These are simply my notes/thoughts shared with you that I’ve accumulated by spending time with hundreds of millionaires over the last three yeas. To be clear, these insights are through my personal lens of the world - collected from private conversations, observations, and masterminds.

My #1 business goal is building a platform that leads to 20+ Momentumaires *(up from 10 Momentumaires because I realized we will actually hit that goal soon) in the next 5 years.

I’m looking to partner with people who want to get to the next level. The journey is much more fun together. That’s why I take these notes and share them. 

If you're interested in connecting, feel free to reply to this post or follow my newsletter: --> more than 14,000 readers enjoy the newsletter weekly! 

Before we start, here’s some overall statistics about millionaires:  

• Only 6.71% of the US population are net worth millionaires despite multiple generational opportunities to create wealth.

• Only 20% of Americans inherit their riches (Investopedia). 80% are self-made, first generation millionaires.

• The average US millionaire age is 62. Only 1% of millionaires are below 35 years old.

• According to Boston Consulting Group, 70% of wealth in the United States is controlled by millionaires & billionaires.

• Real estate is the most popular investment for millionaires.

• Finance and investment industry have the most millionaires, followed by fashion and retail, real estate, and technology industries.

Read My 25 Insights/AHA’s/Lessons about Millionaires:

#1. They Understand Wealth Building Takes Time. Generally, 5-10 years after starting a business is when the net worth millionaire status is achieved -- though there are a few outliers who do it in 2-3 years who take massive action. Then it can take another 10 years after the first 1M to get to $10M. What gets you to $10M will likely be something different from what gets you to $1M.

#2. They Understand Timing and Industry Type is Critical to Business Success. If you do the right thing at the wrong time it doesn’t matter. You must do the right thing at the right time (and often also in the right place). For most, they’ve made a ton of mistakes over the years doing the wrong thing. They are hyper aware of their mistakes and are not afraid to talk about their mistakes publicly; they just never give up. They’re in constant pursuit. Many go through multiple market cycles and preserve until they do the right thing at the right time. Along the way they learn and take their lessons with them.

#3. They Have a Higher Risk Tolerance. Many of them lost everything/a big chunk and/or declared bankruptcy in 2008. They take on much more risk than the average person. But they never give up when they fail. They see the challenge and get after it with urgency. They bet on themselves. They experience fear but do it anyway. They believe that security (W-2) will not get you to live a big life. Always choose the opportunity door vs the security door. In most cases, according to their thinking, there is much more risk in W-2 (no control, limited upside) than entrepreneurship (betting on yourself, total control, unlimited upside).

#4. They Leverage Quickly. The wealthiest of them all leverage out of their jobs the fastest so they can work on their business vs in their business. When you think you’re the best at something, it’s time to leverage out of that role and move to the next thing. Otherwise, it’s just pure ego (blind spot that prevents them from growth) and selfishness from not creating job opportunities for their community. They also recognize that there’s different levels of success, and each one of those levels requires them to become a new person to get there. They shed their skin and identity often. They leverage so they have the ability to shed their skin and take on new self-identities, since we often identify ourselves based on what we do.

#5. They Live by Long Term Thinking, Immediate Action. They’re focused on building horizontal income (passive cash flow, long-term) while recognizing that immediately building a business through systems (tech and people) is what will actually move the net worth needle. Cash flow is the key to financial freedom and is a long-term game, with short-term urgent actions to achieve it. Once they have passive income that is higher than their living expenses, it gives them freedom to explore their other passions (health, family, adventure, etc.). Also, only after financial freedom do they start to do lifestyle creep. They often live on a tight budget and are extremely purposeful of how and where they spend their money. They never say “I don’t know…” And if they don’t know, they just say they’ll get back to you quickly. They often don’t buy things before they can afford them (on credit). They have an internal wiring that they must earn things, not just get them via debt.

#6. They Adapt Quickly. They recognize that they’re fairly poor at predicting the future and are willing to change their mind and pivot/adapt quickly based on changes in the market or new information. They see change as an opportunity as long as they are aware enough to change with it. The ones who change the fastest to the never ending, evolving market generally have the highest level of business success.

#7. They’re Not Afraid of Doing Whatever It Takes. When they commit, they mean it. There’s a high level of integrity of what they say they’re going to do and the level of follow through. This is the primary reason why others want to work with them. They make things happen with urgency. They don’t wait. The time period in which they make the decision to do something, and their actions to make it happen, is extremely narrow (many times within minutes their ideas begin to get implemented). They have a system and track nearly everything they do with their time and money. They demand results. They are also not afraid to say they will outwork anyone or learn any skill set to succeed. They’re obsessive.

#8. They Partner with Others Who Are All-In. They understand that big success doesn’t happen on their own. They can go much further for much longer with the help of others. They seek partners who push them, encourage them, and hold them accountable to results. They study their and others internal wiring. If partners have the same strength, the one of them is not needed. They look for others who complete or compliment them and who also work at their pace. Visionaries seek integrators, and integrators seek visionaries. Together, they are rocket fuel. Specifically, the happiest of them all have a life mate (spouse) who grows with them personally and professionally. They share their successes together. They are proud of their spouse, defend them unconditionally, and respect them deeply at all times.

#9. They Understand Importance of Health & Relationships. While more money can definitely make you live a happier and more flexible lifestyle by paying to remove things you don’t like to do from your life, it cannot help you be fulfilled, fix all of your health problems, or create meaningful relationships for you. After becoming financially free, their number one focus is health and relationships. In general, the sooner you can become financially free, the better it is for your health and relationships. It gives you time for creative freedom vs time for money work.

#10. They Minimize Big Expenses. They are focused on how to minimize their largest expense: taxes. They seek out experts or asset classes that help them minimize their tax burden. They frequently review (at least quarterly) their financials to cut things they don’t absolutely need.

#11. They Have Strong Success Habits and Often Wake Up Early. The majority of them, even after becoming financially free, wake up early and exercise. They also do journaling, meditation, and have strong sleep habits. They ultimately have success habits that keep them focused and healthy – both physically and spiritually.

#12. They Read Daily and Research. They read or listen to 10-20 books per year. Not only that; they talk about what they’ve read with others frequently. They reference the people they follow and learn from when you talk with them. Further, they research their interests deeply. They won’t just read a book about something – they’ll actively seek out a valid mentor or mastermind, email the author for additional questions, and immediately get involved. They look to get face-time with experts who have done it before them to get an idea of their presence and energy.

#13. They Actively Avoid the News & Negativity. They pay attention to policies and understand the basics, but the majority of them don’t actively watch the news. When they talk about politics, they talk about policy and ideas and not about people and gossip. Similarly, they avoid drama/negative talk and even avoid watching drama TV shows.

#14. They Reinvest Constantly. They reinvest their money back into their businesses, themselves, and experiences often. They invest in their lifestyle after their passive income is high. They reinvest because they think about their long-term impact and legacy.

#15. They Learn from Their Regrets. They commonly feel regret letting business get in the way of family/relationships/health. They look to fix their regrets and teach others not to make the same mistakes. They think about what it will be like on their death bed when making big decisions.

#16. They Take Notes. They understand they can only remember so much so they’re always carrying notepads around with them or are taking notes on their phone so they don’t forget things or good ideas. They also take notes so they don’t have to ask twice. They look to understand things the first time. Just show me once, and I got it, they say. This is also a reflection of respecting others time.  

#17. They Seek Out Mentors. They seek out mentors who are valid in their field and those mentors help them get to the next level. Often these mentor relationships are some of the strongest in their life outside family. When they seek mentors, they research them diligently, give back to them when they can, and treat them with extreme respect and care. When crisis hits, they get together with their mentors for guidance.

#18. They’re Not Afraid of Conflict. They’re not afraid of conflict or to interrupt a conversation to get clarity; instead, they enjoy conflict. They don’t want to miss anything. They question a lot of things like a child would - asking “why” - and don’t let things go past them without understanding it. They don’t care about appearing dumb and will actively share what they don’t fully understand yet.

#19. They Share Their Story. Many are strong in story telling and telling their story specifically. Stories are the currency of memory. They know each chapter of their life and what it means because they’ve taken time to reflect. They feel that they are the author of their life, writing a new story each day.

#20. They’re Comfortable Being Their True Self. For example, they generally don’t wear the clothes you’d expect – although they do like new technologies/gadgets (because it’s associated with the future and often have missions behind them). They don’t care too much about conforming. They do and say what they feel with less care of how others will feel about it. Still, they intend to remain hyper aware of their ego to make sure it doesn’t go too far. And when they do go too far, they know it and apologize.

#21. They Give A Lot and Care Deeply. They care a lot about their communities and others – a lot more than they may show or say directly. Many sit on boards for non-profits or run non-profits for things they’d like to see changed. They use their unique business skills and donate their time and money to solve problems that piss them off.

#22. They Take Accountability for Outcomes. There’s virtually ZERO victim language in the conversations they have. In fact, they share the bad stuff that happened to them and how it made them into the person they are today. They’re not afraid to share and they own the result or lack thereof. They even take ownership for things that are obviously outside their control – “I should have seen that coming.”

#23. They’re Forward Thinking. They don’t hang onto the past and move forward quickly. They look to the future while attempting to live in the present. One of their biggest struggles is being present with those they love while their mind races about what can be done or accomplished in the future for those they love. They have dreams and can visualize them.

#24. They Have Mixed Backgrounds that Gives Them Purpose. The majority of them do not come from wealth. The majority actually experienced the opposite. Extreme poverty, some sort of abuse, bullying, etc. that caused them to want to break the wheel (have purpose) to pull themselves out of that life and/or they have a big dream that pushes them to get to the next level. Even though it may seem that way, it doesn’t just happen / born that way. Something happened that make them who they are, and who they are is what caused them to have massive financial success.

#25. They’re Selective. They don’t spend time with everyone. They say no a lot. You must earn a seat at their table. The majority of the time it must be someone who also thinks big and gets results or wants those things.