No one ever writes about “Gold” millionaires. No one talks about “Gold” millionaires. I can tell you why— they are a very private and elusive group of investors. Millionaires themselves are a curious lot. Those who own a pile of Gold are especially interesting.
Let’s set aside Bloomberg, Trump, Bill Gates and the ultra rich for this discussion. Let’s talk about the “little guy” millionaires who worked their way to accumulating $10 or $20 million of net worth…or maybe net worth just a few million. How did they do it?
How We See Millionaires
Millionaires think differently. Not just about money, about everything. The time and energy others waste attempting to conform or get people to like them on Twitter or Facebook, millionaires will spend creating their own path.
Millionaires are constantly presenting their ideas and persuading others to buy into them. Good salesmen are oblivious to critics and naysayers.
Millionaires are creative, often visionaries, with a positive attitude. Wealthy people don’t just have big dreams, they are willing to work hard and believe in their dreams until they come true.
Dave Ramsey, a money guru, shares some interesting facts on millionaires.
- More than 50% of millionaires live in a neighborhood where the average household income is below $75,000 a year.
- Nearly one-third of millionaires live in a zip code where home values are below the national median average ($205,000 or less).
- Six out of 10 millionaires live in a house valued under $500,000.
High achievers are numerous and diversified
Some 7.2 million households have one million dollars in investments— excluding home or property, retirement plans or business partnerships. Let’s drill down on them a little further.
Only about 20% of Americans inherit their wealth, the other 80% are self-made first-generation millionaires.
Most started their own businesses and come from middle class or lower income families.
Perseverance, common sense, hard work, and commitment to goals make these millionaires highly successful.
Wealthy people tend to be more narcissistic and think they’re more talented and skilled than the average person. That’s because they usually are!
Meet the Gold Millionaires
Now, let’s take the subset of “Gold” millionaires only— guys own own lots of Gold—based on our opinion of working with thousands of them over 35 years.
Gold millionaires are private, maybe the guy next door. You won’t know what they’re worth.
Gold millionaires don’t look the way you probably think they do. They don’t wear big Gold chains or $10,000 watches. Some I know drive Volkswagon bugs not Mercedes.
Some of them often dress poorly. A close friend buys his shoes at Walmart. You might call him “cheap” while he thinks of himself as thrifty.
The Gold guy never talks about his Gold or his money.
The smart Gold guy has his precious metals locked in secure vaults with no registration of the contents— they keep the keys.
The average age of US millionaires is 62. About 38% of US millionaires are over 65 years of age. Only 1% are below 35, but the millennials are catching up.
Should you find yourself as a millionaire in complete conflict with the government’s excessive tax and spending, if you fear the $27 Trillion Dollars of national debt, if you think the stock market bubble could pop at any time— you may be closer to becoming a “Gold” millionaire than you think.
If You Want A Rich Life
If creating wealth and living a happy life interests you, I highly recommend you research millionaire’s for yourself. Read books on the subject of success. Learn their character traits. Understand what drives them to success. Imitate them. Find a business niche that no one else sees. Seize the opportunity, be willing to take on the risks for the rewards.
In conclusion, having money—a lot of money—gives a person more autonomy and control over their own lives. They can then use that to improve their family relationships, chose where their grandkids attend school, give money away to those in need, spend time on spirituality, travel, and relax their way into retirement.
There are no “get rich schemes” that work. Not in stocks and not in Gold. Money is very hard to earn. The more you own, the less you want to take risks. Stashing away a little Gold for a rainy day just makes good common sense.