Common misconceptions about being a millionaire

What are some words that come to mind when a person thinks of a millionaire? You are most likely to say that a millionaire is someone who loves to show off their money, owns a big and very expensive yacht, and buys sports cars like they are packs of gum at your local convenience store. While your guesses are certainly not without warrant, you will be surprised at what an actual person with a lot of wealth looks and acts like; not all millionaires are greedy spoiled brats who love to spend their money whenever they can. Here are a few of the misconceptions that many people usually have about millionaires.

Millionaires love to flaunt their money

No, it is definitely not true that people with an impressive amount of wealth will show off their money every time they get the opportunity to do so. There is no minimum amount you need to spend every month to be able to call yourself a millionaire; in fact, it’s spending too much because of your ego that will most certainly get you out of the millionaire position. Most millionaires understand this and try to focus on something more important when they think about money, and that is to try not to lose it.

The fact is: Not every millionaire is like Paris Hilton or Kim Kardashian; some of them prefer to stay simple. Contrary to popular belief, some millionaires like to live humble lives away from the spotlight. Just take a look at Mr Warren Buffet; the man still lives in his old home despite his success at investing.

Mr Buffet also enjoys simple activities such as watching the game on television and eating cheap junk food despite being labelled as one of the richest individuals in the entire world. I know more regular employees who live more extravagant lifestyles than Warren Buffet; this man is a true example of how your lifestyle does not necessarily show how much wealth you have.

Millionaires are special and different from other people

Of course, you can’t blame yourself whenever you turn on the news and think that Bill Gates has special qualities that enable him to make a ton of money every second. You see names like Gates, Jobs, and Buffet and ask yourself why you are where you are and they are on top of the business world.

It is normal to think that successful individuals are a special bunch, but this is far from the case. In reality, millionaires are just like you, me, and the other individuals going about their day to day lives.

The fact is: The fact is anyone can be a millionaire like the big names on your television screen. Millionaires, get up in the morning, work to maintain their success, get tired, and look forward to some rest. Extremely rich people do the same things normal people do every day.

The difference is they have the proper attitude that helps them achieve their success. They pay attention to small details like no other people can (especially details regarding money) and maintain an active lifestyle that pushes them toward their goal. Send out your CVs if you hate your job or pitch a great idea to possible investors if you have a unique profitable idea; whatever the case, be sure to have a goal you can work towards.

Common Misconceptions About Being A Millionaire

Millionaires are secure and have nothing to worry about

While having a lot of money in the bank can certainly help a person feel more secure, it does not guarantee that everything will turn out all right. With all the uncertainty in today’s markets, millionaires who are not prepared to handle difficult situations can easily find themselves at the bottom of the pack; just ask the people who lost their high-paying jobs back in 2008 and are struggling to find decent work.

Just because a person has a lot of money does not mean that he or she will always have that money; things can change quickly just like the stock market can crash in a day.

The fact is: If you want security, you have to prepare, prepare, and prepare some more. Keeping a lot of money can be very difficult work. Many successful businessmen spend countless hours watching the news and looking out for problems so that they can find ways to tackle them right away. Some of them even hire teams of analysts that they can turn to when they need some sound financial advice. Whatever the case, you can be sure that millionaires use their different resources and a significant amount of time finding ways to keep money from slipping out of their grasp.

Millionaires studied at the most expensive and famous schools

You do not need to go to Harvard, Yale, or any other top Ivy Leagues school to become successful in making the big bucks. Just ask the likes of Bill Gates (Microsoft) and David Murdock (Dole Foods); these two successful people both went to college and eventually dropped out after realizing that another year in school is not for them.

Other college dropouts who exceeded expectations are Oprah Winfrey, the late Steve Jobs of Apple, and Facebook founder Mark Zuckerberg. I guess it is safe to say that not everyone who drops out of school ends up broke and jobless in the streets.

The fact is: While understanding the business world in school can certainly have its advantages, you can find other ways of learning outside your school’s classrooms. Truth be told, you don’t really need to spend a ton of money going to an expensive school to become successful; what you do need is an open mind and the right attitude to help you learn.

Go to factories, ask experience people in the industry you want to go in, walk around the city and see what product people might need; all these are learning opportunities that most people would ignore. Being successful is about more than the school you come from.

Recommend0 recommendationsPublished in Inspirations, Success Mindset
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Founder @ The New Savvy
Anna Haotanto is the Advisor (former CEO) of The New Savvy. She is currently the COO of ABZD Capital and the CMO of Gourmet Food Holdings, an investment firm focusing on opportunities in the global F&B industry. She is part of the founding committee of the Singapore FinTech Association and heads the Women In FinTech and Partnership Committee. Anna is the President of the Singapore Management University Women Alumni. Anna invests and sits on the board of a few startups. Anna is also part of the Singapore Chinese Chamber of Commerce & Industry Career Women’s Group executive committee. Anna’s story is featured on Millionaire Minds on Channel NewsAsia. She hosts TV shows and events, namely for Channel NewsAsia’s “The Millennial Investor” and “Challenge Tomorrow”, a FinTech documentary. Anna was awarded “Her Times Youth Award” at the Rising50 Women Empowerment Gala, organised by the Indonesian Embassy of Singapore. The award was presented by His Excellency Ngurah Swajaya. She was also awarded Founder of the Year for ASEAN Rice Bowl Startup Awards. She was also awarded the Women Empowerment Award by the Asian Business & Social Forum. Anna has been awarded LinkedIn Power Profiles for founders (2018, 2017), Tatler Gen T, The Peak’s Trailblazers under 40 and a nominee for the Women of The Future award by Aviva


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