We all have our opinions about millionaires and the wealthy. Some may find them greedy or lucky, with a fancy lifestyle to match. But what we may not realize is that becoming a millionaire is not solely based on chance. Millionaires have a mindset that sets them apart from the rest. Here are ten game-changing facts you may not know about millionaires that you can apply to your life to achieve success.

1. Hard Work is Key

A survey conducted by Spectrem reveals that 94% of millionaires credit their success to hard work. This means putting in the hours and persevering through challenges. It can also mean building a business from the ground up, like Sam Walton did with Walmart or creating and acting on new ideas like Steve Jobs and Apple.

If you want to become a millionaire, hard work is a must. You must be willing to put in the effort and get your hands dirty.

2. Most Millionaires are Self-Made

With just 18% of millionaires having inherited their wealth, it is clear that most millionaires started with very little. Many were even born into extreme poverty. Some of the most impressive and well-known self-made millionaires include Carl Icahn, Larry Page, and Jeff Bezos.

Don’t use another person’s inheritance as an excuse for why you can’t create wealth. Most millionaires made their money on their own, and you can do the same if you put your mind to it.

3. Millionaires Want You to Succeed

Millionaires understand that there is enough wealth for everyone to achieve success. More millionaires mean more business, innovation, and enterprise, which benefits everyone. Robert Kiyosaki and Donald Trump even wrote a book called “Why We Want You to be Rich.” It’s not about being in competition, but rather a buddy system.

Don’t be afraid to become a millionaire yourself. This list is a great starting point to begin your journey.

4. Millionaires are Not Jacks of All Trades

The phrase “Jack of all trades, master of none” applies to everything from professional chefs to entrepreneurs. Millionaires stand as an exception, however. Rather than attempting to master everything, they find their one thing – a passion or skill – and devote their life to it.

Stop trying to master everything. Instead, figure out what you are good at and what you are passionate about. Master that one thing.

5. Millionaires Have Multiple Streams of Income

Diversification is not only about hedging risk but creating additional wealth through different avenues. Warren Buffett owns more than one stock, and Jeff Bezos owns more than one company. Millionaires focus on their specialty and branch out. It takes multiple streams of income to become truly wealthy.

Start your multiple streams of income now. They may start small, but they don’t have to stay small. Try different business opportunities and investing approaches, making sure you understand what you’re doing when you get started.

6. Millionaires Value Education

With college dropouts like Mark Zuckerberg and Matt Mullenweg (founder of WordPress) pulling focus, it’s easy to dismiss education entirely. But most millionaires have a minimum of a bachelor’s degree, and often secondary education plays a crucial role in their success. The top three degrees for millionaires are engineering, business, and economics, with economics degrees reigning supreme among the super-rich.

Get an education. If you choose to drop out and become a self-made millionaire, that’s all the better, but getting a degree can increase your chances of earning more money.

7. Most Millionaires Don’t Feel Rich

When you’re a millionaire, there are still thousands of people with more wealth than you. Millionaires do not generally refer to themselves as “rich.” We all tend to define success by the next best thing, and millionaires are no different. They often believe they will be rich when they hit the next million or billion.

Take note: be happy and content wherever you may be now. You are getting better and wealthier, but you don’t have to wait until you hit the next level to enjoy it.

8. Millionaires Do Not “Look” Rich

We may see someone driving a brand new Escalade and living in a mini-mansion, believing they are wealthy. But consumer debt traps many of these people, and it’s not uncommon to find the Joneses in a state of broke. Millionaires live in conservative homes and drive cars that are a few years old. They focus more on having money than having stuff.

Never focus on what others think, budget your money, and invest wisely. That’s the path to wealth. Huge homes and fancy cars are a quick path to piles of debt. Remember: spend less than you make.

9. Millionaires Know They Can’t Do It Alone

While they may be self-made, millionaires understand the importance of networking and seeking advice from experts when necessary. Most millionaires report having a mentor along the way, who played a tremendous role in their success.

If you want to achieve something significant, you need help. Becoming a millionaire is no different. Reach out to others for advice, mentorship, and guidance.

10. Millionaires Shop Differently

If you develop a habit of buying new clothes, cars, and toys on a regular basis, you are developing a habit that will leave you broke. Millionaires love to shop, but they shop differently. They search for deals on businesses and stocks instead of motorcycles and enormous televisions. They distinguish between assets and liabilities, focusing on the former instead of the latter.

Shift your mindset to buying assets over liabilities. One of the most noticeable differences between the rich and the poor is that wealthy people buy assets while poor people buy liabilities. Shop for assets, like a millionaire.

Conclusion

There are millions of millionaires across the globe, and they are all different from the status quo. Developing the habits of millionaires includes hard work, valuing education, creating multiple streams of income, mastering one’s craft, and loving to shop – but differently. Millionaires often don’t feel rich, don’t look rich, and know they cannot do it alone. The path to becoming wealthy does not rely on luck but on the kind of mindset we develop for ourselves.