Snapshot of the average millionaire

If you find these articles valuable, please share them with your inner circle and encourage them to sign up for my Abundant Habits Daily Tips/Articles. No one can achieve success on their own. Thank you!
tom@RICHHABITS.NET

In my five years of studying wealthy people, I became a fly on the wall. I asked 233 millionaires each 144 questions divided into 20 categories.

The insights into their lives revolutionized my understanding of millionaires and how wealth is built. My disdain for the rich turned into admiration.

All the indoctrination I received about rich people while growing up without money melted under the hot coals of reality.

So, without further ado, allow me to turn on my flashlight so you, too, can get a better idea of ​​who the rich are:

• We’re worth at least $3.2 million. 16% of us are worth more than $5 million. We make at least $160,000 a year. Half of us make close to $500,000 a year.
• We are not young anymore. Eighty percent of us are 50 or older.
• It took us a long time to build wealth, depending on the path we took.
• 70 of our 233 people are savings investors. It took us an average of 32 years to accumulate an average of $3,260,000. We make most of our money by saving 20% ​​or more of our net middle class salary. We then invested our savings carefully and consistently over the years. Most of our savings are invested in stocks or mutual funds. As we approach retirement, we become more conservative, and to protect the wealth we accumulate, we shift our investments toward less aggressive investments, such as bonds or annuities.
• 21 of our 233 people are executives of large companies. Most of us work for large public helping companies. The rest of us work in large partnerships or LLCs. It took us an average of 21 years to accumulate an average of $3,375,000. Eight of us are also savings investors, which helps grow our wealth further. The majority of our revenue comes from:
  • Stock Compensation – We receive substantial qualified and/or nonqualified stock options, stock grants or stock equivalent compensation in the form of stock appreciation rights.
  • Profit Distributions – The profit distributions received by those of us partners or shareholders in large private help firms are often substantial.
  • Base Compensation – Our base compensation increases over the years as we advance within the organization. For some of us, this compensation is as high as $500,000.
• 48 of our 233 people are from Virtuoso. We are considered the most experts in our industry. It took us an average of 20 years to accumulate an average of $3,980,000. Some of us are masters of knowledge-based art, and some of us are masters of skill-based art. Due to our unique expertise, we are among the highest paid in our respective industries. Because we are in such high demand, we are able to earn extra income speaking as paid speakers at national and international industry events. These speakers earn a lot of money – some of us make as much as $250,000 a year as paid speakers. Seventeen of us are also savings investors, which helps to further increase our wealth.
• 108 of our 233 people are entrepreneurs. We pursue some dreams. It took us an average of 12 years to accumulate an average of $7,450,000. Thirty-seven of us have failed in business at least once. But that didn’t stop us from trying again. Ten of us are also savings investors, which helps to further grow our wealth. Growing wealth puts a lot of pressure on us and our families. We worked long hours, and many of us struggled financially in the early stages of our journey.
• We love our jobs. Eighty-six percent of us enjoy what we do for a living. 7% of us like what we do for a living, and 7% don’t like what we do for a living.
• The wealthiest among us have success mentors who teach us what to do and what not to do. For some of us, our mentors are our parents. For others, our mentors are work-related.
• We are voracious readers. We read every day to learn. 88% read daily to increase their job knowledge. 85% read at least two books a month. 63% listen to audiobooks or podcasts while commuting to work, exercising or working in the backyard. We don’t read for entertainment. We think this is a waste of time.
• 177 of us 233 are self-made, which means we come from middle-class poverty: 41% come from poverty and 59% come from middle-class poverty. Only 24% of us grew up in wealthy families.
• We have many good habits and few bad habits. 73 of us 233 learned our wealthy habits from our parents.
• We are competitive. 63% played competitive sports in high school.
• We are in good health. We exercise almost every day. 76% of people exercise 4 days a week for at least 30 minutes a day. We enjoy jogging, running or biking. We pay attention to what we eat every day. We don’t eat too much junk food. We don’t go to fast food restaurants. We don’t eat candy. We won’t get drunk. We don’t do drugs. We floss every day. We sleep at least 7 hours a night. We don’t smoke.
• We love mentoring others. We get pleasure from helping others succeed in life.
• We use our time and money for charity. 72% volunteer 5 or more hours per month at local community nonprofits. We also donate to these charities.
• Almost all of us have a financial advisor. We deduct everything from our CPA. We also have attorneys, financial advisors, certified financial planners, and sometimes estate planners. Some of us prefer to choose our investments ourselves, but we almost always turn to our financial advisor for investment ideas.
• We are very happy.
• Same house, same wife, same car. 64% own modest homes. We have owned our home for at least 20 years. We rarely get divorced. We drive old cars. Most of the time we buy good used cars. We almost never rent a car.
• We plan our day. 81% of us keep a to-do list or priority list, which helps us prioritize what we want to accomplish on very busy days.
• We vote. 83% of people vote in every election.
• We don’t spend a lot of money on vacations. 96% of us spend less than $6,000 a year on vacation. 41% spend less than $3,000 per year.
• We get up early every day. 41% of people get up at least 3 hours before the workday actually starts. During these three hours we learn by reading, some of us write and others research facts about their industry. We also used some time to exercise.
• In addition to savers, investors, and millionaires, many of us are decision-makers in the places where we work. We are one of a kind: a small business owner, CEO, executive, CPA, lawyer, doctor, financial advisor, or salesperson.
• We are very frugal. We strive to purchase the highest quality products or services for the least amount of money.
• We went to college. 68% of us went to college. 56% of us have to work our way through college. 21% of us went to graduate school.
• We are not afraid to take risks. 63% of people take risks to get rich. 27% of people have failed in business at least once.
• We work a lot. 73% work an average of 58 hours per week.
• We like to pursue goals. 80% of us are focused on one main goal at any given time.
• We get angry or angry, but we don’t express these emotions—we control them.
• We hang out with other successful people or optimistic, energetic people. We don’t hang out with negative people or people who are always complaining. We avoid them like the plague.
• We almost never gamble. 84% of people never gamble.
• We believe in the American Dream. Our parents instilled this in us. We are living the American dream.
• We comply with the law. 99% of us have never been arrested.
• We have built teams to help us succeed. 84% of us have a team that we rely on every day.
• We are savers. 94% of people end up becoming savings investors, saving 20% ​​of their income. We all have retirement savings.
• We have more than one source of revenue. 65% of us have 3 sources of income. 45% of us have 4 streams. 29% have 5 live streams.
• We don’t watch TV. 67% of people watch TV for less than an hour a day.
• We are optimists. We have a positive mental outlook. We avoid associating or doing business with anyone who has a negative outlook on life.
• We don’t lie, we are honest.
• We weren’t particularly smart in school. 77% of us were either C or B students in school. But after school we became smarter. We teach ourselves. We never stop learning throughout our adult lives.