American writer and financier Thomas Corley spent five years studying the lives of millionaires. Then, he organized the knowledge he had acquired. His research resulted in books about habits, thinking and psychology, decision making, risk-taking, and other characteristics of wealthy people.
Corley, among other things has researched how millionaires make their fortune. There are three types who are most likely to succeed.
This category comprised less than 22% (or so) of all the wealthy people I studied. The “saver-investors”, who did not have debt, had passive income that was sufficient to support their standard of living.
Five things were common to them all:
These savers took 32 years to build an average wealth of $3.4 million.
My study found that 27% of the wealthiest people were “virtuous.” These wealthy people were successful in their profession, career, and industry. They were the best at what their profession required.
These people worked in large public companies where stock compensation made up a significant portion of their pay, or were entrepreneurs/owners of small, highly profitable businesses.
To accumulate an average wealth of $ 4,000,000, it took 20 years for the most virtuous.
My study revealed that the “dreamers” were the most wealthy group. They were people who had a big dream and made it a reality. They eventually achieved a great deal of income and earnings. In twelve years, they had an average of $ 7.4 millions.
The most important thing is that wealth can be achieved in many ways. You don’t have to be risk-averse to make it rich. You don’t have to be a dreamer or interested in making a career out of your passions. Being virtuous at what it is you do for a living can make you wealthy. You don’t have to be a great saver or a skilled virtuoso in order to chase your dream and become a millionaire.
The only thing that matters if you want to become rich is to find a path that suits you, and then follow it for many years. All levels of shared wealth share one thing: the fact that it takes many years for wealth to accumulate is the common denominator.