Picture in your mind the lifestyle of the typical millionaire are they driving
a fancy car buying everything they see and living in an oversized home we all
grew up with our own perception of how the rich live their lives and while some
do fit the vision we've created in our minds more likely than not you were
share with you 11 myths about millionaires you probably believe and if
you're new to the channel then hit the subscribe button below for more
life-changing content myth number one most millionaires
inherit their wealth it's easy to look at a rich person and attribute their
success to being born into a rich family because we aren't rich we want to make
the feat of becoming wealthy more of an active luck then appreciating the
situation for what it is that perhaps a person worked really hard to achieve
their financial success in fact if you do carry around the notion that most
rich people inherited their wealth then you'd only be right a small percentage
of the time a twenty seventeenth survey from fidelity investments found that 88%
of millionaires are self-made with only 12% having inherited significant funds
making up at least 10% of their wealth in fact most millionaires probably made
a lot of the same life decisions as yourself such as going to college or
getting married myth number two most millionaires make their money in
technology it's easy to make the link between technology and becoming wealthy
as we are constantly bombarded with new technology and the immense wealthy
founders have been able to amass from people like Mark Zuckerberg to Kevin
Systrom there's no doubting the fact that
working in a technology related field can make you rich well information
technology jobs have produced some overnight millionaires many people with
a million dollars or more in the bank are not working in software social media
in fact a 20-19 study revealed that the top five careers for making millionaires
included engineers accountants teachers management employees and lawyers
therefore while tech can make you rich there are certainly other avenues that
will allow you to build the level of wealth you desire myth number three they
live luxurious lifestyles one of the biggest misconceptions of the rich is
that they spend frivolously television has done a great job at selling the idea
that every rich person owns a mansion and has at least five cars in their
driveway but if you
talk to most millionaires still admit that they're quite frugal in fact when
it comes to their possessions you probably couldn't tell the difference
between them and any other middle class person I believe the majority of
millionaires live frugally because just as we saw eighty-eight percent of them
have made their own fortunes and appreciate all the hard work that's gone
into them becoming rich being frugal is often more of a mindset or way of life
than just a way to save money and most rich people share this way of thinking
for instance in 1999 with a net worth of ten billion dollars Jeff Bezos bought a
Honda Accord when he could afford literally any car on the market
when asked why he decided on such an inexpensive car he said being frugal is
important to him and that he would rather put his money into things that
will give his customers value rather than satisfying himself with material
goods and his mindset is not only held by Bezos but numerous other rich
individuals Warren Buffett the investing magnate himself still lives in this
house he bought in 1958 for thirty one thousand five hundred dollars and claims
it's his third best investment further proving that not all rich people are
living expensive lifestyles myth number four they excelled in school while most
millionaires did go to college they generally didn't get top marks school
roars people who comply with the rules people who get A's are responsible in
conscientious these students grow up to support the system and often do well in
their career but the people who run the system are those who don't always play
by the rules they sometimes do things differently succeed in changing the
system and go on to lead the next economic boom well the rules of school
are clear millionaires know that you don't always earn the biggest paydays by
following the rules myth number five they don't pay tax
lately all you hear about is how major corporations like Amazon have once again
avoided paying income tax frustrating both politicians any average taxpayer
but when it comes to millionaires they do pay their fair share of taxes in
recent tax years in the United States the top 10% of earners filed more than
14 million returns paying more than a trillion dollars in taxes which is about
69 percent of the total amount of tax paid by all taxpayers therefore if you
believe that the rich don't pay tax then think again myth number six the
rich drive expensive cars it only takes seeing a few people
driving fancy cars to start to develop the idea that all rich people buy luxury
vehicles but in reality this is more of an exception to the rule being an
accountant and having worked for many wealthier people in my field I can tell
you firsthand that most of them while having the money to buy a nice car often
choose to drive a more economical vehicle instead whereas a lot of people
see a car as a symbol of status and success the rich don't need material
items to show off the riches because while most people are trying to look
rich they are in fact rich moreover the rich know that cars are expenses and
instead choose to put their money into assets like stocks bonds or investment
properties that will grow their wealth rather than throw away their money on a
fancy new vehicle it's number 7 millionaires hang around the golf course
all day most millionaires are retired and spend every day lounging on the golf
course right wrong only 20% of millionaires are retirees with a full 80
percent still working full-time if this is surprising it shouldn't be the rich
are like you and I and need a purpose in life to feel fulfilled and while
leisurely activities can be fun in small doses they don't offer the same
satisfaction as working can provide moreover many millionaires are
self-employed and become rich by running their own businesses this is an
interesting fact in itself when you break down the numbers in the United
States 10% of the workforce is self-employed however 18% of that 10%
are millionaires meaning that those who choose to work for themselves have a 1
in 5 chance of seeing their net worth at this seven-figure mark however
accumulating the size of wealth definitely comes with a lot of hard work
and sacrifice especially when you don't have a consistent paycheck to rely upon
this is why for many self-employed millionaires giving up something you've
spent years building isn't an easy task which is why most millionaires continue
to work even when they can afford not to Plus why not continue to work and make
your wealth grow even further myth number 8 they invest differently
than the average person well having money can grant you different investment
opportunities the reality is that many millionaires invest in the same
investments as the average person a recent survey showed that 8 out of
ten millionaires invest in their company's 401k plan and that simple step
is the key to the financial success not only that but three out of four of those
surveyed invested outside of company plans but they didn't risk the money on
single stock investments or an opportunity they couldn't pass up in
fact no millionaire in the study said single stock investing was a big factor
in their financial success single stocks didn't even make up the top three list
of factors for reaching their net worth the people in the study became
millionaires by investing consistently over time in fact they worked saved and
invested for an average of 28 years before hitting the million dollar mark
and most of them reached that milestone at age 49 therefore while you may think
that the rich are privy to the hot stock tips are exclusive investment vehicles
they are in fact using these same strategies that the average person is
access to myth number nine millionaires are high income earners will takes
earning income to become rich it doesn't have to be a large one in the national
study of millionaires conducted in 2017 the researchers found that only 15% of
millionaires were in senior leadership roles such as vice president or c-suite
roles 93% of millionaires said they got their wealth because they worked hard
not because they had big salaries in fact only 31% averaged $100,000 a year
of the course of their career and one-third never made six figures in any
single working year of their career therefore this finding highlights the
fact that when trying to become rich it's more about how you manage your
money than how much you make myth number 10 millionaires have prestigious
education many people think that you must go to a prestigious school in order
to achieve financial success because of this mindset thousands of students apply
to schools like Harvard and Yale every single year in hopes that a top of a
degree will grant them a high paying job upon graduation
while these hopeful applicants are right in the fact that going to college does
play a role in achieving financial success the level of prestige of the
school has little to do with it the 2017 national study of millionaires
shows that it's the degree itself that matters not where the degree comes from
this is why 80% of millionaires are college graduates with almost two-thirds
of millionaires graduating from public state schools in fact only 8% went to a
prestigious private school now if you have a
College does this mean you have no chance of becoming rich not quite
approximately ten percent of millionaires never graduate from college
when it comes to post-secondary education beyond the school you attend
and the grades you achieve your level of involvement is said to be a primary
indicator of financial success being involved in extracurricular activities
are signs of drive and ambition and these traits are key to achieving beyond
average levels of wealth myth number eleven the rich are lucky when people
see others achieving more than them in life they often like to chalk it up to
lock you've probably come across people in life who seem to have the golden
touch everything in their life turns to gold as if they possess a supernatural
power any business venture they start becomes a success but in the hands of
someone else will be a complete failure these same people get access to
opportunities without even trying for example the random person they make
conversation with at the coffee shop ends up connecting them with their dream
job or investing in their new startup somehow these lucky people are always at
the right place at the right time is this the type of lucky you attribute to
the rich well when it comes to good fortune millionaires know that they
create their own luck by expecting to be lucky they put the sauce in situations
where luck is bound to find them you see the truth is that while luck appears to
be an uncontrollable element in life the reality is that you create your own luck
through hard work and preparation think of the example of your lucky friend who
meets his ideal business conduct at a coffee shop maybe you knew that this
coffee shop was where many savvy business leaders gathered and by putting
in years of work into his startup made it into investment worth taking on for
some willing investors in short lucky individuals prepare for success and when
the day finally comes that they meet the opportunity they were waiting for they
are ready to seize it thanks for watching if you want to go from the life
you have to the life you deserve then hit the subscribe button now
you
#Best Education Page #Online Earning
online earning,make money online, earn money online, online earning, online earning sites,
make money online free, online money income, earn money online free, money online, best way to earn money online, online income site, money earning websites, best online earning sites, easiest way to earn money online, earn money payment bkash, online money income site
Posts
No comments:
Post a Comment