If you want to be a millionaire don’t follow your mates

According to the latest World Wealth Report by Merrill Lynch and Capgemini, there are approximately 172,000 Australians who are millionaires. (The definition of millionaire is in US dollar terms and excludes your own home and other lifestyle assets.)

This is a very low figure given that most people, if asked, would say that they want to be millionaires. The figures is so low that it means that only 1.07% of adult Australians actually are at their goal. (Based on ABS population data at June 2007.)

So if you want to become a millionaire don’t benchmark your wealth creation activity based on what those around you are doing. Chances are that following them will lead you to a destination other than becoming a millionaire.

If you want to become a millionaire find some smarter friends to also hang around with – ones that expand your thinking and horizons. And if you have to (and you probably will), pay to hang around with smarter people who have achieved the goal; i.e. a mentor.

Author: Matt Hern

Certified Financial Planner professional, Matt Hern has three times been awarded as one of Australia's Top 50 Financial Planners by The Australian Financial Review Smart Investor. He is passionate about guiding you on the right financial choices to achieve what you really want. Matt Hern is an Authorised Representative of Charter Financial Planning Limited AFSL 234665. All information is general advice only.

1 thought on “If you want to be a millionaire don’t follow your mates”

  1. Millionaires have the knowledge, wisdom, and skills to get knocked down financially and get back up to reclaim what it meant for them.

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