How do Millionaires think? What do they do to succeed? And how do they deal with stress?
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I’m on the hunt to shore up my financial IQ in 2015 and see if there’s any business sense knocking around in my brain. Naturally then, I found the excellent book The Millionaire Mind by Thomas J. Stanley, Ph.D. and I started learning where my mind is on the right track and where it needs a reroute.
Thought you might like to see this.
Stanley and his research partner surveyed 733 random American millionaires (albeit in 2000) and he was able to determine this list of important attributes and success strategies from the millionaire’s mind:
Vocations:
- 32% are business owners or entrepreneurs
- 16% are senior corporate executives
- 10% are attorneys
- 9% are physicians
- 33% composed of retirees, corporate middle managers, accountants, sales professionals, business development officers, engineers, architects, teachers, professors, and housewives
Business owners overall are the richest, senior executives are also often multimillionaires.
Education:
- 90% are college graduates
- 52% hold advanced degrees
- Average GPA 2.92
- Average SAT score 1190
- 72% of respondents who scored less than 900 on their SATs said that school and college helped them learn to fight for goals because someone labeled them as having average or less ability.
- 93% said school was influential in determining that hard work was more important than genetic high intellect in achieving.
Inherited Wealth:
- 2% inherited all or any part of their homes or property
- 8% inherited 50% or more of their net worth
- 61% never received any inheritance
Mindset:
- Most love their chosen vocations, “It is not work; it is a labor of love.”
- Few find it necessary to get out of bed at 3:00 or 4:00 AM each work day in order to accumulate wealth
- Many play golf and/or tennis on a regular basis
- Not into “do-it-yourself” tasks
- Credit their integrity with significantly contributing to success
- Not workaholics, but when they work, they work hard.
- They focus their energy to maximize the return on efforts
- Plan investments and consult tax advisers.
- Believe there is a positive correlation between the number of lifestyle activities they take part in and their level of net worth.
Success Factors
The top 5 factors most often mentioned by millionaires as being very important in explaining their economic success. Luck factors in at number 27 (although deca-millionaires tend to think luck is more important than your average run of the millionaire).
- Integrity – being honest with all people
- Discipline – applying self-control
- Social Skills – getting along with people
- A supportive spouse
- Hard work – More than most people
Detractors
Most of the surveyed millionaires were told by some authority figure or by the results of a standardized test that they were not:
- Intellectually gifted
- Of law-school/med-school/MBA caliber
- Smart enough to succeed
Millionaire Stress Relievers:
These are the actions and thought processes millionaires use to eliminate or reduce fears and worries.
- 94% Hard Work
- 94% Believing in Myself
- 93% Preparation
- 91% Focusing on Key Issues
- 89% Being Decisive
Conclusion:
Work hard, carry a chip on your shoulder, ask a CPA for financial advice, stay true to your integrity, start a business, play golf, and make sure you marry the right partner.
So… do you already have the mind of a millionaire?
I look forward to reading your comments below.
More Business and Success posts:
10 Things You Must Stop Doing That Sabotage Your Success
Two Questions to Get You Moving Toward Your Goals
Why 6-Week Goals are More Motivating than Your Resolutions
photo by Gratisography