7 Secrets to Building Lasting Wealth

7 Secrets to Wealth-Building
by TRUE Millionaires

The tech boom and the stock market “bubble” of the 1990s have come and gone like a bright, shining dream. And visions of “instant millionaires” created by stock options and killer web sites have all but evaporated. So what really defines being “wealthy” in the 21st century and who has it…for real?

Thomas J. Stanley, author of the bestseller “The Millionaire Next Door,” interviewed 1,000 millionaires to find out what traits, attributes, and habits they have in common.

Stanley sorted through the “showboat” wealthy (those living affluent lifestyles but actually burdened with debt) to find the genuine “balance sheet” millionaires—those with solid assets between $2 and $5 million. And what he found is that the basic rules for creating and keeping wealth are still driven by old-fashioned, common sense values. Here are seven key factors that make a “real” millionaire:

1. They started their own business and acquired wealth by finding a profitable niche in the market. They also love what they do for a living, and are motivated by building a business—not by amassing wealth for its own sake.
2. “Real” millionaires live comfortable lifestyles, but they are not extravagant or wasteful. On the average, they live in homes valued at $350,000 and drive mid-priced cars.
3. They stay married to responsible, stable spouses who run tight, efficient households. Their mates clip coupons, buy household items in bulk, and keep track of the household expenses.
4. They spend less than they earn, and follow a savings plan as a life-long habit.
5. TRUE millionaires do not speculate when it comes to investments. Once their businesses have reached maturity, they invest wisely to grow capital. They rarely visit a casino to gamble, and almost never buy lottery tickets.
6. Most of the millionaires were average students who had little encouragement to succeed in life. They developed leadership skills through sports and nurtured determination and a will to succeed—on their own.
7. Two strong characteristics the TRUE millionaires all had in common were an unwavering belief in themselves and their abilities. They dared to think differently from the crowd!