Self-Made Millionaires

Habits of Millionaires

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The self-made millionaire is something that is at the very heart of the American dream. The idea that anyone can put in the hard work and energy needed to succeed and then actually see success is what drives many working Americans.

The truth of the matter is that there are no self-made millionaires, at least in the sense that they became wealthy all by themselves.

No, everyone relies on others, along with social, political, and economic structures as well as a measure of pure luck to get them to wealth.

The self-made millionaire is a product of being in the right place at the right time in combination with hard work and other factors that are uniquely beyond one’s control.

3 Factors:

ATTITUDE Although some people who have made it big have

luck to thank for their overnight success, there are just as many other self-made millionaires in America who have struggled through hard times and have had to work hard for their money.

One common thread links these wealthy individuals together; a winning attitude. Of all the success stories that have been written about people who came from poverty and became wealthy, most say that they did it through a strong will, perseverance, and through smart decision making.

NO DEBT One of the first keys to becoming wealthy is to

stay out of debt early in life. A person plagued with debt has to concentrate

on making ends meet from paycheck to paycheck eliminating their options. They are stuck with a job that may pay the bills and keep them afloat, but will never turn them into millionaires.

By staying out of debt and minimizing living expenses, individuals give themselves a better opportunity to succeed. They give themselves the freedom to act on opportunities without the fear that they are taking a leap from which they cannot recover.

INVESTING Everyday, millions of workers around America get up and go

to work for a company. While at work, they produce profits for the owner of the business.

nvesting money can make individuals the boss of their own company with the dollars that they invest. It has always been said that the trick to becoming wealthy is for an individual to make money work for them rather than them working for their money.

Self-made millionaires and their success has proven that investing rather than consuming is a key step in the process to becoming rich. So skip buying that new hot product that has come out and buy stocks or bonds instead in order to get yourself moving in the right direction towards self-made wealth.

Living the Dream

Mark Cuban There are millions of rags to riches stories that have

taken place throughout history, but many of them have gained little if any worldwide attention. With television, the internet, and the mainstream media as broad as it has ever been, success stories such as those of Mark Cuban have gained notoriety and have inspired many to believe that they can do it, too.

Most people who follow professional basketball have heard of the energetic and controversial owner of the Dallas Mavericks, Mark Cuban. Cuban is a man who went from selling newspapers door-to-door, to being a billionaire and living out his dreams to own a professional sports franchise.

Humble Beginnings Mark Cuban started out his life as the son

of lower to middle class working immigrants in Pittsburgh, Pennsylvania. During his teenage years, Cuban made a few extra dollars by selling everything from garbage bags, to powdered milk, to newspapers. Like most young boys, he dreamed of being a pro athlete, but his goofy coordination and lack of athletic prowess led him in another direction

Making a Move Cuban seemed to be a born businessman. After graduating from

Indiana University, Cuban relocated to Dallas in 1981 and started a computer consulting company called MicroSolutions.

With only a minimal background in computers, Cuban took his company to the top and eventually sold his stock in the company to CompuServe, a move that made him more than a millionaire in 1990.

In 1994, Cuban started a joint business venture called AudioNet with a friend, Todd Wagner. AudioNet offered a service that made it possible for anyone around the globe with an internet connection to hear local broadcasts of sporting events anywhere in the world.

Fans in Chicago could hear the local broadcast of their favorite team in San Francisco. The idea was a hit and the company was later renamed Broadcast.com. In 1999, Cuban and Wagner sold their company to Yahoo for an estimated $6 billion.

Living the Dream Cuban purchased the Dallas

Mavericks in 2000 and has breathed new life into a team that was once at the bottom of the standings and is now a top contender. Cuban’s winning attitude and drive to succeed are staples of what has made him a success and one of America’s richest businessmen.

Donald Trump The name Donald Trump alone conjures up the

image of a successful business man in many Americans.

Even if some have never seen his hit television show most people in the United States have heard the name Donald Trump and know that it is synonymous with money, power, and success.

Donald Trump is a business man success story like none other. His over-the-top personality and willingness to close a deal no matter what it takes have made him a an icon in the business world, as well as one of the wealthiest self-made millionaire entrepreneurs in the world, today.

Beginnings Donald Trump was not an underprivileged child

growing up, by any means. Born on June 14, 1946 in New York, Trump

attended Wharton Business School at the Univ. of Penn and worked with his father, Fred Trump, for approximately five years before going out on his own into the business world.

His talents in business were obvious at an early age and his father was known to have commented on several occasions about how talented Donald was in closing big deals.

Fame and Fortune As Donald Trump moved out on his own into the business world

his father made it clear that Donald was to make his own way, on his own.

Donald did just that, becoming one of Manhattan’s most powerful real estate moguls. His multi-million dollar business legacy have included such extravagant properties as Trump Casino, Trump International Hotel, Trump Marina Hotel and Casino, Trump Taj Mahal Casino Resort, and Trump Tower.

Trump’s legendary business savvy has made him a hit in the literary world; aspiring entrepreneurs have flocked to bookstores to pick up copies of some of his bestsellers such as The Art of the Deal, The Way To the Top, and How to get Rich.

Turning it Around A series of business moves gone bad

threatened Trump’s fortune, at one time, but through handwork and planning Trump was able to regain his fortune.

Donald Trump is now the star of the hit television series, The Apprentice. His catch-phrase, “You’re fired,” along with the television show’s popularity helped to make Donald Trump one of the world’s best known self-made millionaires.

How to be a Millionaire

(1) Setting Goals All the research that has been done on

successful individuals points to goal-setting as a key ingredient to achievement.

To be a millionaire, an individual must believe that it is truly an attainable goal and must be willing to constantly work towards that goal.

Going to work and going through the motions may be good enough to earn a decent salary, but for those who aspire to be millionaires, there must be a plan in motion.

(2) Do the Math A prospective millionaire does the math to help them set their

goals. They first determine at what point in their lives they want to achieve their millionaire status.

Then they calculate how much money they would have to be able to save everyday in order to reach that goal. They must be realistic in their calculations and allow for living expenses, house payments, car payments, and anything else that eats into the profits per day.

By knowing how much money they need to earn each day, they are better able to gauge their progress and determine whether their current course of business action is on track or whether adjustments need to be made.

(3) Sacrifices and Trade-offs No self-made millionaire has reached their current financial status

without making sacrifices. Sacrifices might come in such form as spending off hours working

on business-related issues rather than watching television or going to a party.

Other sacrifices can be in a financial form such as choosing to invest a portion of every day’s earnings rather than purchasing costly luxury items.

However, most self-made millionaires will say from experience that sacrifices in the things in life that truly make a person happy, such as family and friends, are not worth the financial gain in the end.

It is very possible to devote time to family and friends and still focus on becoming a millionaire.

(4) Invest Self made millionaires make their money

work for them. They invest smartly and reap the benefits

of their investing because they end up not having to work for a portion of their income.

If all of these steps to success are followed, achieving the goals of a seven figure income is more likely to become a reality.

Millionaire Bankruptcy It is a story that has been told a thousand times: a

once filthy-rich millionaire now files for bankruptcy. Hollywood stars, music celebrities, and professional

athletes are the most prone to this phenomenon. Celebrities who come into their money quickly often have very little experience in dealing with such wealth, and believe that the money will keep pouring in forever.

Of course, a few flops at the box office, or a losing season, or lost record deals, and these red carpet stars are riding in their limos on their way to bankruptcy court.

How it Happens Most celebrities and athletes who have lost it all

point the finger at their associates rather than themselves.

It is most often a business manager that is blamed for the financial losses and in some cases less than ethical managers have mishandled money.

However, losing millions of dollars is generally not the fault of one person. It takes a team of individuals to be able to spend the type of money that most of these celebrities and athletes are making.

MC Hammer One of Hollywood’s most famous

spenders and bankruptcy stories is that of rap star, MC Hammer.

The Hammer took the rap scene by storm in the early 1990s, but fell from grace just as quickly as his large entourage and fast living lifestyle managed to gobble up the estimated $33 million income that MC Hammer had been making.

Wealthy Retirement There are many ways of becoming a

millionaire, but one of the easiest ways is simply to save your money and invest wisely.

Even if an individual has no desire to take risks, run their own business, or put in the time and energy to create a multi-million dollar company, almost everyone can put away a few dollars here and there in an attempt to shore up their retirement future.