I have been studying the lifestyles and trends of many millionaires and I am finding some common trends.  Yes, I have read The Millionaire Next Door, The Millionaire Mind and many biography’s of the rich and famous.  There are commonalities that most millionaires share and one of them is common sense.  I have compiled a list of common characteristics that the wealthy have in common.

1) Millionaires have amazing work ethic and desire to succeed: It’s not about just working hard or smart.  It’s both!  The majority of millionaires work about fifty-nine hours a week where the average joe works forty or less. 
  
2) Millionaires understand there the power of leverage: They leverage other people’s time, talents and money for wealth accumulation.  Here is a great example. A great Real Estate investor may have ten amazing realtor’s looking for their next best deal.  The entrepreneur may spend a fair amount of time looking for their next deal, however, they will do their best to leverage experts time for their benefit.  It’s just smart business.

3)  Millionaires are passionate about what they do: Most millionaires have created and continue to create businesses around their passion.  They are successful because they put in the time, energy and effort into their businesses.  It is easy for them to do because it doesn’t seem like work to them most of the time.

4)  Millionaires have multiple sources working for them at once:  We have all heard the term multiple streams of income by now.  An internet entrepreneur may have 10 or more businesses, or streams of income; online at one time.  Each business is making a profit for them.  Most have several businesses and many millionaires just don’t tackle one project at a time.

5) Millionaires are surprisingly conservative: The millionaires that make and keep their money and resources have a long term plan for their success.  They tend to spend less than they earn, living well below their means.  Those that come into new money are not wise investors and tend to be spenders.

6) Many have become automated millionaires: They pay themselves first even before they pay the government.  They may take 10-15% of their income and have that automatically withdrawn from their income so they will never miss that money.

7) They love to give: Many millionaires are giving at least 10% of their income to a charity of their choice or pay tithing to their church.  This helps enrich their lives and the lives of many others.  It also helps them manage their money.

Millionaires have mentors: Yes, all successful people seem to have mentors that have helped them avoid the pitfalls and trial and error they may experience on their own.  They love to learn from those who have been there before them and save time and money learning from the mistakes of others.

Of course there are many more examples of what the rich and famous do with their time, energy and talents.  Now it’s your turn to start another stream of income.

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