Author: Steven Mattos

Article:
There are 7 common factors to those who build net fortunes of
one million dollars or more. In America, there has never been
more personal wealth than there is today; yet most American's
are not wealthy. Amazingly, a mere 3.5% of our households own
almost one-half of the wealth in the United States! Although we
may be hard working, educated, moderate to high-income earners,
why are so few of us affluent? In studying the affluent, I found
a pattern that the wealthy follow. It is more often the result
of planning, hard work, perseverance, and self-discipline that
determines who become wealthy. The factors compiled here are
summarized from the research done by Thomas Stanley Ph.D. on
over 1100 actual millionaires (many are multi-millionaires) in
the U.S. today. You can do these! 1) Live Well Below Your Means
Don't be fooled. The 'average' millionaire doesn't look like a
millionaire! The key word here is frugal, frugal, and frugal.
The typical person is America is a consumptionist. It's in our
blood. We work hard, make money, and spend it well. Not the
typical millionaire! They play great defense (saving and
investing) as well as offense (making money). Just like in
football - great offense is exciting.but great defense wins
games. An interesting note: Millionaires on average claimed
their spouses were as frugal or more than they were. It's a
family affair: Sacrifice high consumption today, for financial
freedom tomorrow. 2) Spend Your Time, Energy, and Money in Ways
that Build Wealth. Although the road to Millionaire's Ville
takes a frugal path, they pay well for training and advice. Do
investment planning. Go to seminars. Hire good attorneys, tax
accountants, mentors and coaches. Learn to identify and invest
in assets that produce income. The wealthy spend money when the
investment will protect and grow their assets. Millionaires also
know the details: How much is spent each month and on food,
clothing, and shelter. The non-wealthy say they don't have time
to plan, while the wealthy make time to plan. But here's the
shocker: The average millionaire spends 8.5 hours per month
planning, while the non-affluent spend 4.5 hours or less
planning. How can 4 more hours per week impact your future? Make
it happen and the odds are in your favor of joining the truly
wealthy!

3) Choose Financial Independence over Displaying High Social
Status The wealthy run highly efficient operations both in
business and at home. Most live in average neighborhoods, and
drive average cars. They're not interested in keeping up with
the Jones' - because the Jones' aren't financially free. It
takes lots of energy to consume big mortgages, change homes
every few years, buy the most recent model cars, and wear the
latest fashions. The wealthy drive typically American made cars!
Japanese cars come in 2nd place; half of these are Toyota
Camrys. Yes, significant value per dollar is the key here. The
Millionaire's Motto: You aren't what you drive. The status cars
- Lexus, BMW's, Mercedes? At 6.4% or less per each brand. 4)
Don't Accept Economic Support from Your Parents once Outside the
Home Sounds painful doesn't it? It's a fact that has taught the
wealthy how to earn, keep, and invest money. Parents of the
wealthy do not, or cannot, provide "economic outpatient care".
The results are clear: The more dollars the adult children
receive, the fewer they accumulate. Those who are given less are
motivated to accumulate more on their own merits. An amazing
fact: 80% of millionaires are first generation millionaires;
they have made their money on their own, in their lifetime. Many
of these folks have been immigrants to the U.S., starting out
with minimal cash on hand. Work hard to learn and generate
wealth-it CAN be done, and happens in America every day. 5)
Teach your children to be economically self-sufficient to foster
a "Wealth Mind-Set" Provide your children fish and they will eat
for a day. Teach them to fish and they will eat for a lifetime.
As you might guess, children who grew up to be affluent, who had
affluent parents, were taught to be disciplined and intentional
with their money. Robert Kyosaki, author of Rich Dad Poor Dad,
didn't cave in when his son asked for a car at 16 years old,
even when the neighbor kids were being given cars by their
parents. He gave his son $3000, and a subscription to the Wall
Street Journal, and a few books on investing in the stock
market. Now Rich Dad's son watches more CNN than MTV. He has the
motivation, and is getting an education that will provide him
for a lifetime, well beyond his first car purchase. 6) Become
Proficient in Targeting Market Opportunities Find your niche,
like the wealthy do. Follow where the money flows, and look for
specialized opportunities. Why not target the wealthy
themselves? Yes, they are frugal, especially first generation
self-made wealthy. BUT.they spend openly on investing in
themselves and their families. Investment advice and services,
business training, software, tax advice, legal, medical, dental,
health, real estate, and education are top priorities. They pay
well for products and services that protect and grow their
assets. Remember the majority of the wealthy are self-employed
entrepreneurs. Followed by medical professionals and business
executives. 7) Choose the Right Occupation You now have a good
idea of what the affluent do. 20% are retirees. Of the remaining
80%, most of these are self-made businessmen and women. Keep in
mind that entrepreneurs are 4 times more likely to become
millionaires than those who work for others. There is no one
business, or group of business more likely to breed
millionaire-hood. Some are lecturers, others medical
professionals, farmers, small manufacturers, and corner mom and
pop stores. The most important predictor is the characteristics
of the owner, than the type of business. It's the winning
combination of skills and attitude that hit's the wealth target.
NOTE: The affluent attribute being honest with all people as the
most important characteristic in their businesses, tied with
being well disciplined. The vast majority of the wealthy were
not stellar students, or born into money. They have made it
through following a few simple principles and being consistent.
Now that this lesson is over, your training in securing wealth
has just begun. Your next step is to enroll in Steve's
introductory tele-workshop: Infopreneuring M.B.A. (Massive Bank
Account!) at:
http://www.teleclassinternational.com/catalog.phtml?keywords=info01

About the author:
Steven enjoys writing and teaching others on the special topics
of wealth, health, and human potential. Steve left a lucrative
career in biotechnology to fully pursue his passions in 2000.
Now he writes, trains, and coaches full time in San Jose, CA. If
you enjoyed this article you may enjoy Steve's tele-class:
Infopreneuring MBA (Massive Bank Account!) at
http://www.teleclassinternational.com/catalog.phtml?keywords=info01

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