, anything is possible.
