Factors that Make Millionaires

Wealth Builders

Success is often measured by a person’s wealth, and other times by one’s achievements.

Millionaires measure their success by reaching one goal after the next. Commonly, this is initially acquiring a specific amount of money, and then time freedom, followed by helping others.

There are at least two broad categories of key success factors that are common to virtually all millionaires and successful organizations: business processes and human processes. Both are crucial to building great companies and making you a millionaire.

Millionaires learn to work on their business, not in their business. They get others to do what they don’t want to spend energy and time to do. They focus on money making activities, by having their business work hard for them rather than them working hard for their business.

Blueprint to Success

Many people want a blueprint with step-by-step action plans so they can become millionaires overnight. Well, that isn’t the real world.

We are all different due to our differences in background, education and experiences. Give two people the same blueprint and one will be successful and the other may not. Different personalities deal with problems differently, and not everyone likes doing the same type of business.

It’s important to do what you love doing; making money is secondary. Money will follow.

That is why it’s critical to go on the journey of transformation so that when you do make a lot of money, you’ll know how to make that money work for you. That’s the secret to what millionaires do. They learn not only how to have their money grow without them working, but they know how to protect their millions.

Millionaires have learned from their own experiences and those of others that to succeed in business one must avoid the following:

1) Becoming great at doing the work of the company.

2) Doing all the tasks in the company.

3) Lack of guidance, leadership, or coaching from the start.

4) Lack of intentional congruence in their marketing. (All your marketing communications should work toward a common goal.)

5) Haphazard advertising and lack of focus on marketing.

6) Failing to have a blueprint for the business following it.

7) Becoming exhausted from overwork and rarely taking vacations.

8) Being purely transactional (you must become ransformational).

Transformational Leadership

To succeed, you must be willing to take action. You journey to reach any goal start by:

* Be coachable: be willing to listen and learn from others, while still making your own decisions.

* Have a business plan: your formal statement of a set of business goals, your reasons they for believing they are attainable, and the plan for reaching those goals.

Become transformational: transactional leadership styles are more concerned with maintaithe normal flow of operations.

Transactional leadership can be described as “keeping the ship afloat.”

However, a transformational leader goes beyond managing day to day operations and crafts strategies for taking his company, department or work the next level of performance and success.

Transformational leadership styles focus on team-building, motivation and collaboration with employees at different levels of an organization to accomplish change for the better.

Transformational leaders set goals and incentives to push subordinates to higher performance levels while providing opportunities for the personal and professional growth for each employee. At this time you may be saying, “I’ve heard all this many times, but how I become a millionaire?”

You can learn more on ways to become a millionaire, by reading my new book ”The Makings of a Millionaire”

The book is also available on Amazon


Millionaires Around The World

In May 2012 Forbes reported that the Global wealth is now up to $121.8 trillion, a $9 trillion gain, in 2010. “Global wealth is at an all time-high.”

The U.S. still has the largest number of millionaire households, with an estimated 5.22 million, representing 4.5% of all American households. That is up from 4.75 million last year and up from 4.14 million in 2005. Of those, just 2,692 are ultra-high-net-worth households with more than $100 million in assets under management.

Japan is second once again with 1.53 million households, up from 1.24 million last year, but that increase is entirely driven by the exchange rate, not any appreciable gains. Notably Japan does not even rank among the top 15 countries in terms of UHNW households.

The “biggest growth engine” this year is China. It now has 1.11 million millionaire households, nearly one-third more than a year ago when BCG counted 850,000 and nearly triple the 410,000 it found in 2005. The big story there though is that it moved up five notches from 13 last year and was the only country to make that kind of jump.

India, the country to which China is most often compared, barely competes in these rankings. It has just 190,000 millionaire households, enough to place 11th, and 215 high net worth individuals.

The places with highest density of millionaires are Singapore, Switzerland, Qatar, Hong Kong and Kuwait.

Millionaire In The Making

Do you want to become one of them? Of course you do. Everyone want the freedom to do business in the way they choose. There is so much power in running your own business—and having a business that runs itself, which is the ultimate goal.

Making money is not the only goal of becoming a millionaire – it’s about freedom. Many people across the world are gifted with experiencing this freedom everyday.

How you can become one of these people? What kind of life, and business, do you want to run? Would you like to read your email from a private plane? These are the kinds of goal many people have in mind when the begin to forge ahead with their business ideas.

But the truth is that the rich and the successful – the millionaires off and online have about nine characteristics in common. The truth is we all have the potential for greatness, if we can train ourselves to keep.

Nine Factors Common To Millionaires

My next book “The Makings of a Millionaire” will be published soon, so get on my mailing list for the announcement. It was written to help people become millionaires. In my book I talk about the importance of developing a millionaire mindset, and understanding the factors that make millionaires.

Here is a list of factors that make millionaires, which I go into more depth in other articles.

1) They don’t blame. Successful businesspeople don’t blame others. Instead of making excuses for bad outcome, they take time to learn from their own mistakes.

2) The are decisive. Millionaire-types have a vision. They take quick, decisive action aligned their vision.

3) They trust their intuition. If an opportunity excites them, and sound like a great deal, they go for it.

4) They are singly focused on the Core business. Successful entrepreneurs may be inspired by ideas, but they remain true to their vision. They focus on opportunities that are aligned with their business’s purpose.

5) They are marketing focused. They understand the importance of building on the core business. They hire people with specialties in marketing.

6) They understand the importance of continued education. Successful businesspeople are always learning and drawing from other peoples experiences. They listen to how other people have achieved their success.

7) They are not afraid to make mistakes. The know that mistakes are building blocks for success. By making mistakes you learn what works, and what doesn’t.

8) They model their business for success. They model other people’s strategies, and systems. They constantly look for models of success in everyday life, and think how to incorporate those lessons into their own strategy.

9) They build a team to rely on. No matter what stage you are in with your business, you’ve got to realize you cannot do it all.

You should apply these characteristics of business millionaires into your business. Develop the millionaire mindset.

Making a million dollars takes time, so focus on making your first hundred, then your first thousand, and then your first hundred thousand.

Find success, gain riches, and live the kind of life you want to live.