Self-Made Millionaires
Habits of Millionaires
http://www.selfmaderich.com/index.shtml
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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
3 Factors:
ATTITUDE
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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How to be a Millionaire
(1) Setting Goals
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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
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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
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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
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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
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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
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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
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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
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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 multimillion dollar company, almost everyone
can put away a few dollars here and there
in an attempt to shore up their retirement
future.