Many, many people grow up not feeling that they will be millionaires. They don't believe that they can ever be one. The idea is so absurd and thus they never even think about it.

Let us look at the statistics.

Research Summary. There are more millionaires in the U.S. than you may think, and chances are you even know one or two. Here are some statistics about millionaires:

• There are about 22 million millionaires in the U.S.
• 8.8 % of U.S. adults are millionaires.
• 33% of U.S. millionaires are women.
• Having $1 million puts you in the top 10% of wealth in the U.S.
• There are about 56.1 million millionaires globally, a 10.2% increase from 2019

Source: Millionaire Statistics

The likes of the Rockefellers, the Vanderbilts, the Kennedys... an entire clan of millionaires... all inheriting their fortunes.

A myth exists that these families comprise the majority of millionaires. They are more like an exception than a rule.

It is true that most millionaires come from much humbler backgrounds than most people would think. However, they were prepared to do whatever it took to advance in life once they recognized the importance of money. In the majority of cases, wealth is not inherited, but rather earned over a period of several decades.

Most millionaires are first generation millionaires!

Can anyone in America be a millionaire? What does it take to be a millionaire?

Best ways to become a millionaire.

The top 10 percent of income earners gain their wealth from business, self-employment income, or farm. About half of their income is from wages gotten through business while the other half is from capital gains, interests, and dividends.

• One path to consider in building your wealth is to have multiple streams of income. If you want to earn more money, ensure all your income stream grows.
• To become a millionaire, invest money every day. With this in mind, you know you have to work to make more money so that you can keep investing.
• Another great way to become a millionaire is by saving. That is, when you get money, put it in savings, or some other investment account. When you get paid, have a fixed amount go to some type of savings.

The Fidelity study showed that as regards their financial future, 30 percent of millionaires said that they were concerned with preserving their wealth while 20 percent were focused on growing their wealth. The Fidelity study was based on a survey of more than 1,000 millionaire investors.

There is a famous quote by Henry Ford. “Whether you think you can, or you think you can’t – you’re right!” It emphasizes how much attitude and mindset determines success or failure.

The inheritance myth about millionaires can be toxic! It removes any incentive to work toward building wealth.

Those who believe that myth... they’ll have zero chance of ever becoming a millionaire.

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