Saturday, March 19, 2011

Learning Lessons From America's Millionaires

America's millionaires are just ordinary people, and most got where they are through persistence and hard work.
In fact, 80% of them weren't born rich. Here's what we can learn from them.

1.) Successful people understand that becoming wealthy doesn't happen overnight. They establish long term goals and adjust their daily behavior to achieve them.

2.) They are always willing to take risks and aare not afraid to take chances to things that don't involve a guarantee (like paycheck).

3.) They don't drive fancy cars or live in million-dollar homes because they live below their means. They usually don't fall as preys to the consumer lifestyle trap.

4.) Generally, they are fastidious savers, socking away on average 20% of their annual income.

5.) They are wise investors because they are careful about what they invest in. Millionaires educate themselves about investing, seek advice from investment professionals and they choose high-quality stocks and mutual funds. They invest consistently with long term quality investments.

6.) They're "tax-smart". They know that owning a business and being able to deduct business-related expenses is a good tax benefit.