You must pay the cost to be the boss. Everyone wants to be a millionaire without acutely appreciating what it takes to become a millionaire. Over 20 percent of new businesses fail within the first year of operations. After 5 years, 50 percent of new businesses fail. It takes more than, ‘want,” to become a millionaire. If you are wondering how many hours do millionaires work, it may be more than you can realistically bear.
And you will have to 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 10 percent of Americans have a financial worth ranging between $1 million to $5 million.
Less than 0.005 percent of American households have a net worth of more than $25 million. That is the equivalent of 156,000 households.
You should not aspire to become wealthy. You should aspire to become financially secure.
So, let’s answer the question, how many hours do millionaires work?
What does it take to become a millionaire?
How Many Hours Do Millionaires Work
So, how many hours do millionaires work? Well, 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 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. That is, 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 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.
The hard truth is that if you are reading this article with a millionaire ambition, calculating required workhours is not the answer.
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 a 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 work, 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.
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.
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 at 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 do better in life than just survive.
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.
And to be clear, most lottery winners lose their money because they have a 9-to-5 mentality. They didn’t earn their wealth and don’t know how to keep it.
Along with work ethic and skills, it takes knowledge to become a millionaire.
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.
Learn something new every day. That will take many hours.
Pay Down Your Debt and Stick to Budget
There are no broke millionaires.
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.
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 do millionaires work, 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.
So, 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 business needs and monetized it to their benefit.
Think about what products people need and use every day. What products will people need in the imminent future based on local demographic data?
Think about your business plans. Think about what you want to sell and how many ancillary products you can sell in conjunction with your primary product.
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?”