Secrets of self-made millionaires

If I were to define a millionaire as a dollare millionaire…that would at least make the club a little exclusive. If it is a millionaire – Rs. 1 million – i guess everybody walks into it :). Millionaire today has lost meaning. I guess the Indian equivalent should at least be ‘Crorepati’.

Here are some traits that I have seen among millionaires….

1. Spending because they need, not as a therapy: Most of the millionaires I know can take a bus, an auto, train, Meru cab, ordinary cab, car with driver, fly Y class, fly J class and fly first class – as the situation demands without any ego.

2. Like compounding, and do not let the process interrupt

3. Do very disciplined leveraging, if they do it at all.

4. Passionate about something, but equity / real estate money making is with the help of GOOD advise.

5. Invest in mutual funds, but still believe that collective systems of money making is sub optimal…

read on….

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5 Responses to “Secrets of self-made millionaires”

  1. Subra,

    Can you throw more light on , when you say ” collective systems of money making is sub optimal…”

  2. mutual funds, pms, ulips, …not created for an individual cannot be as dramatic as going from 30% in equities to 30% in real estate. Many of these people do. They would just sell 3.4 crores of shares to buy a 7 crore property….and they slowly rebuild their equity pfolio

  3. It’s time to get per Klarman

  4. hmm..@Klarman. like he says, hated stocks may be good thing to look at instead of expensive gold.bill bonner of daily recknoning thinks japanese stocks after being battered for 20 years might be worth a look.

  5. Japenese stocks may not be too bad afterall. Apart from looking at something that the world is shunning, Japan is not as bad financially as the West. It will find space in Australia, and other Asian countries, Lat Am, – use its capital and expertise, use labor from India, and other countries. It is used to all this unlike the arrogant Europeans. Japan a better bet than UK for sure.

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