About Self-made Millionaires
A lot of people are born rich, with extensive inheritances and lavish trust funds. However, others come about their fortunes through brains, intuition and a lot of hard work. These are self-made millionaires.
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Drive
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Self-made millionaires don't start their careers with a lot in their bank accounts, but they have a strong drive to succeed. This mindset helps them to see their way past any obstacle without giving up. It is what separates the marginally successful from the largely successful. According to Reader's Digest, about 80 percent of Americans with a net worth of $5 million or more came from very humble backgrounds, either middle class or lower.
Investments
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A lot of self-made millionaires amass their money through smart investments. Warren Buffett, routinely named one of the richest men in the world, did this. He made his fortune in the stock market and also started Berkshire Hathaway, a company with interests in insurance, annuity sales and jewelry sales. To make a lot of money from their investments, self-made millionaires practice patience--not always jumping at the next big thing but patiently watching their money grow. They also live frugally, even as they begin to acquire their fortunes, so that they can stay the course during bad times. Most Robin Leach-type millionaires are old money, not self-made.
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Authors
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An author can become a self-made millionaire almost overnight by writing a runaway best seller. That's what happened to J.K. Rowling, writer of the enormously successful Harry Potter franchise. Before Harry, she was a struggling single mother with an idea of a young wizard in her head. That all changed in June 1997, when "Harry Potter and the Philosopher's Stone" (later retitled for American audiences) was released in England. Through the incredible popularity of the boy wizard, she eventually amassed a net worth of over $1 billion. Another way authors find the golden goose is by scoring a mention on "Oprah." Oprah Winfrey's book club makes most any tome it features an overnight sensation, boosting sales by a million copies or more, according to the New York Times.
Courage
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Self-made millionaires are not afraid to take risks. Many self-made millionaires have failed more times than they've succeeded, but they start all over. For example, Steve Jobs was forced out of Apple in 1985 because of a disagreement with the board of directors. He then started a new company, Next, which bought Apple in 1997.
Considerations
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Some people consider "self-made millionaire" to be a misnomer. All millonaires had help from others in some way, whether it's start-up cash or moral encouragement.
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