- According to a researcher who studied more than 600 millionaires, to build wealth, you need two qualities: resilience and perseverance.
- These qualities are characteristics of those who can afford to retire early and entrepreneurs who become self-made millionaires.
- It takes conscious effort to develop resiliency and perseverance.
What does it take to get rich?
It may seem like building wealth is impossible, but it takes two qualities that anyone can develop to do it: resilience and perseverance.
That's according to Sarah Stanley Fallaw, coauthor of " The Next Millionaire Next Door: Enduring Strategies for Building Wealth" and the director of research for the Affluent Market Institute.
A follow-up to the 1998 bestseller " The Millionaire Next Door," written by her father, Thomas J. Stanley, and William D. Danko, the book provides updates and new studies on Stanley's original research on millionaires. Stanley Fallaw's findings are based on a survey of more than 600 millionaires in America conducted between 2015 and 2016.
"To build wealth, to build one's own business, to ignore critics and media and neighbors, you must have the resolve to keep pursuing your goals past rejection and pain," Stanley Fallaw wrote.
She added: "Millionaires and other economically successful Americans who pursue self-employment, decide to climb the corporate ladder, or strive to create a financial independence lifestyle early do so by perpetually pushing on."
She cites an example of multimillionaire Alan DeMarcus, who started at his uncle's HVAC business at age 14. After two and a half years in college, he quit school once he landed a sales role at his uncle's business.
The company eventually went bankrupt, but Alan had enough resilience and perseverance to build a successful refrigerant-recovery business in the middle of the 2008 recession. He eventually sold the business, and he's now worth between $8 million and $10 million.