What can we learn from the rich?
Thomas J Stanley and William D. Danko interviewed the owners of up to three hundred million dollars and conducted a research. One of them is Mr. Millionaire Kerim. Kerim Bey recounts: I am 57 years old, married and a father with three children. I earn 80% of the house income. Our spouses bring 20% of the income entering the house.
I’m an entrepreneur like 75% of all millionaires. I mean entrepreneurship, not just a holding or a factory, but accountants, doctors, and so on. Only 20% of my millionaire friends retire from professional work. Here you can draw the following conclusion. Non-entrepreneurs can become millionaires; but the road to significant millionaires is through entrepreneurship.
Me and my friends are all ordinary jobs. Farmers, contractors, parking operators and so on. In other words, there is no special link between enrichment and a particular profession. My wife and 50% of other millionaires’ wives do not work. Most of the employees are teachers.
Let me tell you something you can’t imagine: We are millionaires, but most of us have an annual income of $ 131,000 to $ 247,000. Only 8% of us earn $ 1 million with $ 500,000 a year.
Only 5% of us earn more than $ 1 million a year. What you need to draw from these statistics is that you don’t have to earn a million dollars to have a million dollars, but to manage your money wisely.
97% of our host. The average value of our homes is 320 thousand dollars. Which is a standard apartment in US standards in New York is around two hundred thousand dollars. In short, we don’t live like million dollar owners.
More than 80% of us are the first millionaires of their families, in other words we don’t inherit from the elders.
We live in a very economical way, under our means. Shopping at the end of the season; economic dressing; we are getting into domestic cars. Many of our wives are frugal. 82% of us say that the help started at home.
We all have put enough money in the bank for at least ten years of work. This is because we save at least 15% of the money we earn and invest it in the bank. Our rule is; No matter what we owe, we win; we pay ourselves first; at least 10% of the money earned should ideally be directed to savings or investment in spending more than 15%. Our investments are in public shares, retirement plans and business ventures.
Some of our neighbors earn three times more than us; however, we are at least one and a half times richer than our neighbors, and six times richer than most. For example, my neighbor lives 450 thousand dollars a year; I was making ninety thousand dollars. In ten years, I had a million dollars; he still has no money in the bank. He spends almost all of his winnings; I invest in a certain part of what I earn, as I said before, with at least 10%.
Only 20% of us are high school graduates. 80% of us are university graduates. 18% of us have a master’s degree and 6% have a doctoral degree. The lesson you’ll learn from here is that those who read and entrepreneurs are millionaires, not those who read and trade.
66% of us work 45 to 55 hours a week. Having a million dollars doesn’t mean not working.
My hand is tight; some of us did this interview and related surveys for 100 dollars, 200 dollars, 250 dollars.
7 Features of Millionaires
· They live under their means.
· They use their money, time and energy to produce wealth.
· They believe that financial independence is more important than demonstrating high social status.
· Their parents did not take a protective approach to them economically.
· Adult children can stand on their own feet economically.
· They are good at capturing market opportunities.
· Choose a suitable profession for them; but there is no relationship between their professions and their millionaires.