Compare Yourself to a Millionaire

Statistics of a Millionaire

These statistics are taken directly from The Millionaire Next Door.

Today about 80% of Americans are first-generation rich. Which means they did not inherit their money, they created their wealth.

“80% of millionaires have a college degree.”

“About two-thirds of American millionaires are self-employed.”

“About 66% of the millionaires surveyed worked between 45- and 55-hour weeks.”

“Most of the businesses these millionaires run are considered “dull-normal.” These people are “welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.”

I also found a statistic that it takes them an average of 17.2 years to become millionaires. Very interesting statistics. How do you compare to the average millionaire?

Mindset of a Millionaire

I read every book I can about becoming a millionaire and wealth. Most of them seem to say, work hard, take action, persevere and believe you can do it. The common theme I see in all of them can be summed up in one word, self-esteem.

The best definition of self-esteem comes from the Six Pillars of Self-Esteem by Nathaniel Branden. He says, “Self-esteem is:

1. Confidence in our ability to think, confidence in our ability to cope with the basic challenges of life; and

2. Confidence in our right to be successful, and happy, the feeling of being worthy, deserving, entitled to assert our needs and wants, achieve our values, and enjoy the fruits of our efforts.

A millionaire recognizes the value within them before they become a millionaire. If you don’t think you’re worth a million dollars, then you will never be worth a million dollars.”

So if you don’t think you are worthy, what can you do to change that?

How is Your Self-Esteem?

Think about your self-esteem. Ask yourself these questions:

Do you have confidence in your ability to think?

Do you have confidence in your ability to cope?

Do you have confidence in your right to be successful and happy?

Are you worthy, deserving, and entitled?

Can you live your values?

Do you think you are worth one million dollars right now as you are?

These questions are extremely intangible. It’s hard to answer them, but just asking them will start moving you in the right direction.

If you want to start working on your self-esteem pick up The Six Pillars of Self-Esteem. I felt a bit cheesy carrying around a book about self-esteem but it is one of the top five books I’ve ever read.

Do you have a goal to become a millionaire? If so, how do you compare? What do you think self-esteem has to do with it?

This post was in the Personal Finance Carnival hosted by My Journey to Millions.

 

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Hi I’m Jaime. Each and every week I bring you the top business advice from the people who know best.

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16 responses

  • I just wonder about self-esteem….. why don’t more people believe in themselves?

    If you don’t believe in yourself, nobody else will believe in you! It starts with yourself!

    Best,

    Sam

    • It does start with you! But the hard part is being aware of that fact. It’s so much easier to rely/blame on others than to have personal responsibility. Thanks Sam 🙂

      • I wonder if men and women look at self-esteem differently?

        Women talk about self-esteem much more than men it seems. Do you think women have lower self-esteem?

        • I’m not sure. In reading the Six Pillars of Self-Esteem it sounds like both sexes have issues with it. I think self-esteem (the word and the concept) have gotten a bad wrap. It’s something teenagers have issues with, or non-confident women.

          But it truly encapsulates so much more. It’s about being 100% honest with yourself, being authentic, and living within your values. Everyone can improve their self-esteem.

          I think men and confident women don’t want to have ‘low’ anything. So we avoid it!

  • Some of the statistics in relation to the millionaires is quite staggering – how long it takes them to earn their first million and the kinds of jobs they’re doing. Thanks for the insight!

    • You are welcome! I was amazed finding the 17.2 years stat too. Apparently I will be writing at this blog for a very long time! 🙂

  • I have that book just waiting to be read; good to know it’s a good one 🙂

    • It’s VERY good. It’s mostly stats, but if you love learning about mindset (and I read your blog so I know you do!) then you will love it. 🙂

      • Actually you probably meant Six Pillars of Self Esteem- oops! Yes excellent book. Jay and Sterling were right on!

  • I find that I possess the mindset of a millionaire, without the discipline of a millionaire. So I’m building that at the moment. Thanks for the book recommendation.

    • Ah you are lucky! The mindset is harder to grasp than the discipline in my opinion. 🙂 Good luck!

  • I agree with FinancialSamurai. First step is to believe in yourself. It’s almost like, if you don’t love yourself, how can you love others?

  • I’m a welder and I am determined to become a millionare by 25 I’m currently 20 I believe anything is possible to them that believe in there self!

    • Saving 200,000 a year might be a bit of a dream Maybe reverse
      Engineer that a bit to make a realistic time frame. Make it something
      That you can achieve then you will succeed

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