| There are lots of misconceptions about millionaires | | | | it's paid for. Sure, they drive nice cars but they're |
| in this country. Many people believe that | | | | nice, older model cars. Instead of status symbols, |
| millionaires make their money by cashing in on the | | | | they pour much of their income into investments |
| latest infomercial seen on late night television | | | | such as rental houses, privately controlled |
| (really - people believe this!). | | | | businesses, stocks, bonds, mutual funds and other |
| Most opportunities you see that are broadcast to | | | | "non-exciting" opportunities. Over time, these |
| millions on television or in magazines are programs | | | | investments add up to a substantial sum. One |
| that have already run their course or have | | | | morning they woke up and discovered they were |
| already saturated the market. The odds that you | | | | millionaires. |
| will make your first million here is pretty small. To | | | | You don't become a millionaire - or even a more |
| really generate wealth, you almost always have | | | | modest success - by buying luxury items that |
| to get in on the ground floor. You don't have to | | | | show others how wealthy you are. Millionaires |
| be first, but you must secure a niche that is | | | | follow a simple formula. They have lots of cash |
| yours and yours alone. | | | | coming in, little debt, and the ability to be financially |
| What about the myth that says many millionaires | | | | independent so they can take control of their lives |
| were born to money, or live in big houses and | | | | and spend time the way they want. |
| throw lavish parties? | | | | Does it sound simple? It is. |
| Nothing could be further from the truth. Most | | | | A recent study determined that millionaires are |
| millionaires are frugal workers who are usually | | | | not necessarily smarter than you or luckier than |
| self-employed. | | | | you. |
| About two-thirds are self-employed working in | | | | Here are a few of the ways they reach success: |
| such ordinary jobs as welders, contractors, | | | | -- They think for themselves, setting a personal |
| auctioneers, rice farmers, and coin and stamp | | | | wealth goal -- other people don't define their limits. |
| dealers. The median taxable income is $131,000 | | | | -- They seldom make it big on their first go |
| annually. About half have lived in the same home | | | | around -- success follows many failures. |
| for 20 years. Most live well below their means, | | | | -- They work in an area of natural talent -- they |
| wear inexpensive suits and drive domestic cars. | | | | take advantage of their edge. |
| Four out of 5 are college graduates but only 17 | | | | -- They aren't afraid to take risks. |
| per cent attended private elementary or high | | | | -- They don't get caught up in day-to-day |
| schools. | | | | problems -- instead they focus on their success |
| These millionaires invest nearly 20 per cent of | | | | mission. |
| household income each year and most make their | | | | -- They are willing to accept advice from others |
| own investment decisions. | | | | who are more knowledgeable. |
| I know one family of millionaires who still live in | | | | -- They never give up. |
| the same house they bought 30 years ago -- and | | | | |