Things to (not) do to become a millionaire

Published in El Pais, 18 Feb 2018

The 80 most wealthy people in the world possess about 2 trillion USD and that is the same amount the rest, 3.5 million people possess. Seems unfair, doesn’t it? To make you even feel more bad, only 11 of those 80 people inherited all their fortune, the rest built it up from almost nothing. When I read this, I thought I must be doing something wrong to not be in that list of 80 people.
I checked around to see what those people do different than the normal mortals like you and me. (in the case you are one of those 80 and reading this, please call me). The following reasons caught my attention.
First, the rich see many opportunities; obstacles are something that needs to be dealt with; whereas, the poor see the same opportunity but get limited by the first obstacle and give up.

Second, is reading. It has been shown that 98% of the poor do not read and thus their decisions are not based on facts or evidence. The rich however read a lot which makes enhances their decision making faster and correct. In addition, the rich are not afraid to keep learning and expanding their knowledge.

Third, rich people also are not afraid to invest instead of saving. Nobody ever became a millionaire putting their money on a savings account, and with the current rate of interest corrected for taxes and inflation it is more likely you are losing money in the bank. Conversely, investing means taking a risk, which is something the poor don’t do. The poor prefer using the money for the new car, house, expensive phone, cosmetics, than starting a business.

Fourth, often you hear people telling all the things that can go wrong on a possible business opportunity as a reason to not even start. Rich see threats as challenges that needed to be solved to reach their goals. Thanks to their creativity and positiveness they solve them and proceed.
The last one is to wake up early and don’t watch TV programs or phone Apps. Poor people watch much more hours TV or phone Apps. Rich use that time to read, study, eat healthy and do sports. This all creates a positive and healthy mind which can pursuit the goals you have in life without needless things.

Nos these aspects are part of my set of goals, let’s see if I can manage.

About Arnold Hagens 257 Articles
Arnold Hagens is Economist with strong interest in technology, health and coaching

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