Jamie Catmull, host of The Richer Way, has spent years interviewing more than 100 millionaires — from high-powered CEOs and industry leaders to self-made entrepreneurs — to uncover the key to their success.
"I wanted to help people take more control of their finances … share how (highly successful people) dealt with setbacks and came out stronger,” Catmull reveals in a CNBC article. “They don’t sit around waiting for anything, certainly not luck, because they make their own.”
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Catmull has identified some common traits we can all learn from. Here are three that stood out the most and what research says about why they’re so important.
1. They’re highly disciplined
Discipline came up repeatedly in Catmull’s conversations with millionaires. Jaspreet Singh, CEO of Briefs Media, told Catmull that discipline is a factor that sets many millionaires apart.
“It takes a lot of discipline to get up when you don’t feel like it, get to work before everyone else, stay after everyone else, and keep working when people say you’re working too hard,” he said.
That discipline includes delaying gratification and committing to investment over the long term.
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According to The National Study of Millionaires by Ramsey Solutions, 94% of millionaires surveyed said they consistently lived below their means, and 75% said their secret to success lies in "regular, consistent investing over a long period of time."
2. They embrace failure and uncertainty
Rather than fear setbacks, millionaires welcome them as opportunities to learn and pivot.
“You don’t learn to walk by following rules,” Virgin Group founder Richard Branson told Catmull. “You learn by doing, and by falling over.”
Barbara Corcoran, real estate mogul and Shark Tank investor said she has used the ‘fake it till you make it’ mindset to push through her fears and dive into the unknown: “You must learn not to second-guess yourself.”
Research supports this growth-through-failure philosophy.
According to the Harvard Business Review, entrepreneurs who fail early and try again are more likely to succeed in future ventures, especially if they learn from their mistakes rather than fear them.
This attitude applies to investing as well, exploring alternative investments and taking educated risks as part of a diversified portfolio. Working with a financial advisor can help in this regard.
3. They don’t let their past dictate their future
Catmull found that some of the millionaires she interviewed had overcome significant adversity.
Instead of letting early hardships define or trap them, they used those experiences as fuel. Derik Fay, founder of 3F Management, shared that he experienced he grew up in poverty and experienced abuse.
“For the longest time, I thought my childhood was going to define me as a victim,” he said. “Then I discovered that the exact things I thought had destroyed me … had the power to redefine me.”
Lynette Khalfani-Cox, known as The Money Coach, also grew up in poverty. Her parents tried to make ends meet with five girls in the home.
“My dad was a shoe shiner, and my mom was a cashier and secretary,” she said. “(They) were always struggling financially."
Now Fay helps entrepreneurs grow their businesses, while Khalfani-Cox is a best-selling author helping others build wealth.
Similarly, Rachel Rodgers, CEO and founder of Hello Seven, grew up in Queens. The author of We Should All Be Millionaires is committed to helping others achieve the same success.
As she shared with the Harvard Business Review, she does ‘thought work’ every day to challenge the negative ideas that she faces. She encourages others to do the same.
“If we don’t learn how to filter those thoughts, we start to believe them,” she says. “Eventually, they can lead to a scarcity mindset."
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
