Business Ownership Offers Financial and Happiness Perks – Say Millionaires

Published by David Schaefer on Tagged Going for Goals, Internet Marketing, Million Dollar Desire, Success and Failure

If you are contemplating a shot at entrepreneurship or if you are presently struggling with your own business, you may want to see some facts that could possibly inject some motivation to help you persevere with you dreams.
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Running your own business. That is how half of all millionaires have made their money, according to a survey by American Express and the Harrison Group. When millionaires were asked a variety of questions about business ownership and the perks they experience, they provided some very interesting insights.
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Millionaires appear to have a much different take on the subject of failure than the average person. In fact, they ultimately view unfortunate business experiences as blessings, where lessons are clearly learned and embedded for avoiding future mistakes.
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According to the Internal Revenue Service, most millionaires do pay taxes. The top one percent of earners paid nearly 40 percent of federal income taxes in 2005 – nearly $370 billion. However, the wealthy tend to secure a higher portion of their income from dividends and capital gains, which are taxed at lower rates than wages. Also, high-income earners only pay Social Security tax on their first $97,500 of income.
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The really big savings for entrepreneurs come from owning a business and deducting everything related to it.
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In the book ‘The Millionaire Mind’, it states that the median college grade point average for millionaires is 2.9, and the average SAT score is 1190 - definitely not your usual ivy league scores. In fact, 59 percent of millionaires attended a state college or university, according to the American Express-Harrison Group survey.
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Millionaires say that what they absorbed in class was less important than learning how to study and stay disciplined. While advanced degrees are held by 48 percent of millionaires, and elite colleges do open doors to elevated careers, for every millionaire with a doctorate there are many more who barely completed their degrees.
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When millionaires were asked to list the keys to their success, they ranked hard work first, followed by education, determination and treating others with respect.
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It appears that there is no group in America that is happier than the wealthy, says Jim Taylor of the Harrison Group. Roughly 70 percent of millionaires say that money provided more opportunity for happiness. Higher income also correlates with high ratings in life satisfaction, according to a study by economists at the Wharton School of Business. Happiness seems surface from the freedom that money provides.
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Most millionaires seem to live by the creed ‘nothing ventured, nothing gained.’ You decide. If you were wondering if you have what it would take to pursue your own business dream, do you have a different perspective now? By chance, do you now see any advantages if you can successfully achieve your entrepreneurial dream?
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Keep in mind that if you want to jump into the entrepreneurial pool, it is wise to carefully weigh the pros and cons of such an enterprise as they relate to your personal values, passions, abilities, needed preparation, and tenacity. Business leaders and career coaches agree that taking time for an honest personal appraisal is well worth the effort. Read materials that relate to your area of interest, study the people who have succeeded in that field, and (if at all possible) find a mentor who will work closely with you.
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David Schaefer is an entrepreneur and writes on the topics of personal development and Internet marketing. If you’re searching for a profitable and easy work-from-home income source, check out a super EZ marketing program. You keep 100% of your sales and earnings are paid within 24 hours! Go to http://Taxi2ezWealth.com — Also follow David at http://twitter.com/YourIncomeNow