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Tom Corley, an accountant and financial planner, recently interviewed 225 millionaires as part of a five-year “Rich Habits” study and outlined his findings in a new report for CNBC.
Corley said of all the people he interviewed, each one fell into one of four categories in how they approach money-making.
Categories of Millionaires
- The first category is the Saver-Investors, people who make it a habit to save and invest their money. Corley said these people are constantly thinking about smart ways to grow their wealth.
- The second category is the Company Climbers, those who work for a large company and dedicate all of their time and energy to climbing the corporate ladder until they nab a senior executive position with a high salary.
- Virtuosos make up the third category of millionaires. Corley said these people are highly skilled workers who are paid a premium for their knowledge and expertise. This path typically requires a formal education or training.
- And the fourth type of millionaire Corley encountered was the Dreamer. These people make their millions by following their dreams, whether that be starting a business or becoming a famous actor.
After categorizing the types of millionaires, Corley next identified some of their most common habits that he said anyone can adopt.
Top Habits Of Millionaires
The first habit was automating their savings, Corley said. He noted that every Saver-Investor he interviewed consistently saved 20 percent or more of their net pay, each paycheck.
Another habit among millionaires that Corley reported was regularly investing a portion of their savings.
The final habit that all of Corley’s interviewees had was that they were extremely frugal. That included being aware of how they spent their money and spending their earnings on quality products and services.
It also meant spending the least amount possible by shopping around for the lowest price, Corley said.
Click here for the full story from CNBC.
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