How to become RICH?

They also are deliberate in choosing the right career path. They identify what they are good at and focus their efforts in providing value into the market. This provides them with a great return on their efforts, and is why the majority of millionaires are self-employed.

They are Self Made

Eight out of ten millionaires are first-generation wealthy. They started out just like you and I and put in consistent effort over time to eventually become a millionaire. Although there are plenty who inherited their extreme wealth, the facts show that 80% of millionaires started out just like everyone else.

Don’t Become Millionaires Until Age 50

We have all read the story of 16 year old who developed an app and became a millionaire overnight, but the truth is most millionaires don’t achieve millionaire status until age 50. This is because most millionaires earn a modest salary and focus on living on less than they earn, investing heavily over time, and achieving that millionaire status nearing retirement.

Children are Financially Stable

The majority of wealthy people also raise money-smart children. This means their kids don’t grow up and live in the basement forever, but instead are financially stable on their own two feet. The wealthy have developed good daily habits, they are careful with their finances, and over time this behavior is “caught” by their children.

The Majority are Russian

Fun fact here, but the largest majority of millionaires in North America are of Russian descent. One of my favorite speakers and businessman, Gary Vaynerchuk, has his famous quote on the top of his website: “I day trade attention and build businesses”.

Their Kids go to Private School

Wealthy people are extremely intentional of where they invest their money, including where their children go to school. The majority of their kids do go to private school, however the majority of wealthy also are first generation rich and attended public school. Personally, this is another fun fact, and if you’re wondering, the Peach children attend public school…and ride the school bus.

They Have College Degrees

Actually, four out of five millionaires in North America have college degrees. Although we love hearing about the Mark Zuckerbergs and the Steve Jobs drop out of college and become billionaires, the facts do show that this is a very very small percentage. The majority of wealthy have college degrees.

They PAY Attention and Invest

Wealthy people invest a minimum of 20% of their income and over time increase that percentage as they build wealth. They also spend double the amount of time on planning their investment strategies than non-millionaires. They take a very active role in understanding what their net worth is and are deliberate in paying attention to the value and returns on their investment.

Focus on values. I've known people who made some money, but I've never known anyone who got rich without examining their own values, priorities and beliefs. Start by writing down a list of things you value, things you believe, what you want, and what you plan to do with this incredible life you have. Start with your values.

Get a life. Before you can handle great wealth, you must make room for it. This is the old, "if you build it, they will come" model. Trying to squeeze success, wealth, fame or fortune into a small life won't work. Create a life first; the lifestyle of your dreams will follow.

Eliminate clutter. Trying to create success and achieve wealth while your life's a mess won't work. Success requires clear priorities and a passionate commitment. Simplify your life. Eliminate the excuses. Clean up everything that distracts you from reaching your most important goals.

Specify your results. Nobody can hit a target they can't see. Define your outcomes and set clear, achievable results in advance. Know what "success" looks like! Have measurable, specific outcomes and determine that you will achieve them!

Burn your ships. There's an ancient story about a Greek general who landed his troops on an enemy shore, then burned his ships. He wanted to make it very clear: Retreat and failure were not an option! Leave no room for failure.

Put in more than you take out. No one will pay you more than your services are worth! Get clear about that! You just can't fool people very long. Your services and your results must be far more valuable than the small fee you charge. Some people will rip you off; the rest will make you rich!

Live below your means. Rich people know this. Wealth is accumulated, re-invested, used wisely and given away. It is never spent! Let the millionaire athletes and folks who win lotteries buy the fancy cars and flashy jewelry. If you want to achieve great wealth, live simply, invest wisely, enjoy it all!

Get rich slowly. The key to great wealth is to minimize income, while maximizing your assets. Income is taxed. Income gets spent -- think about all the cars, boats, diamonds and houses people with huge incomes like to buy! Investing in assets that are hard to spend (buildings, stocks and bonds, collectible art, etc) creates wealth that is not taxed, and isn't spent on a casual impulse.

Pay lots of taxes. No, I'm not talking about paying more than you owe, but pay every cent the law requires. Rich folks don't haggle over nickels and dimes, they invest to make millions! If you can legally avoid taxes, do so! Use the law to your advantage when you can. But juggling the books to hide income or save a few bucks, wastes your time, wastes your energy, creates fear of getting caught, and makes you cheap. Don't do it!

Give it away. You can't take it with you when you die, and money is not attracted to the selfish, the miserly or the mean. If you would attract money to your life, be clear about what you want to do with it. Contribute to charities that will use it for good. Make the world a better, richer place and you'll create wealth that will last for generations to come. Your children will thank you!