14 Signs You May Become a Millionaire!
Entrepreneur magazine recently posted an article detailing characteristics of people who had achieved the status some of us dreamed of as young people – becoming a millionaire! DISCLAIMER: Life isn’t about money (did we need to say this at all?) It’s about the journey and fully experiencing life – with all its ups and downs – each day. But money has its uses, and having a little more of it sure beats having too little!
Please tune in this week as Wayne offers 14 indicators that, if you possess some or all of these traits, you might hit that rare financial height (Credit Suisse says that only about one half of one percent of the world’s population gets there!). Upon reflection, you may notice that most of these 14 traits are pretty common sensical and contribute to quality of life even if you discount the money factor 100%! What are your thoughts on this subject? Please share with us in the comments.
We are down to the final few seats for the last Contractor Business Boot Camp class of 2023. Enroll your rising high-potential leaders NOW to this one-of-a-kind leadership development program and give them the opportunity to learn the skills they will need to run a successful construction business. The 2024 classes will start in Feb in Dallas and April in Raleigh. Please contact Charlotte at ckopp@familybusinessinstitute.com to learn more about the program.
Hi everyone. This is Wayne Rivers at FBI, where We Build Better Contractors.
This week I want to talk about 14 signs that you might, just might, become a millionaire. So first, let me give you a
disclaimer. Life is not about money. Life is about the journey, but money makes things easier sometimes. And if you think
about the movie, the original movie Arthur with Dudley Moore and Liza Minnelli, Arthur is in danger of losing his $700
million fortune. And Liza Minnelli, who's never had money, asked Arthur's grandmother, who's fabulously wealthy,
"What's it like to have money?" And the grandma says, "Well, It doesn't suck."
So, life isn't about money, it's about the journey. But having money can make things a little easier from time to time. So,
Credit Suisse, the big international bank, said that there are 42 million millionaires worldwide. That's one half of one
percent of the population.
So, if you can get to that seven figure thing, then you could say that you've been financially successful. So, there's 14 signs
you might become a millionaire.
First, you worked and earned money at an early age. So, for me it was mowing lawns, delivering papers, things like that.
Number two, you have an action oriented-mindset.
Number three, you invest in your employer's retirement plan. Why wouldn't you?
Number four, you have a sense of urgency, and you don't wait for the right time, whatever that is. I've heard so many
people over the years delay or defer or fail to make decisions at all because, "It's not the right time."
And if you wait for the right time, it's like sitting in your truck in the morning and waiting for every stoplight on the way to
the office to turn green. It's not the right time. Move ahead, feel that sense of urgency. And in construction, it's so
important to keep that mindset active.
Number five, you're frugal. You live below your means.
Number six, open-minded when it comes to opportunities. You're not laser-focused on this or that. Opportunities can
come in lots of different ways.
Number seven, this would not apply to some of us, but you were popular in high school. According to Credit Suisse, that
is a factor.
Number eight, you live below your means. And so, there was a great book, I can't remember the author's name, I haven't
read it in 20-plus years, but it's called The Richest Man in Babylon. And it's a parable about the value of saving for a rainy
day. And it says specifically save 10%. And it goes on to give example after example of why that's a good thing. But great
little book, easy read, maybe 80 or a hundred pages. Pick it up if you get a chance.
Number nine, you defer gratification. Have we ever talked about the marshmallow experiment? But anyway, you defer
gratification. You can withhold your funds today in order to achieve something bigger and better later.
Number 10, you set SMART goals. What's SMART? Specific, measurable, action-oriented, realistic, and timely. SMART
goals.
Number 11, you stay married. Ohio State University says that divorce reduces a person's wealth by about 77% on average.
I always thought, well, divide everything up. It's 50-50. But they say, Ohio State says, 77%. That's, gosh, that's just shocking. Traumatizing, in fact.
Number 12, you know your strengths and your weaknesses, and you play to your strengths. So, there's a great story about
Mickey Rivers, the former center fielder for the New York Yankees, no relation. And Billy Martin, the volatile manager at
that time. And they got into a fight, and I think it may have devolved into a fist fight in fact, in spring training one year.
Because Billy Martin wanted Mickey Rivers to focus on improving his weaknesses. And Mickey River says, "That's not why
we're here. We're here to improve our strengths." And they had a philosophical argument, and got into a fight. Well, who's
right?
Well, business researchers today seem to fall on the Mickey Rivers side of things. We can't all be good at everything. None
of us are good at everything. Play to your strengths and trust the people on your team to offset your weaknesses because
their strengths are different from yours.
Number 13, you're optimistic. You can't be in construction if you're not optimistic.
And number 14, you are a non-smoker. Big health tip.
Okay, 14 signs you might become a millionaire. What do you think? Please share with us in the comments, what do you
think? What are the characteristics of people that do achieve that one half of 1% financial success?
This is Wayne Rivers at FBI, where We Build Better Contractors.
