Everyone wants to be a millionaire without truly appreciating what it takes to become one. More than “want,” you need discipline, knowledge, hard work, and strategy to reach this status. Over 79 percent of millionaires are self-made successes, and about 21 percent inherited their wealth. If you are wondering how many hours millionaires work, it may be more than you can realistically bear.
You must work hard to make your first million. Also, you don’t need $100 million to be a millionaire.
“Wealth” is a relative term relative to your personal financial circumstances. About 11.6 percent of Americans have a financial worth ranging between $1 million to $5 million. Meanwhile, there are about 426,330 individuals worth $30 million or more.
You should not aspire to become wealthy. You should aspire to become financially secure.
Let’s answer some questions. How many hours do millionaires work? What does it take to become a millionaire? Do you have what it takes?
How Many Hours Do Millionaires Work
It depends on who you ask.
The average millionaire works about 60 hours a week, or the equivalent of a 10-hour, 6-day workweek.
Keep in mind that the 10-hour, 6-day workweek is the minimum average that a self-made millionaire should work.
Some noted millionaires think that ambitious entrepreneurs should work 70-hour to 80-hour workweeks.
Grant Cardone, author, motivational speaker, and social media influencer says that aspiring millionaires should work 12-hour to 14-hour workdays 7-days a week.
Cardone, a multimillionaire who started life broke and in a quagmire of debt, says the key to financial security is to mentally abolish the 9-to-5 mentality.
Gary Vaynerchuk, the CEO and founder of the digital marketing company VaynerMedia. thinks budding entrepreneurs should work 18-hour workdays, 7-days a week, for the first year of startup operations.
Vaynerchuk says that the goal of becoming a millionaire means dedicating yourself with a laser focus on nothing except realistically attaining that goal.
“I think one of the biggest reasons so many people go out of business in the first year, first two years … is they don’t realize how hard it is and how all-in you have to be,” said Vaynerchuk.
Do you still want to be a millionaire? Here are some points to consider if you are serious about the required self-sacrifices.
Become a Workaholic
If you have a spouse, significant other, or family, you must make time for them. There is no reason to have a business at the expense of losing what is important.
Still, that is a personal opinion.
That point aside, every free minute you have must be devoted to working, working on plans, brainstorming, attaining skills, and more work.
“How many hours do millionaires work?” should not necessarily be the operative question you should be asking yourself.
More work is required to get you where you want to be in life, not less. How will you work in those hours? What will you do to strategically attain your goals?
You should be asking yourself, “How many hours do I need to work every week to become a millionaire within the next 5 years?”
A 60-hour, 6-day workweek is the minimum requirement for aspiring millionaires.
Why?
Because the 9-to-5 mindset is a working-class mindset that will keep you trapped in a working-class existence.
Abolish the 9-to-5 Mentality
There is nothing wrong with being a working-class person. I am a working-class person aspiring to become a millionaire.
It is just that a working-class mentality keeps you in a working-class status.
If you work a 9-to-5, 40-hour workweek, all you will do is survive in life. If you work 40 hours a week, you are settling on your lot in life.
It is the equivalent of practicing guitar 30 minutes a month and being shocked at a lack of proficiency progress.
You will never get ahead in your business ambitions working 40-hours a week. If you work 40-hours a week, you will just survive in life. You will never further your plans for financial security.
Every hour over 40 hours should be dedicated to work, research, and/or learning new skills.
Practice Self-Improvement Like It’s a Religion
Luck favors the bold and the prepared. Unless you are born to royalty or wealth, no one becomes a millionaire by accident or through luck.
Dedicate yourself to learning new things and skills regularly.
You are going to learn something that will come in handy during your rise to millionaire status.
“How many hours do millionaires work?” is a good question to ask yourself. Just always remember that relevant study and self-improvement are also considered “work.”
Learn something new every day.
Pay Down Your Debt and Stick to Budget
There is no such thing as a debt-ridden millionaire.
Debt is anathema to millionaires. Being wealthy is about financial security, owning property, and continually generating income.
Pay down all your debts. If it takes years, then so be it.
Develop a budget and stick to it. Live way below your means and save more money than you spend.
You can make small payments on debt every few days. You can use the snowball method, which is paying all small debts first, paying the minimum on larger debts, and incrementally wiping out your debts like a slowly growing snowball rolling down a hill.
Your debt-to-income ratio, or the amount of your income dedicated to paying debt, should be 30 percent or less.
If your debt-to-income ratio is higher than that, you won’t become a millionaire anytime soon.
Instead of asking how many hours millionaires work, first ask yourself: “How long will it take me to pay down my debt?”
Develop Multiple Streams of Income
It is really difficult to become rich off of one idea or product.
Think about it. In the pre-coronavirus world, musicians had to sell music, tour live, sell merchandise, license music, and so on to make money.
So, the greater the popularity of the band or artist, the greater amount of money is generated via multiple income streams.
A band has to work really hard to become successful. That takes working more than a 40-hour workweek.
The word “millionaire” is a very sexy term. People think of movie stars, rock bands, corporate CEOs, and tech celebrities when they think of millionaires.
Most millionaires are everyday people you unwittingly pass on the street every day. They figured out how to tap into a local market and demographic and monetized it to their benefit.
Think about what products and services people need and use every day. What skills or products can you offer a local market that will be successful? Know the market and your consumer base, and you will find success.
Just start with a business and a strategy to realistically enter the local market.
It Takes Time to Become a Millionaire
Anything given to you can be taken away. When you build your own business, keeping it becomes instinctual second nature.
I highly recommend that you read a book called The Millionaire Next Door. It was written by authors who interviewed hundreds of millionaires over several years.
The main idea of the book is that to become a millionaire, you need a business plan, understand your local business market, and focus on financial security, not the glamour of wealth.
Your local dentist or laundromat owner may be a millionaire, hence the title of the book.
Also, accept that you need at least a 5-year plan to become a millionaire.
Don’t ask yourself, “How many hours do millionaires work?”
Ask yourself, “How many hours a week do I need to work to become a millionaire?”
Read More
- Review: The Millionaire Next Door
- Millionaire Next Door Formula for Wealth Acquisition
- Can I Live off the Interest on $1 Million?
- What Jobs Do Most Millionaires Have?
- How Much Does $1 Million Weigh?
- Here Are The Best Laptops For Trading Stocks
- How To Become A Millionaire In Ten Easy Steps
Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.