4 years – 225 interviews
Four qualities that millionaires have in common
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What do 225 millionaires have in common? Well – the US financial advisor Tom Corley asked himself the same question and therefore interviewed rich people. The result: These four things they have in common.
Admittedly, it may not necessarily have to be a million. But most of us would probably like to have a little more money in some situations and that is also very typical in our society: the striving for more. Next time we wouldn’t have to save to plan our annual vacation, we wouldn’t have to worry about renting a new apartment, we could work as much or as little as we thought fit – because it would no longer be a main source of our money . But how do people get the privilege of being rich in the first place? A question of proper money management?
Four types of achievers
Tom Corley from the USA devoted four years to this question and found out the following about millionaires:
- Saving & investing: This trait seems to be a daily routine for many rich people. They are constantly thinking about how their wealth could be increased. Each interviewee who fell into this category saved about twenty percent or more of their net salary each month.
- The Ascending: People of this type put all their energy into working and climbing the career ladder. Until they reach the top and get the high salary they want.
- The specialist: They are among the best at what they do and they get paid a lot for their expertise and knowledge. Formalities such as a high degree (e.g. in law or medicine) are usually a prerequisite.
- Those who follow their dreams: Individuals with this trait strive towards their own goal. A dream that they want to fulfill themselves at any cost. Whether it’s an acting or music career, starting your own business or company, or writing a book. They love what they do for their money and for them it is something they do with heart and soul. But they often don’t make a profit for years, but come out with a loss or just about zero. Every plus is first invested further in the dream before the money reaches the person himself and can be saved or invested in other things.
The path that promises the least risk is probably investing and saving. 88 percent of millionaires said that this way of handling money was crucial to their success.
3 habits rich people have in common
But what else did these four typical characters do and what money tips can we learn from? Here’s the answer:
- Back to saving: The millionaires stated that they set up automatic direct debits for their account. Ten percent of their net salary usually went into capital-forming payments from their employer, and another ten percent went into a savings account. The amount saved there was also invested, for example in shares. But of course it doesn’t make sense for everyone to give up twenty percent of their net salary. For some, this may be a very big financial step. Even a small monthly amount that is regularly deducted and invested can help you to achieve your personal (money) goals.
- The creation: Of course, you won’t be able to see a huge difference overnight. But over the years, the value of your money will change if you don’t just leave it in your account. It usually takes about ten years to make a noticeable profit. Funds or stocks are one way to invest your money. Most millionaires started investing as soon as they had money to spare.
- modesty: From the first salary, most millionaires were careful with their money. Except for the dreamers, who used it humbly only when their personal goal yielded enough financial profit. This means that these people were careful with their money, always knowing where they spent it, using their money for quality products and services that would last a long time, and taking advantage of low-cost offers to save more money and invest accordingly be able.