Do You Have a Millionaire Mindset?

The millionaire mindset has been described in a number of different ways. But, researchers Thomas J Stanley and William D Danko found that there are specific profiles, things that the millionaires in your neighborhood have in common. Some of these things may surprise you.

For the purposes of this article, millionaires are households that have a net worth exceeding 1million USD. That’s the way that the researchers looked at it, too.
It might not seem like something we would need to mention, but the guy that lives in a half-million dollar house, drives a rented BMW and has all of the “status” symbols is probably not a millionaire. He is probably up to his eyeballs in debt.

One of the things that millionaires have in common, according to numerous surveys, is that they avoid buying status objects or leading a status lifestyle. They actually live below their means.

Anyone that continuously spends more than they earn will never be wealthy. On the other hand, anyone that invests every possible penny in private businesses and venture capital is likely to become a person of wealth.

The millionaire mindset is not simply one of thrift. Being thrifty is important. If you really feel that you need 50 pairs of shoes, then you probably don’t have what it takes to become a person of wealth.

Of course, there are wealthy people that enjoy the good life, buying the fanciest cars and the finest clothing. But, most of them didn’t build that wealth, they inherited it. They have managers looking after their parents' or grandparents' investments, while they do as they like.

When we talk about the millionaire mindset, we are talking about how people of average or “no” means end up owning their own islands. Think of Tony Robbins, for example.
Before he finally changed his attitude, changed his mind, you might say, he was out of work and sleeping on a friend’s sofa. Now, he owns his own island. There is no reason that the same thing couldn’t happen to you.

You need to look at everything as an investment. It might be an investment of your time or an investment of your money. Think. Is this the best way that I could be spending my time?

Let me share another secret of the wealthy, before I go. People with a millionaire mindset don’t spend much time watching TV. They spend time learning. You’ve just learned a little, but there’s always more to learn.