What struck me most was that these millionaires didn’t share common investment strategies. Many didn’t even realize they were millionaires because they weren’t focused on wealth accumulation. Instead, they shared five key character traits that propelled them to financial success.
The Five Traits of Multimillionaires
1. Persistence – These individuals kept moving forward consistently. They weren’t the type to jump ship whenever a new shiny opportunity appeared. Whether they were business owners or W-2 employees, they remained steadfast in their efforts to improve and excel at their work.
I’ve noticed this pattern repeatedly – people who chase after every new opportunity rarely build lasting wealth. Even when they occasionally strike it rich, they often lose it all chasing the next big thing.
2. Patience – The millionaires in the study weren’t in a rush. They waited for promotions, raises, and results without becoming frustrated or miserable. This patience complemented their persistence, creating a powerful combination that paid off over time.
Many people can persist but do so impatiently, making themselves miserable. These successful individuals moved forward steadily without the anxiety of needing immediate results.
3. Willingness to do both noble and mundane tasks – These millionaires never felt “too good” for any aspect of their work. They didn’t say, “That’s not my job” or avoid tasks they disliked.
Even in my own business, despite having financial freedom, there are aspects I don’t always enjoy. Creating consistent content sometimes feels redundant, but I do it because it needs to be done. These millionaires took ownership of their responsibilities, including tasks that might never receive recognition or reward.
The Abundance Mindset
4. Non-competitive attitude toward colleagues – Unlike the “climb the corporate ladder by stepping on others” mentality, these individuals didn’t view colleagues as competition. They learned from others in their field but weren’t trying to outdo or destroy them.
This reveals a crucial insight: these millionaires operated from abundance, not scarcity. They didn’t believe they needed to make others fail for them to succeed. They focused on improving themselves rather than comparing themselves to others.
I see this with my clients too. Some become discouraged comparing themselves to others with more resources, not realizing their own advantages. One client worried about competing with millionaire investors until we showed him that his lower expenses actually gave him a faster path to financial independence.
5. Minimal time spent on investments – Perhaps most surprisingly, these millionaires didn’t obsess over their investments. In fact, when they did focus heavily on investing, it sometimes hurt their net worth!
They excelled primarily at their core work – their business or job – which generated the income that fueled their wealth building. They were hands-off investors who didn’t let investment management consume their time and energy.
Beyond Net Worth: The True Path to Wealth
While these traits helped build impressive net worth, I want to emphasize that net worth alone isn’t everything. You can be a multimillionaire and still be broke if you don’t have passive income. This is why I advocate for alternative investments that generate cash flow, not just accumulation strategies that trap you in the save-and-slave cycle until traditional retirement age.
What these five traits really reveal is the power of an abundance mentality. When you operate from abundance rather than scarcity, you make better decisions. You persist patiently, take ownership of necessary tasks, avoid unhealthy competition, and don’t let investment management distract you from your core strengths.
This abundance mindset is the true secret to wealth – not just financial wealth, but happiness too. It allows you to be a wise steward of your resources while staying focused on using your gifts to create value and impact.
So if you’re feeling discouraged about your financial journey, remember that becoming a multimillionaire isn’t primarily about picking the right investments. It’s about developing these five character traits that will serve you well in all aspects of life.
Frequently Asked Questions
Q: How long did it take for people in the study to become millionaires?
The study tracked participants over a 20-year period from 1960 to 1980. While the exact timeline varied for each individual, what’s notable is that their wealth accumulation was gradual and consistent, reflecting their patient and persistent approach rather than get-rich-quick schemes.
Q: Do I need to change careers to implement these wealth habits?
No, the study showed that these traits worked across various professions. Some millionaires were business owners while others were W-2 employees. The key isn’t what you do but how you approach your work – with persistence, patience, willingness to handle all aspects of your job, a non-competitive attitude, and without obsessing over investments.
Q: How does passive income fit into this wealth-building approach?
While the millionaires in the study didn’t focus heavily on their investments, today’s wealth-builders can benefit from passive income streams that require minimal management. The goal is to have your money work for you without consuming all your time and attention. Alternative investments that generate cash flow can help you achieve financial independence faster than traditional accumulation strategies.
Q: Isn’t competition necessary for success in today’s economy?
Healthy competition as motivation to improve yourself is different from the cutthroat mentality of needing to defeat others to succeed. The millionaires in the study used others as pacesetters or examples to help them improve, but they weren’t focused on bringing others down. This abundance mindset actually led to greater success than a scarcity-based competitive approach.
