Thursday, May 7, 2009

Millionaire Statistics

Thomas Stanley and William Danko surveys American millionaires over 20 years and finds characteristics of this elite group of people.

To learn more about the millionaire mind, these books by Dr Stanley are highly rated by readers (click on images):

Stanley and Danko found:

*That around 2/3 of millionaires are self employed. These are people that wanted to work for themselves and have achieved their millionaire status by building up their businesses patiently over many years.

*These millionaires have businesses that are quite "dull", nothing like the adrenalin pumping world of Wall St and investment bankers.

These businesses include welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.

These millionaires were unfazed by the relative "dullness" of their chosen product or service and stuck to their chosen business over many years.

*These millionaires have an average household net worth of $3.7 million. These are people that have build up their net worth patiently over many years.

They are not "overnight" millionaires, but have built up their net worth dollar by dollar.

They know that good things takes time to grow and build up. They know that if they keep repeating what they do well, over time, their business and net worth will grow.

*Around 80% of these millionaires are first generation millionaires i.e. they are self made.

So for people who complain that they are not rich because they were not born rich, this statistic should dispel that thought forever.

This statistic means that if you are not born rich, there is a great possibility and chance that you can become a millionaire since 80% of millionaires surveyed are self made!

*These millionaires live far well below their means. They wear inexpensive suits and drive non-current year model cars.

This means that these millionaires are not conspicuous consumers and are not driven to show off their wealth by buying the latest fashionable clothes or having the latest model sports car.

This reaffirms the character trait of these millionaires in that they have built up their wealth through saving (living below their means) and by patiently building up their businesses over many years.

These millionaires are patient and have no need of showing other people how wealthy they are through flashy homes or cars.

If you follow these traits you can become a millionaire too!

For all millionaire books by Dr Thomas Stanley click here

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