What Is It Millionaires Have That Make Them Millionaires?
The million-dollar question. What is it that the wealthy have that makes them millionaires? What separates the 1% from the rest of society? And how do you become one of those people with the money, power, and influence to change the world around them?
Some say there are three things: intelligence, work ethic and self-control. Others believe a continuous supply of money fuels success. Indeed, financial influence can buy many things including love (or at least lust) but it does not make you a millionaire overnight.
For some people, being wealthy is a matter of privilege. The most successful people in the world were born into a life of luxury. They had everything handed to them on a silver platter. By the time they graduated high school, they already had a Rolex and access to their trust fund.
Then there are others who do not have such a glamorous past but they were able to create their own riches by becoming entrepreneurs and starting their own business. These are just two examples of how wealth is gained. A third way is also prominent in society: failure. This definition of success is not validated by society because it involves bankruptcy, losing one's home or career and having to start over from scratch.
Some of the wealthiest people in the world have stories of failure in their backgrounds. One example is Thomas Edison:
Thomas Alva Edison was born on February 11, 1847, in Milan, Ohio. His father was a traveling salesman with a knack for invention who encouraged his son's interest in science. At age 14, young Edison sold newspapers on trains running between Port Huron and Detroit. He later got a job as a telegraph operator and sent news of the Civil War to other stations via telegraph machine. In 1863 he became an official telegraph operator at the Grand Trunk Railway Company in Stratford, Ontario. He soon became bored with the job, developed a hearing problem and moved to Detroit to work as a telegraph operator.
In 1869 Edison invented an electrical vote recorder that could record votes on paper instead of having elected officials tally them by hand. It was so successful he sold it to Congress for $40,000. The machine eventually broke down, but in the process it made Edison rich. He continued inventing things almost every day: electric lamps (the most famous one is the light bulb), stock tickers, cement mixers, talking dolls and phonographs (the precursor to today's record player). He invented canned food and designed the electrical grid system that provides electricity for homes throughout the nation today.
Inventor Thomas Edison is famous for many things: the light bulb, phonograph, the stock ticker. He also invented these things.
When Edison got old enough to work in a factory he lost his job because of an accident that left him deaf and nearly blind. He became desperate to work again and started singing in bars for extra money. His fame eventually caught the attention of David Sarnoff, who was president of RCA (Radio Corporation of America). Sarnoff offered him a job working at their radio factory in Schenectady. After some time, the company moved back to New York City and Sarnoff named Edison president of the company he helped start. Edison became a household name and was known as "The Wizard of Menlo Park."
Edison's money and power allowed him to do the unthinkable: install the first electric chair. (Orville Hubbard, Mayor of Dearborn, Michigan, said: "There are three things that are too horrible for description: spiders, snakes and Orville Hubbard." In other words… Orville Hubbard is one creepy dude.)
If you ask most people what separates the rich from the poor, most will say income. But if you look at these examples of failure and success you can see how this is not always true. Some men succeed in spite of their failures, some succeed because of their failures. Some become wealthy because of their intelligence (creating something that benefits society), others become wealthy because they are workaholics whose work ethic gets them noticed and hired. In the end, some people get rich while others fail.
The range in intelligent people is varied and so is the story of millionaires. People are different and have different personalities, backgrounds, beliefs and values that contribute to their success or failure. Still, if you want to be a millionaire: [...MORE]
When You Are Ready To Live In An Ultra Rich Lifestyle, You Have To Read This…
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Title: Why Do Many Millionaires Use Bankruptcy To Get Out Of Debt? Is It A Good Idea? [ARTICLE START]
Remember that wealthy people do not only include businessmen, investors and entrepreneurs. Actors and actresses can be considered rich in Hollywood society. Writers have been able to make millions of dollars from the sale of their books. Musicians reap the benefits of their talent. Any person who has the talent to make a living off of their craft could be considered rich in today's society.
The real question is: Why do most millionaires go bankrupt?
I have closely followed the lives of many millionaires and all of them one thing in common: bankruptcy. Losing their home, going bankrupt and starting from scratch. I believe there is a reason for this unfortunate reality for a lot of wealthy people, including myself. And it may not be as simple as "being rich" that causes them financial trouble. In fact, the opposite may be true to some degree.
My research has led me to believe that it is much more important to look at the mentality of millionaires and their thinking from a financial survival perspective than it is to look at their actual wealth. I believe that this is due to many aspects of peoples' personalities. In this article, I will discuss some of these factors in order to help people understand the behavior, mentality and thought process of millionaires who have gone bankrupt.
MILLIONAIRE MENTALITY: If you look at a group of wealthy people you will notice that they have lifestyles and attitudes that seem similar: For instance, they usually dress expensively and do not live in modest neighborhoods. They are also used to having servants around them doing tasks for them. [ARTICLE CONTINUES BELOW]
Another example of the millionaire mentality can be seen in how they think… They believe that they can afford luxuries and they constantly seek out expensive items. They buy fun toys and gadgets. [ARTICLE CONTINUES]
I used to do this as well, especially when I was younger. I traveled all over the world looking for investments, toys and mansions I could buy when I reached retirement age… Or so I thought. [ARTICLE CONTINUES]
THE REALITY SETTING IN: Eventually reality sets in and you realize that you cannot actually afford all of these things. And if you are ever going to be able to afford these things you have to earn a lot more money.
Conclusion: At this point a lot of people will quit their job and go make a living off of their investment endeavors. And if they are not careful, their credit will be ruined from overspending and then "life" as they know it, ends.
MONEY IS NOT THE ISSUE: It is important to understand the thought process of these wealthy people in order for us to understand what is going on in their heads. The first thing I think is that most of them do not understand the value of money; at least not money as it relates to living a healthy lifestyle. When someone earns $1 million dollars per year, it does not mean much to them because they still live comfortably.