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What Makes A Millionaire A Millionaire?

Contributor:
Paul Ambrose
Paul Ambrose

If you are a millionaire, you can stop reading this article right now. 

For the rest of us, if you've ever wanted to know what it takes, here are a few common denominators identified by American author Thomas Stanley (from the book: Millionaire Women Next Door). 

They never give up

Perseverance is an admirable trait—and it turns out, one that can earn you a lot of money.  My favorite example of perseverance has to be Winston Churchill:  against overwhelming odds and in spite of what everyone thought was inevitable, he fought against a colossal German onslaught in WWII—and won. 

Years later, when asked to speak on what it was that made him successful, he shuffled slowly to the podium and spoke only three words:  Never give up. 

Find yourself a role model, cut out their picture, and stick up on your bathroom mirror for inspiration.

They don’t do it for the money

If it’s a house in Beverly Hills with a 10 car garage you want, you don’t need a million dollars; you need a super-jumbo size loan. 

Millionaires, it seems, don’t start out necessarily looking to earn a million dollars.  They do it for the satisfaction of owning their own business; for the sense of achievement at the end of the day; or for the sheer joy of learning something new. 

They learned to do something they loved so well that the money was just the final part of the equation.  

They’re not necessarily the brightest banana in the bunch

History is filled with examples of people who were written off by traditional educational methods:  Albert Einstein, Thomas Edison, even Bill Gates.  All of them, however, share one common trait:  a driving passion in their respective field of study. 

Passion and perseverance (trait # 1) will take you far in this world, and money will follow.  

They live like every penny counts

Even after they became millionaires, many of the people continued to do things like clip coupons and hunt for bargains at discount stores.  Learning to be frugal rather than spendthrift is certainly an admirable goal, and one that will serve you well whether you end up with fifty dollars or a million.  

Many of them were teachers

More than 1 in 5 of the women Stanley interviewed had a teaching background.  What does this prove?  Perhaps some of the same characteristics that make someone want to help others succeed at doing something new lend themselves to earning money:  resourcefulness, self-discipline, and good old-fashioned common sense.  

They positioned themselves well

If you really want to make a million dollars, there are a few careers you might be well-advised to think twice about.  Basket-weaving, for example, comes to mind. 

On the other hand, real estate and business management offer lots of room for women to grow, as well as childcare proprietor (business management again!) and professional recruitment.  

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