Last year, more American millionaires were made than anywhere else in the world. As a U.S. citizen, I am extremely proud of that! It shows that this country is still a land of opportunity. But, how can YOU make the most of it?
Let’s use the statistics as a guide to create your game plan.
2023 Made More American Millionaires Than the Rest of World
Recently, a study by Capgemini revealed that 500,000 Americans became millionaires in 2023 alone. Not only is that a 7.3% increase from 2022, but that means …
There are 7.43 million millionaires in the United States!*
Yes, that is all in the face of:
- Worldwide Inflation
- Worst time to buy a home ever
- Wars overseas
Not to say that these challenges aren’t difficult to overcome – they are. However, this does have an upside. It means that becoming wealthy is possible regardless of what is going on around you.
So, now you know it can be done … what next?
It’s easy. We reverse-engineer the “how” from the way other players made it happen.
Always OVERESTIMATE What it Will Take
It is not complicated, nor does it take a lot of steps to become a millionaire. That being said, it always takes more work to get to all the milestones along the way.
And, I believe that more Americans aren’t millionaires because they underestimate the work needed to get to $1 million. There is a simple way to fix it …
Change the goal from $1 million to at least $10 million.
With a new, higher objective, you’ll go further because the goalpost is further. That way, you end up in good shape even if you fall short.
Never Defend, Always Attack
Growing up, one of the worst things we learn about money is that we can save our way to wealth. The truth is you won’t find any millionaires – American or otherwise – who made their fortune that way. For this reason, you must fully commit to whatever business venture you undertake. Then, make revenue your top priority. The only way to have more money is to earn it. Yet, once you get it, you gotta know how to keep it.
Once You’re One of the American Millionaires, Stay That Way
Everyone who has attained substantial wealth puts their money to work once they get it. In short, that means investing in cash-flowing assets.
What those are NOT:
- Expensive homes
- Luxury cars
- Jewelry and watches
Whatever you put your capital into must pass the (Warren) “Buffett Test”: they don’t lose money.
At the end of the day, all these things are the bare minimum to become one of the new American millionaires. But, I would prefer you didn’t do that. Why?
Because I want you to become a member of the Billionaire Club!
*CNBC
