I also spoke with two financial professionals who work with many first-generation wealth builders, Michelle Richburg, founder of Richburg Enterprises, and certified financial planner Jacqueline Schadeck. Rachel Rodgers, CEO of Hello Seven and author of We Should All Be Millionaires, and Teri Ijeoma, an assistant professor, turned trader who has sold $30 million in online courses.
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To learn more about how to achieve this mindset, I interviewed two Black women multi-millionaires under 40. Without that mental drive, the other strategies are basically moot. This means believing that wealth is accessible to you and believing that you are worthy of wealth despite the systems designed to keep it from you. Rather, I would argue that changing your mindset or building a mindset conducive to wealth, is the first step to attaining it. Such approaches often fail to address the systemic and mental barriers faced by many of the marginalized groups who grew up without access to wealth. These statistics have made me wonder what it takes for a person to overcome humble beginnings and achieve the “American Dream.” What does it take to become a millionaire when you don’t come from money?Īfter interviewing dozens of unlikely millionaires, I believe the first step to attaining wealth - at least for people who are not born into it - is much more personal than building millionaire habits or investing wisely. millionaires are first-generation “rich.” That means they didn’t inherit their wealth, but built it. Stanley who studied more than 1,000 millionaires for his book The Millionaire Next Door, 80% of U.S. Even so, the same report notes that in 2020 alone, there were 1.7 new millionaires in the U.S. The growing wealth gap between the rich and the poor makes it seem impossible for most of us.Īccording to a recent Credit Suisse Global Wealth Report, millionaires represent less than 9% of the United States population. See more from Ascend here.ĭo you want to be a millionaire? Most people probably do - but it is, famously, not an easy pursuit. Investing is for everyone and it can help even the playing field. Finally, understand that a high income is not enough. Building wealth requires being intentional about managing your expenses - and, yes, investing.Don’t let fear stop you from pursuing wealth, or the kind of paycheck you need to support you and what you want to accomplish in your lifetime. Next, accept that money can do as much good as it can evil.This is the act of consciously paying attention to your thoughts and then choosing to entertain different ones instead. To overcome this mindset, and believe that you deserve abundance, practice thought work on a daily basis.To start, let go of limiting beliefs. When you grow up lacking money or the resources to make enough of it, thinking that there is a shortage of resources, or watching people around you live paycheck to paycheck, you may be more likely to believe that wealth is reserved for a select few.The author argues that changing your mindset, or building a mindset conducive to wealth, is the real first step.
The first step to attaining wealth - at least for people who are not born into it - is much more personal than building millionaire habits or investing wisely.
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