All About 11 self-made millionaires reveal the best advice they ever got

That's the point at which lots of people feel as if they've "made it." So what are the makings of a millionaire? According to research tracking company Spectrem, the number of millionaire families in the U.S. struck a record high of 10. 1 million in 2014, up 500,000 from 2013 and about double the number of millionaire families in 1996.

Rather than inheriting their wealth, a significant number of America's wealthiest people are now producing their wealth from scratch. Have you ever questioned what typical qualities self-made millionaires have that enable them to be so effective while the rest of Americans struggle to reach our retirement goals and produce wealth? I think it comes down to these seven traits.

Though a college education isn't a prerequisite to success-- simply look at self-made billionaire Bill Gates, who left of Harvard and is now the richest individual worldwide-- a college education will typically offer an individual a far better chance at ending up being a millionaire. In the book The Education of Millionaires: Everything You Won't Learn in College About How to Be Successful, author Michael Ellsberg mentions the fact that 80% of all millionaires have actually finished from college.

12 Self Made Millionaire Qualities You need to learn to Become one - YouTube

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Relatively, millennials of the exact same age range with only a high school diploma make a median of $28,000 annually. Over  Learn More Here -year timespan, that's a $700,000 difference, not considering potential wage boosts, the capability to save, or possible development from financial investments. Long story short, college pays off for self-made millionaires most of the time.

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Self-made millionaires tend to recognize trends and opportunities long prior to many people do, which allows them to profit if one of their ideas proves effective. Tesla Model S with CEO Elon Musk. Source: Flickr user Maurizio Pesce. Take' (NASDAQ: TSLA) self-made billionaire CEO Elon Musk as a prime example.

There was hardly any electrical car facilities to mention, and Detroit's huge three had a stranglehold on the industry. A decade later on, Tesla's Model S is offering faster than the EV-maker can produce them. Tesla's supercharging network is transforming the method consumers think of EVs and including much more driving range to Tesla's game-changing Design S.