Title: The Millionaire's Mind
Contents
In Thomas Stanley's book “The Mind of a Millionaire,” who is now the best seller in the United States, he published a study of 1,300 millionaires and found commonalities among millionaires.
1) I had a dream. In other words, they had their own hopes and visions for how to make tomorrow.
2) I lived a life faithful to the basics. They didn't have any special secrets, but they faithfully practiced what everyone knew.
About half of millionaires went to second-class schools and had poor admissions grades. Education and grades did not have a significant impact.
And most of them grew up being told that they weren't born with exceptional intellectual talent and weren't smart enough to succeed.
It's just that they didn't properly inherit their parents' inheritance. However, the secret to most success is to faithfully observe the following 10 basic principles.
1) Honesty (trustworthy person) and temperance (expenses far less than income, “Do not get drunk with wine, for this is debauchery, but be filled with the Holy Spirit (Ephesians 5:18)”);
2) Maintaining good relationships (“Be gentle and humble and love one another”),
3) Reconciliation with your spouse and active support of your spouse (“He who loves his wife loves himself (Ephesians 5:28)”),
4) Diligence (“If you do not want to work, do not eat” (2 Thessalonians 3:10)),
5) A positive spirit of challenge (“Be strong and courageous, I, the Lord, will be with you wherever you go (Joshua 1:9-10)”),
6) Use time and opportunity wisely (“Therefore, be careful how you walk, not as unwise, but as wise, saving time” (Ephesians 5:15-16));
7) Choose a profession that is right for you, work hard, sweat hard, and persevere (“He who is sluggish with his hands will become poor, and he who has diligent hands will become rich” (Proverbs 10:3-5)),
8) To have leadership qualities that many people can truly follow (“Not to be served, but to serve (Mark 10:45)”);
9) Be organized, meticulous, and thorough in everything;
10) Have the ability to sell your ideas and products (creative wisdom and the ability to sell).
* Millionaire's Spirit
There are about 100 million households in the United States. Excluding the value of their homes, there are 3.5 million households with a net worth of more than $1 million. According to data conducted by Dr. Thomas Stanley and Dr. William Danko, who have studied these millionaires, they are hard to recognize on the outside. 80% of these are self-made singers without parental help.
The millionaires of Yosai are highly educated people. Of these, only 1 in 5 did not graduate from college. That is, most of them have a college education. 18% have a master's degree, and 6% have a doctorate.
Of the 3.5 million heads of households with net worth over $1 million, 83% attended public school, while 55% of their children attended private school.
Two-thirds of these millionaires work 45 to 55 hours a week. Their average age is 57.
These millionaire families, which make up only 3.5%, own 50% of America's personal wealth, and their number is growing faster than the general population.
A survey of millionaires in the United States by ancestral hometown. British people accounted for the most at 21.1%, followed by Germany, Ireland, Scotland, Russia, Italy, France, Holland (Netherlands), Native Americans, and Hungary.
The ancestral country with the largest number of millionaires in the United States as a percentage of the population is Russia, where 22 millionaires out of every 100 households are millionaires, compared to only 7.7 millionaires in the UK.
Russian millionaires are estimated to have $1.1 trillion in assets, equivalent to 5% of personal wealth in the United States. The second largest number of millionaires by population are of Scottish descent, and third are Hungarians.
Of these millionaires, only 19% received inheritance or trust funds, and fewer than 20% inherited more than 10% of their assets. More than 50% of them never inherited a dollar. Over 50% received no tuition assistance from their parents at all.
There are also 5,000 households making more than $5 million a year, or one in 20,000 households.
The typical millionaire lives in a house that doesn't cost more than $320,000, and has lived in the same house for more than 20 years.
More than 50% of these respondents said they had never bought or tried on a suit that cost more than $399, and never paid more than $140 for a pair of shoes.
Now that the oral story has been told, we introduce the story of two indiscreet, moody buyers.
Boxing star Don King bought 110 pairs of shoes in two hours in Atlanta, paying a total of $64,100. The most expensive of these shoes is a crocodile leather shoe, purchased for $850.
Don King's purchase of $64,100 worth of shoes at a time broke Magic Johnson's record of $35,000, the Atlanta Journal Constitutional magazine reported on June 4, 1995.
These two millionaires are different from typical millionaires, who have a lot of fun.
How would you rate an individual's ability to measure wealth? For the sake of interest, let me introduce you to a new formula.
Pretax Annual Household Income Multiply your household income by the age of the head of the household in the years before tax deductions. Then divide the answer by 10. If your net worth is more than this amount, you can say that you have managed your assets well, otherwise, you are saying you are not doing well.
Let's take an example. If Mr. Kim is 44 years old and the household's annual income is $50,000, multiply by 44 times 50,000 to get $2,200,000. Divide this amount by 10 to get $220,000. If Kim's current net worth, that is, assets minus all liabilities, exceeds $220,000, he can be evaluated as a good asset manager.
This formula is, of course, applied in the United States, but it doesn't seem to make much of a difference if applied in Korea.
Another thing millionaires have in common is that they have strong beliefs in their abilities, have wives who are not wasteful, and their children are thrifty.
There are many Koreans who immigrated to the United States with difficulty and became millionaires through sweat and hard work. There must be no doubt that these people not only have strong thrift and thrift spirit, no different from typical millionaires, but also believe in their abilities.