The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. They have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.
In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.
In part 5 it's not personal it's business. Millionaires are seemingly undaunted by failure. Don Crane, who we discussed in part 3, runs a successful company that screens tenants and landlords. But his first business venture, a real estate partnership, went bankrupt, costing him $20,000, more than his house was worth at the time. Crane says, "It was the most depressing time in my life, but it was the best lesson I ever learned."
John D. Rockefeller, who I find fascinating, threatened his rivals with bankruptcy if they didn't sell to his company, Standard Oil. Remember Netscape? Well, Bill gates was ruthless in building Microsoft into the world's largest software firm. These millionaires privately admit they are bastards in business. They are not nice guys. I don't feel that all millionaires are like that and you have to be that way either. You can be a nice a guy and become a millionaire. Maybe you just need to do a little more pushing than others.
Lewis Schiff, a private wealth consultant and coauthor with Alan Prince of the book "The Middle Class Millionaire", says "Spending time with family really matters to them." According the American Express/Harrison Group study only 12 % say that what they want most is to be remembered for is their legacy in business.
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