7 habits of self-made millionaires

Read on to know what successful people have in common

 

Success befalls those who strive, there’s no doubt about that. Without hard work, dedication and passion you can hardly achieve anything great.

In 2014 more than 17 million people were classified as millionaires in the world. So what is the story behind their success? Is there a particular trait successful people possess? Do they think or react differently? It maybe so.

Here are traits that the most successful people in the world have in common:

 1. They map out their road to success

Millionaires set goals that are achievable and devise a plan to accomplish them and in doing so they maintain to-do lists. Eighty-one per cent of millionaires maintain to-do lists compared to 19 per cent of the less wealthy.

2. They overcome their failures

Millionaires don’t get dejected by failures, they find ways to overcome adversity and continue on their journey.  The average millionaire goes bankrupt at least 3.5 times reveal business theorist and Professor Stanley, Thomas J and William D Danko in their bestselling book The Millionaire Next Door: The Surprising Secrets of America’s Wealthy.

3. They take risks

They see opportunity where most back out. Millionaires research and take calculated risks when others back out fearfully. It’s like Bill Gates said: "To win big, you sometimes have to take big risks".

4. They spend wisely

Just because you have money does not mean you blow it. Anyone who spends more than they earn will fail to increase their net worth. Dr Thomas Stanley also adds that most cars acquired by millionaires are not luxury vehicles, whereas most luxury car procurers only want to seem prosperous.

Forbes reveals that IKEA founder Ingvar Kamprad was quoted saying: “IKEA people do not drive flashy cars or stay at luxury hotels.” The Swedish business magnate used to fly coach and took public transport when he needed to get around.

5. They manage their own money

According to Fidelity Investments investors aged 18-48 manage 49 per cent of their money themselves. They invest only in what they understand because even professionals make mistakes.

 6. They hang with like-minded people

Millionaires surround themselves with people who have the same zeal and dedication as themselves to achieve their goals. They network regularly because you never know when a friendly chat may turn into a business proposal.

7. They are constantly educating themselves

Millionaires love to read, they have a real wish to learn and invest time in learning ways which can make them more successful.  If you want to know what Bill Gates has on his summer reading list, click here.

This article originally appeared on AES