How do the wealthy do it? Learn five of the most common millionaire secrets for success.
How do investors become millionaires? While there are many different roads to wealth, affluent Americans share similar attitudes and behaviors, according to ongoing Millionaire Corner research, which reveals millionaire secrets for success. Some of them may surprise you.
Learn about the five of the most common millionaire secrets for success:
1. Millionaires Tend to Stay Married: Millionaires believe that love – or at least a lasting marriage – can help build wealth. More than three-fourths of investors with $25 million or more are married, and 72 percent of them say that marriage to their current spouse has helped them increase their wealth.
2. Millionaires Often Start a Business: Entrepreneurship counts among the most significant of millionaire secrets for success. Entrepreneurs and business owners are more likely than investors from any other occupation to belong to the mega millionaire club, and they account for 27 percent of investors with a net worth exceeding $25 million. Senior corporate executives are second most likely and account for 15 percent of $25 million plus investors.
3. Millionaires Typically Work Hard: Hard work is perhaps the least glamorous of millionaire secrets for success, but it also ranks as the most important. Millionaire investors consistently identify hard work as the top factor contributing to their wealth, followed by education. Three-fourths of $25 million plus investors put in more than 40 hours a week at their jobs, and nearly one-fourth plan to never retire.
4. Millionaires Take Risks, Try Not to Be Stupid About It: Millionaire secrets for success include smart investing and taking appropriate risks to increase returns on investments. Nearly two-thirds of $25 million plus investors say it’s important that their investments beat the market, and more than 60 percent expect annual returns of 9 percent or more. These affluent investors apply their work ethic to financial management, 30 percent spend up to five hours a week managing their finances, and 60 percent spend six or more hours, including 21 percent who spend more 20 hours or more reviewing their investments.
5. Millionaires Are a Frugal Bunch: Also among no-fun millionaire secrets to success is frugality. Most millionaires reject a lavish lifestyle and pride themselves on their frugality. Even the wealthiest, those with more than $25 million, are unlikely to throw their money around. A large majority of $25 million plus investors – 64 percent – do not gamble, and list their preferred leisure activities as golf and travel. Their favorite trip? A visit with family and friends.