Aspire To Be a Millionaire? 3 Important Money Secrets You May Be Overlooking
Written by
Dawn Allcot
Edited by
Katie Wudel
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Becoming a millionaire is about more than just earning and saving money. While a high income helps, you may have heard the term “High Earner, Not Rich Yet,” or HENRYs. These are people who are making money and spending it as quickly as it comes in, either due to lifestyle choices or simply because of the high cost of living in their area.
You may also hear about people who earn and lose fortunes quickly. They might make money, but they are not attracting wealth with any staying power. So, with this in mind, it’s important to realize that you may need more than a high salary — or smart investments — to become a millionaire, although both help.
Steve Adcock, a self-made millionaire who retired at 35, had both a hefty paycheck working in information technology and some wise investment picks in his portfolio. But it was the personality traits he nurtured along the way that helped him build that wealth. He recently shared his three tips for financial success with CNBC.
Optimism
“If you adopt the mindset that you can do almost anything you set your mind to, that level of optimism will shine through in the work that you do and make it 10x better,” Adcock told CNBC.
That doesn’t mean adopting an attitude of toxic positivity, where you refuse to recognize negative situations or can’t feel down over loss of any kind. Rather, it means knowing that, even if things are bad now, you have the skills and resources to face your challenges head-on.
Also, Adcock pointed out, being a generally happy, upbeat person will attract more opportunities — and opportunities can help generate wealth.
Emotional Intelligence
Adcock pointed out, “Developing a strong emotional intelligence [or emotional quotient] (EQ), or a heightened awareness of other people’s emotions, as well as your own, will get you much farther in life.”
But that’s not just Adcock’s opinion.
One study by TalentSmartEQ showed that people with high EQs earn $29,000 per year more than those with lower EQs. Honing your skills of self-awareness, empathy, and self-control can help raise your EQ, which can lead to increased success in the workplace.
Perseverance
Finally, Adcock touted the personality trait of perseverance, but was quick to point out to CNBC that it doesn’t mean never giving up. “Rich and successful people give up all the time,” he told the news outlet. “What’s more important is knowing when and how to give up, and not giving up on your dreams too quickly.”
Cultivating these traits won’t make you wealthy overnight, but can give you the tools to advance in your field, help you attract opportunities for financial growth, and, ultimately, lead to a better life — whether your goal is to make a million dollars or just be more successful by whatever standards you are setting for yourself.
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