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What makes a millionaire a millionaire? Obviously the amount of money and assets a person has determines if they are millionaire or not, but what is the actual makeup of a millionaire? If you were to take away all of their wealth and all of their assets, what would you have left?
Henry Ford thought if you took everything away from him, he would just earn it all back. That's because, like many millionaires, they have something deep within their bones that makes them characteristically different then the average person.
A self-made millionaire is generally someone who has had some tremendous experiences of building a lifetime of wealth. Most likely, they actually experienced a poor lifestyle at an early age and developed a mindset that would not allow them to be anything but wealthy. As a result, they become successful business leaders, creative entrepreneurs, and opportunists. They are willing to take some financial risk, but only when it is well calculated, and they understand that becoming a millionaire does not happen overnight.
So how can you develop these habits of millionaires? The first thing to do is to develop a saving attitude. If you spend more than you make, you will never get ahead financially. And when you get deep in debt, it take that many more years to dig yourself out of debt just to get back to 0 and start working towards accumulating wealth.
Once you have developed a saving attitude, you need to start thinking like a long term investor. Fortunes are built around programs teaching you how to get rich in the stock market, but 80 percent of professional fund managers cannot even beat the stock market. It's a loser's game. The millionaire knows that the average returns the stock market provides is a safe and guaranteed way to accumulate wealth. By simply investing in a plain S&P index fund over the long term, you keep your risk low and take advantage of compound interest, which can double your money in as little as 7 years.
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