In the article More Than 10 Million Millionaires in the World we gave you an update on the latest state of global wealth and discussed how for the first time the number of millionaires in the world has surpassed the 10 million mark.  What does it take to be one of the 10 million millionaires in the world?  Are you millionaire material?  In this article we will explore some of the characteristics that are commonly found in millionaires.

 

Here are some key behaviors you will find in most millionaires:

 

Aim High

 

Millionaires set high goals for themselves.  Les Brown is known for saying that the problem most people have is not that they set their target too high and miss it.  The problem is that they set their target to low and hit it.  If you think being a millionaire is impossible you most likely not become one.  More significantly, if you set a $5 million target for yourself, you are more likely to become a millionaire than if you set your target at just $1 million.

 

Don’t Take No For an Answer

 

Millionaires are persistent and accept rejection as a normal part of their development process.  For most millionaires the word "no" does not really mean “no”, it simply means “not this way”.  Your ability to have doors slammed in your face and keep on trying is paramount to your ability to become a millionaire.

 

Don’t Be Complacent

 

Are you happy with your current situation?  If you are so satisfied with what you have that you become complacent, you are not likely to become a millionaire.  Millionaires are hungry to achieve more than they have.  This does not mean that millionaires are only interested in money.  It simply means that they are not willing to settle for less than a financial condition that allows them to live their desired lifestyle.

 

Be Willing to Give Up Something

 

Most millionaires are willing to give up something in order to achieve their millionaire goals.  There are many things you may need to give up, such as more time for leisure, more spending money, immediate gratification, etc.  In order to reach the millionaire status you must be willing to make some sacrifices, whatever they might be.

 

Live Below Your Means

 

The only way to accumulate money is to spend less than you make.  No matter what your income is, if you spend more than what you bring home you will never accumulate wealth and will never become a millionaire.  Being a millionaire is not always about having plenty of money to splurge.  To the contrary, studies have shown that most millionaires spend their money conservatively.

 

Invest Wisely and Manage Risks

 

Millionaires understand that in order to grow their savings they must invest.  Smart investors know the balance between risk and reward and they only take calculated risks within their tolerance levels.  Being an investor is much different than being a speculator.  Millionaires don’t make their money in casinos (unless they own the casino).  Millionaires make their money by investing their savings in several investment vehicles across multiple asset classes such as cash, fixed income securities, equity, real estate and other alternative investments such as commodities, currencies and collectables.  For more information on how millionaires allocate their assets see the article Where to Invest Now?  Follow the Rich.

 

If you have some of the characteristics above you have a chance of becoming a millionaire.  If not, it is never too late to change your habits and start steering towards your financial goals.  If you are not already one of the 10 million millionaires in the world, we hope you will become one of the many more that are forecasted to become part of this elite group of financially successful people.