They might have come from different financial backgrounds or taken the many available routes to creating wealth, nonetheless, the rich not only possess supportive money habits and ways of thinking that are out of the ordinary, but equally share certain distinguishing traits that fast track the attainment of their objective of financial independence. These mannerisms are the hallmark of every millionaire and are a must-have for all aspiring millionaires. If you’ve already got these traits, you are just another millionaire-in-waiting. But even if you don’t, you could quickly adopt them and be on your way to being one. So how can you tell if you’re one? Read on as Loy Machedo, who himself has achieved wealth for himself, writing on Quora outlines a staggering 35 of these signs indicative of one’s likelihood of achieving future wealth.
(1) Money Making DNA
You either have it or you don’t. You cannot learn it or manufacture it. Habits are deeply ingrained. Asking someone to start having this DNA – is like asking someone to exercise and lose weight. If they had it in them – they would never ask you the first place
(2) Good or Bad – Make Immediate Decisions
Business, The Internet & Information travels at the speed of light. So guess what should be the speed at which you make decisions? I once had to make a decision on the spot if I should or shouldn’t invest USD $35,000 in a purchase. Without any facts – I said yes. Guess what? It was a mistake. But I had to make a decision. I ended up being stuck with the stock for 4 years.
(3) Never Gossip About Other People
I have yet to meet a True Millionaire or Billionaire who has the time or the habit of gossiping about other people. That is normally the trait of the wives of these rich men who have nothing to do but gossip. Because they are good for nothing other than gossiping. However, if a man is doing this AND claiming to be a millionaire – the only possibilities is A) he is either bluffing B) He ‘was’ a millionaire and today is bluffing and living off the glory days of the past. Case in point – there are so many posts and questions that ask me about Mr. X or Mr. Y – whom I may absolutely hate. But I have never – not even once had a bad thing to say about them. Bitching about other people’s imperfections is not a sign of greatness but shows how shallow, hallow and empty you are inside. That is why before I would respect the ‘anonymous’ sender by responding to such questions. Now I do not even dignify such questions. I downvote such answers and ignore them.
(4) Being Obsessed or a Hardcore Workaholic
I have known of several Multi-Millionaires who stay in the same house as their wife and children – but never get to see each other as they work late hours and by the time they wake up – their children have gone to school and their spouses have gone to do something else. And if you are a workaholic or you are obsessed – only then you achieve success
(5) Work with the Sense of Urgency
Many times people ask me as to why do they see so many questions with my answers on them. It is because I spend more than 14 hours a day answering over 30 to 50 answers on Quora per day. The reason is simple. I feel there is no tomorrow. I have to do it today. Not tomorrow. Successful, Rich and Wealthy people NEVER leave for tomorrow what the can do today.
As I am sitting and typing this answer, I am also eating my lunch + drinking my beverage, listening to my music. You cannot be a one trick pony. Either you should be a World Class Artist who is painting a Masterpiece – then yes – only one job at a time. And that one project or masterpiece only for 10 to 15 years. OR you must be an employee doing the same thing for 30 years of your life. That is why you are getting the same income with very little increase.
I outsource more than 70% of my work outside which gives me 70% more time than any normal person.
(8) Do What They Love
When you do what you love – you never feel it is work. You get up everyday feeling fresh, happy, enthusiastic, energized and creative. This was something I learnt ages ago and have lived by doing it.
(9) Never Sell Your Soul For Money
Initially it was tough to survive on what I was passionate about. I remember there were days when I didn’t earn anything. In fact, did you know that for the first 2 years I barely made enough money to even pay for one days ration of food. I had to seek help and support from my now ex-wife – who literally looked after me. But I stuck at my dream and vision. Millionaires and the Successfully rich people do this the same way. They never ever ever give up on their dreams and their passion is no matter how tough the going is. And they are even prepared to die trying it.
(10) Never Satisfied
Do you think Bill Gates was satisfied after creating DOS? or Win 95? Or do you think Elon Musk will stop rolling out new models of his Electric Car? Or do you think Jeff Bezos will stop offering more products and services on Amazon?
(11) Earn & Save & Repeat
There is no bigger secret than this where it comes with Wealthy and Rich people. Even for someone as ordinary as me – I managed to save up enough so as to be able to take the next 2 years vacation/holiday to only study and do what I am currently doing. If you do not have savings – forget it.
(12) Investing Opportunities
Wealthy people are constantly looking for new investment opportunities to increase and multiply their net wealth and profits. That is why they will invest in fixed deposits where within a few years – the total amount is much more bigger than before.
(13) Live Below Your Means
If you earn $100 and you spend $100 to live – what do you save? My Ex-Mentor said it beautifully. Earn $100. Spend $20. Save $20. Give $10 to Charity. And the $50 – Re-Invest to earn double your income
(14) Great Salespeople
Wealthy people are champion salesmen. And this is one skill I made sure I mastered courtesy my early mentors. The reason for this is every single person you meet – you are selling yourself, your skills, your passion, your ideas, your concepts, your hopes and your dreams. If you cannot pitch the idea and make them buy – you will never get people ready to pay you money.
(15) Attractive Leadership Qualities
If you cannot rally people behind you to follow you and believe in your cause – how will you survive? In order to succeed, you need a team. And in order to maintain a team – you need to have the “IT” factor. Without leadership – you will not keep anyone loyal to you.
(17) Charismatic Personalities
There is something about these people – love them or hate them – you can never forget them. And I am not talking about their dummy designations & titles. It is their Aura, Charisma & Personality
(18) Love Money
All this BS about I am doing it to change the world and serve humanity for FREE does not exist in front of this one powerful variable. If you do not love money – you will never keep it with you. You need to be money minded 24/7
(19) Make Plenty Of Mistakes But…..
They never repeat them again. Never. Because if they do repeat them again – means they are not rich. They are stupid.
(20) Mentally Tough
It takes a great deal of mental resilience to bear the pressure, stress and torture of money problems. Elon Musk is one such person who not only gambled everything he had for his dreams – I know of many such people in my life who invested and put their necks on the line because they believed they could succeed. But along with this comes the Mental Pressure that can kill you. Trust me it is a killer. That is why many businessmen are always stressed out.
People who are rich, live for tomorrow. They are always thinking, planning and thinking far ahead of time. That is why they never do anything ‘for today’. And which is why they are maybe never in the groups of people who move in one particular direction. They always move the opposite direction. They never sit still and enjoy the glory of what was in the past or what they achieved yesterday. For these people – today is a new day. Whatever happened yesterday – it is yesterday. Lets focus on today and tomorrow.
(22) Constantly Evolving
These people are always studying, learning, educating themselves and developing new skills. There is always a new book, new course, new seminar or new idea they are trying. They never stop changing. Simply because the future is never the same as today.
(23) Talk Ideas Not People
These money making great legends of our time NEVER and I mean NEVER gossip about other people. I have blocked many such ‘millionaires’ who claimed to be ‘millionaires’ but kept gossiping about others. Seriously – if you are a money focused person – you do not have time to even write an article about someone else – if you do not get paid money for it.
(24) Have Many Goals
I am not talking about a To-Do-List but rather a list of things to achieve which pushes you beyond your normal boundaries. For all these wealth minded achievers – pushing yourself beyond yourself is the greatest high they can get.
(25) Delayed Gratification
Many times I have wanted to go see a movie, or go for a wedding party. But then I would sit and reflect on the task at hand. And then ask myself – what would an Elon Musk or Steve Jobs would do? Would they have gone for the movie or party – or buried their head in their work and cancelled all other noise to achieve greatness? I get my answer easily and I know what has to be done next. Those who are High Income Achievers – do not have time for anything – UNLESS it achieves their goal.
(26) Optimistically Cautious and Realistic
Rich love to believe in the future prospects of life & business. They are not negative or pessimistic. However, at the same time they are not overly optimistic. Whatever they do, they do so with a hint of cautiousness. Because every idea – no matter how good – always has a chance to fail.
(27) They always have critics
Do know the number of people who scoffed at Elon Musk? At Steve Jobs? At Richard Branson? Any great legend of our times has has millions of people making fun of them, criticizing them and refusing to buy into their idea. If you have critics surrounding you – most probably you are doing the right thing.
(28) Walk the lonely path
For some strange reason, as you climb higher, it becomes very lonely. Because not only your time is exceptionally important – you need more time to reflect, think, decide, work and contribute
(29) Have the guts to take inhuman risks
Can you bet your entire life savings on a project that may have only 10% chance of success? Can you give your comfort-zone – right now by quitting your job and without any assurance or guarantee – take a risk and go chase your dreams? Can you do it every few years? This answer and this track record will set you apart from a winner, a has-been and a whiner.
(30) Have a Morning Routine
This is more than just brushing your teeth or having coffee or stretching as you wake up. There are the secret bits that you will do no matter what anyone says or no matter what anyone does. Even if the world is doing something else – you will be focused on your work
(31) Very Disciplined
Without this forget it. When the whole world is hugging their pillow – these people are burning the midnight oil and studying, learning or doing their work. When others are partying and enjoying, these people are busy exercising or dieting. When the whole world is having fun, they are doing something purposeful. Without discipline – success doesn’t exist.
(32) Value Their Time More Than Anything Else
People want to know why do I charge money for my time. Even for writing a detailed email. This is a habit I learnt from Millionaire Mentors of mine. Every email, every communication, every second of their time was so precious – that they would ask someone to write their emails, take their calls or represent them at a meeting. They would ONLY focus on his value skills.
(33) They Never Do Anything For Free Without An Agenda
I think Heath Ledger when he played the Joker in Batman said it best, “If you are good at something, why do it for free?”. That is why I feel like laughing when I hear these so called ‘Millionaires’ on Quora say – Oh, I am giving all my expertise, advice, time and guidance ‘for free’ on Quora. Either
A) They are NOT a millionaires as they pretend to be
B) They ask their hardcore followers to follow them on other Social Media Sites by contributing their answers (I do this)
C) More like “Fake it till you Make it”Strategy
(34) Master At One Particular Core Skill
Inventor, Creator, Blogger, Painter, Investor, Designer – whatever one thing you are good at – be the world’s best at it. I am the World’s #1 Personal Branding Strategist – thats it. Rest I am at its worst – average.
(35) Surround Themselves With High Achievers
When you surround yourself with losers, or religious people, or smokers, or drug addicts, or gossip mongers – you will end up being like one. People wonder why do I block certain people from my list – I hate losers, gossip mongers, fake people, fraudsters and people who lack integrity. Remember if you are surrounded by virus – you will get sick and die. And I choose not to have these kind of people in my life.
(36) Not or Never Impulsive
Those who succeed or attract wealth or know how to generate money never write or say anything impulsively without thinking 100 times. Never go out when there is a sale. And never spend money on an Impulsive purchase.
(37) Consistent Always
Every single millionaire, billionaire and genius I have met – has one thing that never changes. That is being consistent. The same habits over and over and over again. And it never changes. And there is no holiday or off day for those key habits