30 People Reveal How They Became Millionaires In Honest Online Thread

Virtually everybody in America is dreaming of becoming a member of the Millionaire Club and achieving financial freedom. And as it turns out, the number of people who reach this milestone is increasing. Global Wealth Report 2021 from the Credit Suisse Research Institute states that the number of millionaires in the US has reached nearly 22M. Worldwide, they estimated that there were 56.1M millionaires at the end of 2020, 5.2M more than a year earlier. The researchers stated that 2020 marks the year when more than 1% of all global adults are dollar millionaires for the first time ever.

To learn more about our fascination with seeking money, we reached out to Vicky Reynal, a psychotherapist and financial therapist based in the UK. "There is a widely held belief in our society (reinforced by the consumeristic culture that we live in) that money can buy happiness," she told Bored Panda. She explained that people seem to pursue wealth despite the evidence pointing to the contrary and that money can, at best, distract us from unhappiness.

"For some people, money equates with a sense of worth and so they chase financial success to reassure themselves and show others that they are valuable and worthy — these are people who seek an external measure of success which, in general, masks internal insecurities about lovability and worthiness," Reynal added.

However, it seems like many of us may have fallen for the myth that to become really wealthy you need a big income or a rich family. The National Study of Millionaires by Ramsey Solutions surveyed over 10,000 participants and found that accumulating wealth may be easier than you think. According to the report, the vast majority (79%) of millionaires in the US did not receive any inheritance at all. While 21% of the participants received some inheritance from their parents or other family members, only 3% received an inheritance of $1 million or more. The survey also found that 8 out of 10 millionaires came from at or below the middle-income level, and they built up their fortunes themselves.

As you’re reading through these stories, you’ll notice that sometimes people hit the jackpot out of pure luck. When high emotions and excitement slowly fade away, finding your financial situation has shifted so drastically can be a bit much. "Quick changes to financial status can be overwhelming for some people, but not for all," Reynal said. "Some people manage to use the money in a way that is consistent with their values; they seek support (financial planners, financial therapists) to help them make choices that align with their beliefs and objectives."

But some individuals may have a hard time dealing with their fortunes. "Other people will struggle with feelings of guilt and undeservedness, which tends to happen in the face of material wealth that doesn't match up with an internal sense of worthiness. Or they might struggle to manage the (perceived or real) envy of others and will fear being exploited by others who, in their minds, are 'only interested in their money'," the psychotherapist said and noted this may set off a cycle of withdrawal and isolation.

When you find yourself going from rags to riches, there will be many opportunities to spend it all, and quick. We have long heard that people should put their thinking caps on when handling money and avoid giving in to temptations. The most common tip you hear from experts is that you need to quickly find a financial advisor who can help you steer clear of thoughtless decisions. However, choices become unhealthy when we make them without thinking of what's best for us, Reynal argued.

"A lottery winner donating all their money because they have thought through the pros and cons of keeping it because they have explored their desire to do good and be giving is very different from one that impulsively gives it all away out of an unexplored sense of guilt or fears that having money will 'spoil them' in some way. Some people do harbor beliefs that money is 'evil' or 'corrupting' because of the messages they heard growing up," she told us.