Factors that could make you a millionaire – Millionaires have always been fascinating. They achieve what most people want to achieve (financial freedom and success in their business endeavors), but few people actually achieve it. So, what is it that makes millionaires different from the average person? There have been countless books and documentaries looking at the factors and characteristics of these ultra-rich people.
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Luckily for us, they prove that none of us are completely doomed if we don’t have rich parents, as many millionaires had very humble beginnings. Here are the top 15 factors that make a millionaire, based on studies, surveys and the most trusted teachers of financial success. Once you read this, you’ll find that you have no excuse for not becoming a millionaire!
15. Diverse Investment Strategy
While saving your money is good, investing it may be even better. The richest of the rich all invest their money, so that they’re making more money off of the money they already have. This is known as passive income and it’s a wonderful thing. It allows them to have multiple streams of income and financial security. The millionaires of the world know that sometimes you have to make risky investments that will pay off in the long run but they don’t go dropping their cash foolishly. They know that they must try their best to avoid risks while maximizing potential rewards, and they carefully consider the risk to reward ratio of investments. They’re the ones that choose to invest in promising businesses or in real estate that will produce cash flow. They also favor the stock market. In fact, the World Wealth Report showed that in 2014, stocks overtook cash as the number one asset in portfolios of high net-worth individuals. But they don’t put all their eggs in one basket. Instead, they invest diversely and most of them (about 80%) enlist the help of a professional financial advisor. Nevertheless, they are actively involved in the decision-making related to their investments.