Everyone dreams of getting rich, but few actually achieve it. So what does it take to make that dream a reality? According to a recent survey conducted by Ameriprise, the key secrets to wealth lie in the habits and behaviors of millionaires themselves.
In this survey of 580 Americans ages 27-77 who have at least $1 million in investable assets, participants revealed the actions and choices that helped them achieve financial success. Here are their responses, ranked from least to most common:
- Saving early and often: Many millionaires emphasized the importance of starting to save and invest as soon as possible. By consistently setting money aside, even small amounts can grow significantly over time.
- Living frugally: Cutting unnecessary expenses and living below your means was a common theme among millionaires. By avoiding overspending, individuals can allocate more money towards savings and investments.
- Investing wisely: Millionaires stressed the significance of making smart investment choices. Whether it be in stocks, real estate, or other assets, investing intelligently can lead to substantial returns.
- Working hard and earning a high income: While not the most common response, many millionaires attributed their wealth to their work ethic and ability to earn a high income. By advancing in their careers or starting successful businesses, individuals can significantly boost their wealth.
By following these steps and adopting the behaviors of millionaires, anyone can take significant strides towards achieving financial success. Whether it be through saving, investing, or working hard, the path to wealth is within reach for those willing to put in the effort.