Facinating Thoughts

How to Become a Millionaire? May 20, 2011

Being a millionaire makes you feel good as well as a sense of financial security. However most people will never get chances to be members of that elusive club. In the famous one and only study conducted by Dr. Thomas J. Stanley and Dr. William D. Danko (The Millionaire Next Door, 1996), the millionaires share some surprising commonalities which are not popular among the masses. Unlike regular folks who get less than equal chance of keeping their original spouses, millionaires usually marry only once and have kids. Keeping one and original spouse actually makes a lot of financial sense since the last thing you want is to keep splitting your asset with someone who wants nothing to do with you anymore. Of course it’d be even better  if you could marry into rich like George Washington and managed to hold on to it. Furthermore, to make a lot of money, you’ll want to have a very supporting spouse. There are too many chores demanding attention in order to run a smooth family life. With only the God-given 24 hours to spare each day, it helps tremendously if your spouse is willing to take off those chores off your shoulder (your spouse may wish the same thing. So you have to naturally figure out who to support whom). Millionaire families possess disproportionately high percentage of non-working spouses. On one hand, they can probably afford to have one spouse not working; on the other hand, that’s probably one big reason why the other spouse end up making so much money.

The other life changing factor of making yourself millions is to choose the right career. Had Bill Gates choose acting (which he’s pretty capable) instead of founding Microsoft, he might end up earning a decent living, but very unlikely to become the richest man on earth. Geographic locations matter a lot too. Moving to Silicon Valley gives you far better prospect of becoming millionaire than stay in rural Tennessee. However, unless you live in a very high cost-of-living area, you’ll have very little chance of striking gold by working for salary (unless you are a top executive). Most millionaires work for themselves. They are the owners and bosses. Moreover, they are most likely doing something out of passion. Passion is the best medicine you can ever find to extract more energy out of a lazy human body.

Therefore, if you have a life time and very supporting spouse, living in a promising geographic location, work for yourself on things that you are passionate, then you are likely to become a millionaire. Nevertheless, before you pat your own shoulder in self congratulation, you better know how not to blow your millions. For as much as you can make, you can always spend more. Most millionaires live very modestly compared to their level of asset. They live comfortably, but non of those extravagances. Instead of spending on fancy cars, clothes, and mistresses, most millionaire opt to spend less than what they make and use the difference on appreciating investments.

So how come you’ve done all of these things right but still struggle financially? Unfortunately this means the all mighty luck is simply not on your side. Sometimes it’s just bad luck. Fortunately, everyone gets equal chance of good and bad luck. If you’ve been having a lot of bad luck lately, keep trying, for your good luck may be just around corner.

© 2011 Queenberry Labs, LLC.  All Rights Reserved.