How Self-made Millionaires became Rich
By Joshua Emmanuel Wong profile image Joshua Emmanuel Wong
2 min read

How Self-made Millionaires became Rich

I've been fortunate to be mentored by self-made millionaires since I was a teenager. I had many in-depth discussions with CEOs, entrepreneurs, and multi-millionaires. The majority of them began with little to no money. A study by Fidelity Investments found that 88% of all millionaires are self-made and

I've been fortunate to be mentored by self-made millionaires since I was a teenager. I had many in-depth discussions with CEOs, entrepreneurs, and multi-millionaires. The majority of them began with little to no money. A study by Fidelity Investments found that 88% of all millionaires are self-made and did not inherit their wealth. This exemplifies that anyone can achieve financial success if they put their mind to it.

Coming into wealth isn't always easy for self-made millionaires; most of them worked extremely hard to achieve financial success, and then had the foresight and savvy to invest their new wealth wisely. So, what do these self-made millionaires do to amass their fortunes, and what can you learn from them?

Here are four of the most important practices I've picked up from talking with these self-made millionaires.


1) They are constantly investing
The millionaires I've met are constantly investing from their savings or earnings. Because these millionaires invested their money on a regular basis in their early years, their wealth grew over time. Making prudent and calculated investment decisions is also crucial to their success. Investing necessitates a substantial amount of effort, patience, and knowledge. You have to put in the work in order to become an astute investor.

2) They are very frugal
The vast majority of self-made millionaires are frugal with their money. These self-made millionaires were extremely careful and diligent with their finances because they started with nothing. While frugality will not make you wealthy, it allows you to save a significant amount of money, which is essential for investing.


3) They don't keep up with the Joneses
Trying to keep up with the "Joneses" is how most people get into debt. We live in a society where everyone tries to keep up with their peers by owning the same expensive items. Most people spend the majority of their earnings on the latest technology, designer handbags, or trips to exotic locations.

Self-made millionaires, on the other hand, are more concerned with accumulating future wealth than with acquiring material possessions. They understand that investing early is wiser than upgrading to the latest Mercedes. They will only freely spend on themselves and their families after they have achieved financial stability.

4) They have multiple income streams
Many self-made millionaires have multiple streams of income. The self-made millionaires I spoke with do not rely on a single income source. They diversify their portfolios by investing in stocks, real estate, or other sources of passive income. They are constantly on the lookout for new ventures and opportunities to invest in.

By Joshua Emmanuel Wong profile image Joshua Emmanuel Wong
Updated on
Money Articles