By Michael Yardney August 3, 2020

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Research shows these traits suggest you’re child is more likely to become a self made millionaire

Michael Yardney's Commentary
Research shows these traits suggest you’re child is more likely to become a self made millionaire

I've got some good news for you.

We are all capable of developing the skills to become millionaires.

But you don't have to believe me.

These are the findings of Tom Corley's Rich Habits study - you'll find details of it in our international best seller Rich Habits Poor Habits

Tom surveyed a number of high-net-worth individuals, many of whom are self-made millionaires.

Interestingly he found most of these self-made millionaires did not get great grades in school.

In fact...

Only 21 percent of the self-made millionaires were A students.
Forty-one percent were B students.
Twenty-nine percent were C students.

In short, more of the self-made millionaires were C students than A students.

So what made them self made millionaires?

While you may think family background played a key role, 59% of these self-made millionaires were brought up in middle-class households.

And 41% were brought up in poor households.

Interestingly none of the people surveyed came from upper-class backgrounds.

Of course, I don't think that's always the case - it was more a quirk of his sample.

Clearly some wealthy people who are self-made, come from affluent families.

However, this goes to show that...

Where you start does not dictate where you finish

As Corley writes:

Success in life does not come easy. It is fraught with pitfalls, obstacles, failure, and mistakes.

Success requires persistence, mental toughness, and emotional toughness in overcoming these pitfalls. Its pursuit pushes you to the edge emotionally and physically.

You must grow a thick skin and become accustomed to struggle if you hope to succeed.

Individuals who struggle academically may be more accustomed to dealing with struggle and making it a daily habit to overcome pitfalls.

In short, people who struggle early on get the opportunity to become mentally tough and build a foundation for long-term success.

This is what really matters

Corley found (and I fully agree) that most successful people are great at delaying gratification - they are great at withstanding temptation.

Also most successful people are good at overcoming fear in order to do what they need to do.

Of course, that doesn't mean they aren't scared, they're scared just like everyone else. But they're brave.

Now that's a big difference.

Your school grades don't matter.

So if your goal is to become wealthy someday and you didn't get great marks in school, that's OK.

The past, especially your school past, doesn't define you.

And of course, "school" is really never over. Successful people are lifelong learners.

As Corley also writes:

It is now clear that one's IQ can change over their lifetime. It's not fixed. You can increase your IQ all during your life, even into your 80s.

Self-made millionaires do certain things every day that improve their brains and continuously increase their intelligence during their lifetimes.

And you can too.

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About Michael Yardney Michael is the founder of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media.