The 5 Key Traits That Compromise A Millionaire Mindset
As F. Scott Fitzgerald said, “The rich are different from you and me.” To which Ernest Hemingway simply replied, “Yes – they have more money”. Fitzgerald and Hemingway hit the nail on the head. Millionaires are different. And put quite simply, it only comes down to the fact that they have more money. Ultimately, they work as every other diligent person does, but only a small percentage of the world's population eventually become millionaires. What sets them apart? Money or their approach to earning it?
Surely, it’s their rational yet staunch dedication to their ambitions and surroundings that crowns them with the "millionaire" label. However, the next primary distinguishing feature that separates millionaires from everyone else is their mindset. Very few people get a true glimpse into a millionaire's mind or have the privilege to work alongside someone that has achieved such great successes. But, those that do, realize just how complex their minds are. Success, especially at the millionaire level, isn't simply achieved. It takes years of dedication, hard work, and a strong work ethic that cannot be matched by just anyone.
They are strategic in their thoughts.
Millionaires have an unparalleled positive attitude; they see failure as a teaching moment and as a catalyst for improvement and growth. A good, very recent example is Kylie Jenner, a 20-year-old, almost billionaire, with a net worth of an estimated $900 million. Jenner can become the world’s youngest billionaire. But what sets her apart from other twenty-year-olds her age? Well, quite simply, it comes down to her mindset.
One of the most impactful millionaire mindset traits is that they understand how to think on a colossal level. Millionaires are not concerning themselves with thoughts like, "I want to make another billion dollars." Instead, they are thinking deeply about everything that very well could net them in their next big investment deal. For example, a millionaire may instead ask, "How can I free up more time in my schedule so that I can spend more time on the things that make me THE MOST money?" It is quite a lofty and loaded question, but also strategic. There is a method behind their madness and strategy in everything that they do and invest their time in.
They take charge of their destiny.
Do you believe that you are in charge of your destiny? This is yet another hallmark of a millionaire mindset. Millionaires truly believe they have the power to determine their destiny, or future, based on the decisions they make. This projection of energy into the future leads them toward action, consciously, and subconsciously to accomplish future goals. For instance, world heavyweight boxing champion Muhammad Ali, one of the greatest fighters of all time, pictured himself winning long before he would even step into the ring.
Not all millionaires achieve success right out of the gate. It is a constant grind and recovery from failure that molds them. Their failures also serve as a teaching moment for their mentors to step in and point out their opportunities for growth and development. For instance, millionaire Richard Branson has had several failures on his path to a 10-figure income. You may not remember this, but Branson originally launched a soda company called Virgin Soda, a Coke and Pepsi "competitor" that failed miserably. Branson learned from it, saying, "I learned only to go into businesses where we were palpably better than all the competition." He then went on to do some pretty amazing things, like founding the company, Virgin Mobile.
They are frugal with their money.
When it comes to investing, millionaires tend to have a poor mindset. They can easily invest in a new startup they feel has potential but choose not to. Instead, millionaires prefer to harness their inner frugality to become more creative and strategic in the business ventures they take on.
For instance, instead of investing a million dollars into a new business venture, they may ask the question, "How can I invest in this company without spending a dime." This is the broke mindset successful entrepreneur and investor Daymond John highlights in his book, The Power of Broke. The millionaire mindset is a rare thing that many only get a quick glimpse of, but the good news is that those that have spent time working hand-in-hand with some of the most influential millionaires, and been millionaires themselves, have shared the idiosyncrasies that drive their success.
They understand the concept of specialization.
Millionaires know how to utilize the talent around them and often have a team that specializes in the things that they aren’t an expert in themselves. This team complements and augments their skills. Millionaires understand what they’re good at collectively and also what they’re not the best at and also understand that a successful team consists of experts from different fields applying their knowledge to a common mission.
By following a business model of specialization instead of generalization, this allows teams to focus on their strengths and areas of expertise instead of spending time in areas where they are not as strong or do not enjoy. This minimizes each employee’s opportunity costs, maximizes their payroll expenses, and ensures that the company is valuing their desires and passions. As Mary Kay Ash once said, “Pretend that every single person you meet has a sign around his or her neck that says, ‘Make me feel important.’ Not only will you succeed in sales, you will succeed in life.”
They practice personal discipline.
And my last point I want to make is that Millionaires always remain disciplined. They have the same 24 hours within a day as everyone else, they just utilize it differently. They also reserve a power hour within each day, which is an hour to focus on the four key elements of life: physical, mental, spiritual, and relationships. They make time for reflection, goal setting, goal tracking, and maintaining focus. Most of us rush through the day with no real strategy or mission that we are focused on accomplishing and we often fail to make time for reflection. Those that learn to utilize the same strategies that they do can too, achieve the same success that they have.
In conclusion, millionaires are careful spenders, tough investors, and love taking risks. Study their habits, learn from them, and develop the same habits. And remember that getting and staying rich isn’t easy. Don’t strive to become a millionaire if you don't have the right mindset to live like one and can be strategic in your investments. And remember that the wealthy are very different. Yes, they have more money, as Ernest Hemingway noted, but they view every part of their business and personal life in an exceptional yet objective way.