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It takes discipline, NOT a big salary.
Raw Numbers
69% of millionaires earn less than six figures.
80% of millionaires invest in their company’s 401(k) plan.
75% of millionaires build wealth through long-term investing.
Other Notable Mentions
Many millionaires don’t come from money.
Many millionaires didn’t attend elite colleges.
Many millionaires earn their money through long-term investing.
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Millionaires are everyday people who decide to manage their money differently than most; they don’t necessarily do anything special; they’re average people who make millionaire decisions.
Millionaires Don’t Always Make Big Bucks
It’s easy to fall into a popular belief that millionaires made big bucks to reach their financial status, but the truth is that many millionaires reach their financial status through modest habits:
Budgeting
Consistent investing
Living below their means
If you give it enough time, paired with the right actions, you can achieve millionaire status. It takes discipline, not a big salary.
So, even if you don’t make a six–, seven–, or eight-figure salary, you can reach millionaire status with the proper financial habits.
“[…] What kind of salaries do wealthy people make? Not as much as you might think. The majority of millionaires in this survey didn’t have high-level, high-salary jobs.
In fact, only 15% of millionaires were in senior leadership roles, such as vice president or C-suite roles (CEO, CFO, COO, etc.). Ninety-three percent of millionaires said they got their wealth because they worked hard, not because they had big salaries.
Only 31% averaged $100,000 a year throughout their career, and one-third never made six figures in any single working year of their career.” (Dave Ramsey)
Do you still believe a six or seven-figure income is necessary to build wealth? I hope not; reaching this financial status is available and possible for you.
What This Means For You
If you apply the proper habits, you can create wealth for yourself, loved ones, and others you feel compelled to give to.
Does it take time to build wealth with a five-figure salary? You bet your ass. But time will pass anyway, right? Instead of worrying about how much money you make or how long it will take you to reach millionaire status, apply the most powerful trait of financially thriving individuals: consistency.
Consistency with what, though?
Investing
Living within and significantly below your means
Educating oneself about personal finance and investing
People who reach millionaire status on average income don’t get caught up in the game of materialism. They don’t get caught up in the upgrade lifestyle. They don’t get caught up with lifestyle creep. They don’t get caught up in trying to prove how much money they earn to others. They get caught up with being consistent.
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Source: The National Study of Millionaires
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.