Read By Millionaires

There are 7 common factors to those who build net fortunes of one million dollars or more. In America, there has never been more personal wealth than there is today; yet most American’s are not wealthy. Amazingly, a mere 3.5% of our households own almost one-half of the wealth in the United States! Although we may be hard working, educated, moderate to high-income earners, why are so few of us affluent?

In studying the affluent, I found a pattern that the wealthy follow. It is more often the result of planning, hard work, perseverance, and self-discipline that determines who become wealthy. The factors compiled here are summarized from the research done by Thomas Stanley Ph.D. on over 1100 actual millionaires (many are multi-millionaires) in the U.S. today.

1) Live Well Below Your Means

Don’t be fooled. The ‘average’ millionaire doesn’t look like a millionaire! The key word here is frugal, frugal, and frugal. The typical person is America is a consumptionist. It’s in our blood. We work hard, make money, and spend it well. Not the typical millionaire! They play great defense (saving and investing) as well as offense (making money). Just like in football – great offense is exciting…but great defense wins games. An interesting note: Millionaires on average claimed their spouses were as frugal or more than they were. It’s a family affair: Sacrifice high consumption today, for financial freedom tomorrow.

2) Spend Your Time, Energy, and Money in Ways that Build Wealth.

Although the road to Millionaire’s Ville takes a frugal path, they pay well for training and advice. Do investment planning. Go to seminars. Hire good attorneys, tax accountants, mentors and coaches. Learn to identify and invest in assets that produce income. The wealthy spend money when the investment will protect and grow their assets. Millionaires also know the details: How much is spent each month and on food, clothing, and shelter. The non-wealthy say they don’t have time to plan, while the wealthy make time to plan. But here’s the shocker: The average millionaire spends 8.5 hours per