The Truth about Self-Made Millionaires

Real Estate Agent with The Gasset Group & Get It Done For Me Virtual Services 13253167-SA00

There has never been a greater time to become a self-made millionaire, and even a self-made multi-millionaire or a billionaire.

More than 80% of American millionaires are self-made, they earned it.

Despite the propaganda that millionaires are spoon-fed rich brats who inherited their money the reality and the facts dictate this is not the case for the majority of millionaires.

There are some commonalities among the 80% or more of self-made millionaires and the main thing is:

They work HARD!

Becoming a millionaire is not dictated by your lot in life, what family you were born into or what your environment was like growing up.

The ONE thing that creates more millionaires is a good strong work ethic and not being afraid to work long hours to reach your goals. Once you are in a position to delegate, this takes priority. Delegating the 80% of non- essential growth tasks is essential for expansion and growth.

The fact is most people will not become millionaires because they don’t want to work hard or smart enough to get there. They don’t want to make the sacrifices necessary to meet the kind of goals that one must set to make it to their first million.

And that is ok. It may not even be most people’s goal. More people have a dream of becoming a millionaire but rarely will they pursue this dream once they discover what it takes to make that dream come true.


Photo by Ronnie Overgoor on Unsplash

It requires hard work and dedication, but it will be worth it in the end. The key is to focus on the long term rather than focusing on small, short-term wins. Set big goals and never forget them. Break those goals down into smaller ones that you can handle more easily, but keep your eyes on the prize. You will need to stay motivated throughout

There are some other habits self-made millionaires have instilled into their lives and schedules:

Starting with a big dream. They have a strong “why”.

This big dream carries them through tough times, obstacles, and failures.

Their big why is what they hang on to when they discover they are accosted by naysayers and dream-stealers. They learn to leave those parties early so they don’t become a crab in a pot of crabs.

They know how to visualize the life of their dreams. They imagine their goals already in existence.

Next, they get to work.

They don’t have time to sit on the couch and binge on Netflix movies. They don’t have time to watch brain depleting sit-coms or game shows unless of course, they are going to create the next best game show.

We are each given 24 hours in each day. We decide what we will use those 24 hours for. Many people go to work, go home, turn on their shows, eat while watching TV shows, and waste their lives away.

Or they get addicted to social media or video games. Now, if your goal is to become a millionaire playing video games, then go for it. There is still plenty of opportunity to become a video game millionaire on Twitch or YouTube but remember the work that is involved.

You will need to learn marketing, advertising, how to get and keep subscribers happy and a lot more… which accounts for more than just playing the video games.

They learn how to work smart. Working smart means you work on your business not in your business once you reach a point in your business where delegating and hiring becomes the next step.

No matter how much fun it appears, it is a lot of work. But if you want to become a millionaire video game player, you most certainly can reach your goal.

Self-Made Millionaires spend their time making their dreams come true.

The successful millionaires know that no man is an island. They also know that you become the five people you hang out with the most.

They hang out with successful people and they have mentors. They are humble enough to know what they don’t know. They choose guides. The guides help you on your journey to becoming a self-made millionaire.

They also know what to delegate and who to delegate it to.

Speaking of dreams….

Self- Made millionaires figure out a way to follow their passion. They seldom will choose a business or way to reach their goal when it is just about the money. They are change agents. They invent things that make our lives better. They create new ways to service and empower others.

Follow your passion. You will discover a way to make money doing what you love to do.

Millionaires use goal-setting and to-do lists to propel them to their goals and keep themselves grounded and on track.

If you don’t write it down, it is highly unlikely to get done.

Understanding how to delegate is an essential part of working in your zone of genius and in doing the things which are the highest and best use of your time.

Millionaires read.

And read….

… and read….

85% of self-made millionaires read two or more books each month.

They do not choose romantic novels or gossip columns.

Millionaires read books on the following topics:

  • Biographies of successful people
  • Self-help books
  • Current events
  • Career growth
  • Leadership
  • Psychology
  • Economics
  • How to grow to become their best selves

Choose your books from the above topics. Even if you don’t have any desire to become a millionaire, these topics will help you to grow.

Self-made millionaires stay up on financial trends, stock market prices, real estate markets and trends.

They stay up on the financial impact of politics and regulations.

Self-made millionaires find time to work out. They know they will get more done with an alert mind and healthy body. Many take yoga classes and learn to meditate.

Last but not least, they save money!

They keep a car longer than most people. They live in a smaller home longer. They save wherever they can. They don’t buy things that don’t help propel them towards their goals.

With consumer debt mounting and the instant gratification disease infecting society, I think this is the biggest obstacle outside of mindset holding people back from setting big goals and becoming a self- made millionaire.

When you can’t wait to have the next fancy car coming on the market and you are willing to go into debt for it, you are placing an obstacle in front of your dreams unless the only dream you have in life is to own that one car.

Imposter syndrome is ramped too. Buying a home a millionaire would be able to buy with your salary of $70,000 a year just because you can get in with a super low interest rate does not make for a good plan.

Getting addicted to spending is a sure-fire way to NOT make it to millionaire status in your lifetime.

This list of things that millionaires have in common on their path to earning their dream goals is not a long list, it is not an impossible list to follow, it doesn’t take a rocket scientist to implement this list.

It is well within your grasp to follow. As you can see from this list; there is no magic potion, no secret formula, no shiny genie to rub.

Make up your mind, and then get to your ‘smart’ work.

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In real estate we service Utah County, Salt Lake County, Wasatch County, Tooele County. This includes many towns and cities. Some of which are: Provo, Orem, Salt Lake City, Draper, Springville, Spanish Fork, Payson, Lehi, American Fork, Vineyard, Saratoga Springs, Eagle Mountain, Pleasant Grove, and more. 

Katerina Gasset is a real estate agent who is also a digital marketing strategist, website designer and consultant for real estate brokerages, agents, entrepreneurs and small business owners. She is also the owner of Get It Done For Me Virtual Services. 

Katerina is a Certified AI Marketing Specialist. She can help you with ChatGPT, Content at Scale, Neuronwriter, prompting, and many other AI tools. 

She develops products and online courses to empower real estate agents to reach their marketing, SEO, social media and branding goals. Katerina Gasset is a blogger, author, podcaster, and keynote speaker.  

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Comments (10)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Katerina Gasset the younger generations, seem to think they should receive without working for it.

Nov 09, 2023 02:16 PM
Katerina Gasset

George Souto Yes, they do, but the good news, not all of them. I know of and personally know several youtubers and tiktokers who are self-made millinaires, and a few gamers. One young 18 year old gamer bought a house with $2 million cash. These kids work really hard too. People think it is lazy and easy... but most people who try, do quit. It takes a lot of work to constantly be doing videos every day... especially those live streams these young people do! 

Nov 09, 2023 03:29 PM
Charles Ross - eXp Realty LLC
eXp Realty LLC Salina Group - Salina, KS
Love To Help People

Katerina! 🏡 Your expertise on self-made millionaires and their habits is invaluable for those in the real estate industry and beyond. Setting big goals and working diligently toward them is a universal key to success. Thanks for sharing these insights! #RealEstateTips #SuccessHabits 📚💼🌟

Nov 09, 2023 03:15 PM
Katerina Gasset

Charles Ross - eXp Realty LLC I love working with different niches and businesses because you learn so much! These young millionaires are amazing! And the realtors who are millionaires all have systems in place and are very disciplined. We met a LOT of millionaires at the exp conference. 

Nov 09, 2023 03:32 PM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Real Estate’s FOUR Annual Returns make buying Rental Real Estate a No Brainer !!!

Nov 09, 2023 04:37 PM
Katerina Gasset

Michael J. Perry Definitely! 

Nov 10, 2023 08:33 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I do know several self-made millionaires and they worked for every dime they got.  It may be easier today if one has computer skills and an imagination but even then, one doesn't need to brag to others about their success.

Nov 10, 2023 07:10 AM
Katerina Gasset

I have not met any self-made millionaire who brags about their success. I do love to hear their stories and learn from them how they achieved this goal. It is also inspiring to share, not brag. Sharing inspires others to know they can also achieve their goals.  

Sorry to not be able to tag you, currently its not working:) 

Nov 10, 2023 08:35 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Excellent post - self-made millionaires need to work hard, follow their dreams, and don't spend money on unnecessary things. This is so true! Also, it might look to others as though a millionaire easily got money overnight, but it typically takes time.

Nov 18, 2023 05:14 AM
Katerina Gasset

Exactly! Thanks, Kat Palmiotti ! 🙂

Nov 22, 2023 07:16 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Katerina. Working hard will allow you to make progress, add in working smart will propel you forward. Enjoy your day.

Nov 18, 2023 05:33 AM
Katerina Gasset

Wayne Martin that's true! Good morning! 🙂

Nov 22, 2023 07:16 AM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
The Grit and Gratitude Agent

Outstanding analysis and so true. I just wish all self-made millionaires also had the highest of ethics which we do know is not true for all. 

Nov 18, 2023 05:44 AM
Katerina Gasset

Thanks, Leanne Smith! 🙂 

Nov 22, 2023 07:17 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

such a great post _ i am glad that it was featured by Carol -  I can't imagine not reading constantly - 

Nov 18, 2023 06:27 AM
Katerina Gasset

Thanks, Lise Howe! 🙂 

Nov 22, 2023 07:17 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Katerina Gasset  : Very well said, and I agree with George Souto.  Glad Carol Williams  Featured this as I missed it 

Nov 19, 2023 11:33 AM
Katerina Gasset

Thanks, Hannah Williams and Carol Williams ! :)


Nov 22, 2023 07:18 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

What a great post and clearly I tend to side with George Souto  many have poor attitudes.... the other day I was at Canter's and there was a young woman in front of me and she seemed very entitled and arrogant my take was Daddy's money paid for the lunch and her phone...Endre

Nov 19, 2023 05:37 PM
Katerina Gasset

Endre Barath, Jr. some of them really are like that. Thank you! 

Nov 22, 2023 07:21 AM