The average millionaire is 57 years old. I did it by 27. And while there's not a get rich quick scheme, there are 5 major secrets to becoming rich, and I promise this video is not clickbait. Lots of people chalk success up to things like luck or being born into the right family. And listen, those definitely make it a lot easier, but understanding yourself and how the game of money is played is just as important. You see, our generation, think millennials and gen z, have lived most of our lives in financial turmoil. We experienced things like 911, the 2008 housing market crash, and even a global pandemic. We're kind of still in one.

Not to mention housing prices and education costs have skyrocketed and inflation's off the charts, while wages have stagnated. So it's no surprise that becoming a millionaire can feel more and more out of reach if you weren't born to rich parents. But the stats actually tell a very different story. A 2019 study published by WealthX found that 68% of those with a net worth of $30,000,000 or more made it themselves. Furthermore, a second study by Fidelity Investments found that 88% of millionaires are self made, meaning they did not inherit their wealth. And listen, coming into wealth isn't always a simple process. Many people work very, very hard to achieve their financial success. But I'm Vivienne, your rich BFF and your favorite Wall Street girlie, and I'm gonna teach you the major secrets that help me become a millionaire in half the time that it takes most people.

Please like, comment, and subscribe to learn more about being good with your money. Let's get to it. Lesson number 1, you can only save as much as you earn. 1st and foremost, rich people are not scrimping and saving. And I know what you're thinking, duh, they're rich. But that's not what I mean. We as a society often point the finger when it comes to financial shortcomings. We blame individuals because they're overspenders, they're shopaholics, and they love lattes and avocado toast.

But rich people know a big secret. You can only save as much as you earn. This essentially means it's a lot easier to come up with extra dollars by making more than it is by cutting back on every little purchase that brings you an ounce of joy. Instead of worrying about a $5 coffee, millionaires are a lot more focused on how they can level up their careers so that at the end of each and every year, they can ask for a raise or a promotion. When most people think about self made millionaires, they imagine some entrepreneur working around the clock. But 39% of self made millionaires actually get rich working for someone else. So performing well at your job is an important part to getting to millionaire status. Lesson number 2, labor versus growth.

Millionaires think a lot about scalability. Most of us trade our time and labor for money, but millionaires 24 hours in a day, 7 days a week, 365 days in a year, 366 if it's a leap year. So if your money making is dependent on your time and labor, you're not going to have much time or energy for anything else. What's the point of being rich if you can't enjoy a nice vacation? Make it in time for your kid's soccer game or have a nice meal out with friends and family. Instead, millionaires all invest. They do so because they know while they can only work so many hours in a day, their money can can work for them non stop. By investing, they're able to bring in passive income, AKA where they work once and reap the benefits over and over again. While they do focus on making as much money as possible from their jobs, they then use this money to make them even more.

Habit and lesson number 3, discipline and delaying gratification. Millionaires practice discipline and delayed gratification. I will be the one to say what everyone is wondering, no, millionaires are not smarter, better, faster, stronger, or anything special versus non millionaires. The only market difference I've noticed among my friends who are self made millionaires versus those who aren't is that they're typically more disciplined and better at delaying gratification. For example, think about the runner's trick. You aren't running for 30 minutes. You're just running for 10 minutes three times. Runners think about running to the next stop sign, and then the next tree, and then the next landmark, and you're essentially able to mentally trick yourself into delaying gratification.

Earlier on in your life, you'll be able to put your money to work early, meaning you won't have to put as much money away overall. This allows you to invest early and often so that by the time you're 30 or 40, you'll have a major financial cushion and can then start to really enjoy the fruits of your labor. If present you is able to take care of future you instead of only focusing on present you, your life will get easier and easier. And I know we've all heard of the phrase, live every day like it's your last. But realistically, it's not. If you focus on making each day spectacular as possible, especially by using your money to do so, there may not be much left over for you a week, a month, a year, or 10 years from now on. I'm not saying don't have fun, but balancing fun today with a mix of responsibility and discipline means you'll get to have fun in the future too. Lesson and habit number 4, millionaires love changing their minds.

Many of us have heard the cliche term that millionaires aren't afraid of failure, but that's not the important part. The pivotal key here is that once these rich people recognize that they've failed, they're willing and able to change course quickly. When presented with new information, millionaires are not shy about acknowledging that they're wrong so that they waste less time trying to bail out a sinking ship. Whether it's business ideas, personal opinions, or even just directions when driving, millionaires are able to change their minds quickly and without shame. You learning to do so as well will help you save time and money. And last but not least, millionaires set ambitious goals. And you know, I always say this, but you don't become a millionaire if you don't make a plan. Very few millionaires just wing it and make it.

Millionaires set ambitious goals and act on them. Not only do they write down their goals, they also formulate plans with baby steps on how to actually get there. It may not be feasible to scale your business from $0 to $1,000,000 overnight, but 25% growth each year over 4 years could get you there. It's unlikely for you to go from making $50,000 annually to 300,000 dollars000 annually in 1 year. But if you have a plan to job jump every 2 years and ask for a 50% raise each time, you've certainly carved a road map on how you intend to do it. By making concrete plans that align with your goals, you'll set yourself up for success. To close out this video, the most important thing to remember is that millionaires are not special. They are not smarter or better than non millionaires, but they do live their lives more strategically.

And if you're able to do the same, you could very well become a millionaire too. The more you're able to maximize these strategies, the faster it'll happen. If this video was helpful, subscribe for more money, wealth building, and finance tips. See you, besties.