People don’t often believe the rags to riches stories, but there are so many excellent examples out there! Not to say that it’s easy to pull yourself from poverty and debt. But the financial situation can be improved to the extent of becoming a millionaire.
Dare to Follow These Brilliant Examples
Some of the richest people in the world today came from humble beginnings, they overcame adversity and achieved extraordinary success. It just goes to show what can be accomplished with perseverance, determination and a bit of luck!
Howard Schultz grew up in low-income housing and was the first in his family to graduate from college. He knew he wanted to build a different kind of company, one founded on a culture of compassion.
Under the leadership of Howard Schultz, Starbucks has delivered approximately 18,000 percent in shareholder returns since its initial Public Offering in 1992. This is peanuts in comparison while creating programs for his employees like comprehensive healthcare, stock ownership and free college tuition for all eligible employees.
Today, Starbucks has 28,000 stores in 77 countries and ranks third on Fortune’s list of “World’s Most Admired Companies.”
Dani Johnson was a cocktail waitress in Hawaii, living out of her car with $35,000 in debt. Today Dani Johnson is a multi-millionaire many times over, runs five companies and spends her time jetting around the world, giving back through her various charities.
After a drug-fueled binge and suicide attempt, she decided it was time to change her life, and she did. After pulling together her limited resources, Dani created a weight loss program that garnered a quarter of a million dollars the first year, and was a millionaire by the second year and went on to open up 18 weight loss centers around the country. She sold the business in 1996 and became a multi-millionaire.
Scott Alan Turner
A series of financial missteps set onto a path of being $70,000 in debt, but Scott Alan Turner overcame this and became a millionaire at 35 years old.
Between credit cards, a fancy car and a mortgage, Scott Alan Turner was swimming in debt, he didn’t possess much by way of financial knowledge, and this was becoming very apparent. The decision that changed his life was selling his car. He took an $11,000 hit on it. Once Turner adjusted his mindset surrounding money he proceeded to make a few crucial tweaks that helped him pay off his debt. This included tracking his spending, downsizing his house, investing and giving up his corporate job to become an entrepreneur.
By 35 he was not only out of debt, but he was able to call himself a millionaire. Today at 44, he’s a multi-millionaire.
What it Takes
Have you ever thought what it takes to become a Millionaire? There is no magic recipe. Unfortunately for you. But there are a lot of books, and blogs, and biographies of success stories on how to get from debt to a millionaire. It basically takes 2 steps:
- Get rid of debt;
- Start building wealth.
Decreasing Your Debt
For many of average Americans, the quickest way to incur debt after graduating from college is to go on a spending spree. In such a way, debt can happen more rapidly than one might think.
Aim to save 15%-20% of your income, more whenever possible. Apply any work bonuses, raises or tax refunds to outstanding debt.
Increasing Your Wealth
Something that is a recurring trend with many of the millionaires today is very simple, pack the lunch every day and bring it to work. Meal plan and prep on the weekend and you have lunches throughout the week. Not only is this healthier, but it saves enormous amounts of money!
Self-made millionaires also never quit. Studies have shown that 20% of self-made millionaires failed at least once in business, then they picked themselves up and try again. Persistence requires doing certain things every day that move you forward in achieving your goals or life dream. Persistence is key, it makes you unstoppable. No obstacle, mistake or momentary failure can stop you from moving forward if you remain persistent.
These millionaires learned to change their course when needed, sometimes under the most adverse conditions. Their persistence and goal setting allowed them to learn what didn’t work and continuously experiment until they found what did work. Persistence is the single greatest contributor to manifesting good luck. Those who persist eventually get lucky. Some unintended consequence will always come about, but with perseverance and persistence, positive change will come.