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DALLAS (CBS11) – Have you’ve ever driven by one of those huge North Texas mansions and wondered, ‘What do they do for a living? What’s their secret?’
While chance and good fortune often play a role, Tony Jeary, simply known as “The Results Guy,” said most self-made millionaires share a few common habits.
“I’ve studied successful, high-achievers, millionaires all my life,” said Jeary. “ What I found is clarity, focus, and execution are the three keys.”
Many of country’s top CEOs and wealthiest people come to Jeary for advice. He has also written nearly 50 books on motivation and CEO coaching which is why we asked for his expertise in helping with our top five secret habits of millionaires.
1. Buy used cars
Rarely do millionaires make impulse buys. Instead, Jeary said every big decision is calculated and researched. This is why rich people know that most new cars depreciate 40 percent to 50 percent in the first three years. According to one survey, 40 percent of millionaires buy used cars. Jeary said successful business owners also know the best ways to use their vehicles as tax write-offs.
2. Don’t take long lunches
Since millionaires place such a value on time, you are far more likely to find them eating lunch while working at their desks. When they do go out for lunch, according to one-survey, 55 percent network while eating.
3. Don’t splurge on homes
What millionaires know is U.S. tax laws favor investing over spending. So instead of spending more on a bigger house, they often invest in apartment buildings that produce income and offer write-offs. “You take the top people, they are disciplined with their money,” Jeary said. “They are always thinking about the next move.”
4. Have mentors
Most self-made millionaires make it a point find successful people they can learn from. Plus, along with real life mentors, they also have “book mentors.” According to a study, 58 percent of the self-made millionaires read biographies of successful people.
5. Don’t gossip at work
One study found only six percent of rich people gossip at work compared to 40 percent of so called “poor” people. The reason is they value networking and they don’t want to take a chance at burning any bridges. “We are all going to talk some,” Jeary said. “But I just think that top people watch what they say and are just more positive.”
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