The 6 biggest myths about millionaires

Before you can make a million, you need to get past the myths surrounding what it's like to be a millionaire.

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121Comments
Mar 14, 2014 12:59PM
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It has taken someone I know 50 years of hard work to attain this status and she can't understand why people despise her. People despise her because Obozo preaches through word and actions that people who have attained wealth are to be despised. It's an easy sell because too many want without work.
Mar 14, 2014 1:50PM
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It's a shame success if so despised.  Mostly due to envy, political agendas.  Most millionaires are self made.  Most are the most productive.  Most hire the most people and provide jobs.  Most give to charity.  Can you say any of those things about those on welfare who continually complain?
Mar 14, 2014 1:09PM
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good article…  One key is beginning young.  If you start small early, it's 10x easier than beginning later to try to reach that goal.  I bet most of the millionaires interviewed were not in their 30's or 40's… probably 50's or 60's and started in their 20's investing.  Either in the market or in themselves. Reinvesting your money into yourself is one of the biggest differences for success.  Trusting in God I would personally say is the best advice.  I know many people don't agree, but being honest, humble, and helping other people when that success comes is most important.  Just because someone is successful doesn't mean they will be happy as well.  A relationship with God will bring joy to that success.
Mar 14, 2014 2:05PM
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This article is outstanding!  I grew up in a three bedroom, two bathroom house.  We drove cars until they fell apart.  We drove cars that cost less than $20,000.00  We drove Corollas.  My mother wouldn't buy me expensive clothes (except for special occasions) but instead insisted we shop off clearance racks.  Heck, we even went to Goodwill and thrift stores. 

We did take very nice vacations including all over the United States, Mexico, Canada and Europe.  However, being young, I thought we were lower middle class.  After all, poor people drove our cars.  Poor people shop at Goodwill.

Then, my senior year of high school, I had to fill out the FAFSA.  My parents helped with most of it.  When I was done, I was offered a bunch of loans.  I asked my father how much to accept.  He told me none.  When I asked why, he told me that I have a trust fund that will pay for college and grad school.  I told him that trust funds are for rich kids.  His reply, "you are."  We then had a discussion in finances.  I learned my father was a multimillionaire. 

When I asked why we lived the way we did when we had so much money, he asked me how I thought he acquired so much wealth.  That answered my question.  

Mar 14, 2014 1:37PM
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All the ( millionaires) I know are always working..  Got to go!!! I'm late for work.
Mar 14, 2014 1:32PM
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Start small, finish tall. Form a system and stick to it. Avoid gossip, fads and nay-sayers. Take calculated risks. Hang out with people richer and smarter than you. Know a lot of people. Learn how to talk in public. Save save save. Learn from mistakes, but don't let them haunt you. Never give up. Enjoy and celebrate your success.
Mar 14, 2014 1:09PM
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the article makes valid points.  my husband and I have worked blue collar jobs our for most of our lives.  we're both educated, but the kind of work we're passionate about as a career is generally not the kind of job that makes one wealthy.

however, we don't live beyond our means and we save in several different retirement accounts.

we already hit the million dollar amount once, until the crooks on Wall St helped tank the economy.  thankfully, we diversify and even tho our savings took a hit during the crash, we are rebounding nicely and will still have a comfortable retirement.

having said that, I don't know anybody who begrudges wealthy people their money as long as it's earned through honest work.  its when people achieve wealth by being greedy and exploiting others that it is viewed negatively.
Mar 14, 2014 1:26PM
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How to attain a million dollars is the same methodology as eating an elephant - one bite at a time.

Start young and small amounts saved at a regular pace will add up. All it takes is persistence and dedication.

Mar 14, 2014 1:50PM
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I consider myself  fortunate to  be  a  "thousandaire".

Mar 14, 2014 2:04PM
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Thanks for posting this article, it was very encouraging.   I've been playing with the notion of starting my own business but keep worrying that it might not be successful.  Time to quit chickening out and get to work.
Mar 14, 2014 1:28PM
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First off $1 million isn't what it used to be.  In the 1980s you were someone if you made $1 million.  Now a days the list grows by several hundred more names each year.  Heck a Billion in the 1980s was rare and now that list has over 100 people on it.

 

 

Mar 14, 2014 1:45PM
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A million in assets may mean something in Birmingham, Alabama but not much in San Francisco, California.  A house can cost you a million in California.   Instead of a million, say 10 million.  Much harder to make that level than the 1 million.   Remember also that a double by pass operation can take out that million in assets pretty fast.
Mar 14, 2014 3:05PM
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The President leads by his actions of calling out the successful for not paying their fair share.  Not only do they pay their fair share, they pay most others share as well.  If you want to be rich, get off your ****, quit making excuses and make it happen.  It aint easy.  I know because I made it happen for myself.   While all my friends were out partying, having all the latest cool stuff, I was working my tail off, saving and making due with thing I had.  Started my own business and retired at age 38.  Im 50 now and have loved every minute of my life.  I cant stand it when someone says, I wish someone would gimmie what he has.   Lazy losers.
Mar 14, 2014 1:54PM
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I know a handful who are at that very high income status. From knowing these people, I agree that one needn't be smarter, frankly intelligence and reflective/critical thinking will dissuade most from taking the risk in the first place. Indeed to start your own business means assuming risks and assuming debt on the front end; and given that 90% of businesses fail in the first two years and, 50% of those surviving the first two years will eventually fail as well. How is this not risk taking? I agree that many are indeed tenacious, maybe even a bit delusional, LOL; but I have a real problem with the media propaganda machine and politicians equating these risk-taking ventures with "hard work," actually it's just extreme pushiness and being willing to sell rather vacuous products, such as "motivational speaking", marketing consulting, and until the housing bust, real estate mortgage lending jive which involved a bit of sales but mostly processing paperwork that your average $35K secretary could handle. Finally, I believe the main commonality would be no responsibilities (children, parents, family, mortgage notes, etc.). Most people who have children or other responsibilities take the path of least risk - not going to quit their rather stable jobs to become motivational speakers traveling the country. In America, we used to call people who were stable and took care of responsibilities "the backbone of America." You don't have to be a millionaire to TCB people.
Mar 14, 2014 2:14PM
Mar 14, 2014 2:24PM
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A million dollars really isn't that much anymore, considering a lot of people have 6 figure incomes.

I'm of the opinion that anyone that hasn't saved a million dollars before they retire probably just didn't want to work that hard, or was more interested in spending it all on stuff along the way.

It's really not how much you earn that's an issue.  It's how much you spend.
Mar 14, 2014 2:20PM
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It takes great discipline adnd luck to get to that point but keep your nose to the grinstone

Mar 14, 2014 3:38PM
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I'm one of the people this story is about.  Everything written in it rings true to me.  I'm certainly not lucky (except for being born in this great country!) and in fact consider myself unlucky (which I prove every time I go to the gambling tables).  I always sat that the only luck I have is the "luck" I make for myself through hard work.  I do believe that the best investment you can ever make is to invest in yourself.  Taking the risk of working for yourself is part of this investment.  It's all about taking a risk, really.  I left a 9to5 job to pursue my dream, and the first two years are rough.   Maxed out my credit cards, almost had the electricity turned off.  Even after I paid the cc companies off I couldn't get a new card for years.  But I stayed the course because I believed in my business plan.  So this is not for everybody.  Wealth becomes a reward and measure of success for taking all the risks of pursuing the dream.  Now that I have achieved success after decades of work (and generating good jobs for hundreds of people) I am so sad that our government is hostile to entrepreneurs and vilifies people like me.  All they are interested in is systematically transferring my wealth to others and thereby creating a huge block of thumb-sucking, resentful "something for nothing" dependent voters.  I'm deeply embarrassed by the behavior of the "Baby Boomer" generation (of which I am one) who are greedily burying their children and children's children in mountains of debt so they can have what they want today.  I hope the current generations will wake up to the debt scam being perpetrated upon them by the Boomers and use their votes to stop it.
Mar 14, 2014 2:50PM
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These myths are the ones Obama lies about all the time! He hates the middle class and hard working people, remember "you didn't build that". I know millionaires and they work ALL day and never give up on a project, they are good and caring people who all DEMOCRATES are jealous of because Obama and his kind tell them too!  
Mar 14, 2014 3:01PM
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Hey, hows  come msn won't allow comments on other Money topics like: Cash prizes for Obamacare?!!
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