By
Svetlana Soroka
April 18th, 2024
Becoming a millionaire can be triggered, for example, by a breakthrough in a new venture, in a young industry.
The desire to be a millionaire is almost everyone’s goal but the traits are scarce in many. While a lot of people are working towards this career end goal, understanding what it takes is literally eluding most people. Life coaches often advocate that a 9-5 work schedule is not a route to getting rich, but is this really the truth?
According to an interview with 233 millionaires over 5 years, CNBC Contributor, Tom Corley highlighted the top 5 traits that are peculiar to these wealthy individuals in the United States.
Lack of Adequate Pay
There are only a very few individuals who start their own businesses without first working for someone. What this means is that the majority of people get to work for someone at some point in their careers. While there are some who had great pay, the majority of the interviewed millionaires were grossly underpaid.
Living in an economy where bill payments can cripple, these millionaires had to make the bold move to quit their unprofitable jobs. After quitting, some found new opportunities that offered better remuneration while others had to start their own businesses.
Presence of a Draining Commute
The life of a millionaire is a very complicated one, especially as it concerns commuting. Many are always on the move as business or work can take them everywhere. This is a requirement for most executives, however, to last long doing such tasks, a balance should be sought out. In cases where it is possible, it is better to secure a job closer to the city or county of one’s residence.
In the case of a business, most millionaires start out in the regions where they are best known. Once the business is successful, then it can expand to a new jurisdiction just like Tesla Inc (NASDAQ: TSLA) is doing. Burnout is real, and millionaires should try to avoid this as much as possible.
Presence of Toxic Bosses
Many millionaires exhibit the traits to launch out on their own because of their toxic bosses. Having an unappreciative boss at work is not an uncommon affair and these bosses have succeeded in being the main motivator for entrepreneurs who launch out on their own.
In Tom’s interview, one millionaire shared how repulsed he was at his boss for never giving constructive feedback. This same employee finally left alongside other employees who started their own home construction company. They built significant wealth over time.
Being Underutilized
While there is advocacy against being overused and overstressed at work, employees do not love to be underutilized as well. Many people have redundant jobs and those who know their worth may be unable to cope with such. Different scenarios can be presented to showcase redundancy and this can be a trigger for a new startup.
Unsteady Industry
Uncertainty in a particular industry can spell a good opportunity for those who are ready to seize it. There is instability in many industries, especially new ones but pioneers tend to benefit more in the long term. Becoming a millionaire can be triggered by a breakthrough in a new venture, in a young industry.