The 9 secrets to becoming a millionaire

The 9 secrets to becoming a millionaire

Stanley has been researching millionaires for more than two decades. "The Millionaire Mind" was based on his survey of a thousand Americans in the top 1 percent of our economy. Here are the traits that make "the millionaire mind" so successful:

1 Success formula: complex, character traits. Stanley's research proves that many personal traits fit into a complex formula in the making of a millionaire: Honesty and discipline were tops, faith, supportive spouse, social skills, hard working, leadership, love work, focused, entrepreneurial, competitive spirit, energy, physical health, and other intangibles. Having a rich dad isn't on the list. 
2 Courage from facing early challenges. Adversity made them tough. Most of the millionaires were not only rated average by authorities and standard tests, they were degraded early on. That became an incentive to work harder, outperform the intellectually gifted, and presumably overcome the limitations of a poor dad, mean dad, or no dad. 
3 Well-educated but not intellectually gifted. Ninety percent of all millionaires graduated. Half had advanced degrees. But not high SAT scores. Grades were so-so. All of which kept them out of the best schools and prestigious jobs. They had "to fight for their goals," and hire themselves. 
4 Success is doing what you love. Most people blindly pursue careers based on parental pressure, bad advice from counselors, or social pressure to pursue status careers in prestigious organizations. "Millionaires are those who selected a vocation that they love - one that has few competitors but generates high profits." 
5 Forget status, find niche opportunities for easy wealth. Go to college? Maybe even get an advanced degree? Yes. To own a junkyard? Burger King franchise? Printing company? Yes. "Too many people select vocations filled with competitors ... why not select a vocation and target where you can more easily emerge a winner." 
6 Old economy vocations. A third of Stanley's millionaires are entrepreneurs. One sixth are corporate executives. About 20 percent are doctors and attorneys. Another third are retirees, business managers, architects, engineers, educators and housewives. 
7 Frugal, not extravagant lifestyle. They "live below their means." Frugal, not ostentatious. Minimal debt. Refurnish furniture. Buy quality shoes, but resole them. Forget upscale shopping, they'd rather watch the kids play sports, socialize with friends and family, garden, go to a museum, or help civic and religious activities. 
8 Supportive spouse: Choose well, stay married. The average millionaire is 54, male, with three kids, and married to the same spouse for 28 years. Their spouses are "honest, responsible, loving, capable and supportive." 
9 Old-fashioned values. Their values and principles are in the right place, although out-of-sync with our consumption-driven, get-rich-quick American culture.

Stanley says millionaires get rich "thinking different from the crowd." Try it, instead of blaming your poor dad. Or looking for a rich dad. And don't read "Rich Dad, Poor Dad" books. Take Brother Ty's advice - go write a get-rich-quick book of your own.