What does it take to become a millionaire today? Is it luck? Passion? Hard work?
While these distinctive attributes definitely play a part, young millionaires also share the following qualities that have helped them achieve success.
1. They Have Emotional Support From Their Families
We all know that Mark Zuckerberg is the founder and CEO of Facebook. But did you know at the age of 12 he built his own messaging software called "ZuckNet?" Even more inspiring, the software actually worked and his father used ‘ZuckNet’ in his dental practice to alert him whenever there a was patient in the waiting room.
It turns out that many young millions have emotional support from their families at a young age. In fact, Nick Tart and Nick Scheidies interviewed 25 young entrepreneurs and discovered that with the exception of one, all received emotional support from them families that encouraged them to follow their dreams.
I personally have buy-in on every decision I make by my wife. If you don't have your family onboard with what you're doing, it will be very hard to push through when times get tough.
2. Begin With Something That Can Be Executed
If you take a closer look at young millionaires you’ll begin to notice that most of them got their start by making money off of something that was manageable. For example, review this list of 40 successful entrepreneurs who made their money before the age of 20 by John Boitnott. A majority of them started out small.
- Juliette Brindak, founder of Miss O And Friends, launched a social network for tweens.
- Sean Belnick started an e-tail shop that featured items like trading cards.
- Adam Horowitz founded the mobile marketing tutorial program Mobile Monopoly.
- Nick D'Aloisio developed an app and sold it to Yahoo!
- Tyler Dikman started repairing computers in the eighth grade. He started his own business, Cooltronics.
- Fraser Doherty made homemade jams using his grandmother’s recipe.
- Madison Robinson created Fish Flops at the age of 15 and has since branched out to create complementary apparel.
- Dominic McVey imported scooters from the U.S. and made a profit by selling them locally in London.
3. They're Honest and Personal
Speaker and author Jayson Lo states that being honest is one of most important traits that millionaires share. “Honesty is not just the best policy. Honesty will bring you people’s trust, which is the foundation of all relationships.”
One example of being honest is from Niall Harbison, founder of Simply Zesty. After losing three of his biggest clients in just three days, he penned 30 personal letters to his other clients thanking them for their business. He told the Telegraph “I’m currently writing 200 personal notes to go into books for certain people.”
4. Use Their Imaginations and Dream Big
Kelly Hoppen, founder of organic clothing, Earth Couture, says, “Visualize where you want to be every day and imagine what your life will be like when you get to that point. Every week I say to myself, ‘This week I want this or that to happen’ and I visualize it in my mind as if it were reality.’” Hoppen adds, “I was 30 when my bank balance reached the £1million mark. I remember looking at my bank statement and instead of feeling that I’d made it, I felt I could do more. Nothing is too big, and nothing is big enough.”
To get started, Tumblr founder David Karp suggests that you,“Find a space where you can be creative and a place where you are open for free thinking, you want to enjoy what you are doing and do what you are best at.”
5. They Were Told That They Wouldn’t Be Successful
It shouldn’t be a secret that most successful individuals have had to overcome an adversity. Whether it’s being rejected, tackling a health crisis, or handling a traumatic personal crisis, overcoming these hurdles helps keep us driven.
But, what if you were told that you weren’t going to be successful at all?
Michael Dunlop experienced this as a student with dyslexia. After being told by his teachers that he wouldn’t amount to much, it’s easy to understand why Dunlop dropped out of school and started blogging with Incomediary.com. Dunlop was able to retire by the age of 21. Dunlop knew he was worth something and then he did something about it by taking action.
6. They See Themselves As Self-Employed
Brain Tracey wrote, “The biggest mistake that you can ever make in your life is to think that you work for anyone else but yourself. You are always self-employed.”
Whether they’re trade penny stocks, designing websites, or running a multi- millionaire company, young millionaires may take the advice from their family members or mentors, but ultimately they’re going to make their own decisions based on their values and dreams.