Many personal finance experts claim that first generation immigrants are more likely to become millionaires than those who are born in the United States. Immigrants are no smarter than anyone else. They just live by a set of principles that anyone can follow to become rich. Let’s go over some of the reasons why many immigrants become economically successful.
1. Many immigrants live life modestly and are not very materialistic. They don’t feel the need to conform to societal pressures of hyper consumerism. Most immigrants are just happy with the basics. They usually don’t spend money on expensive name brand clothing, luxury cars, or 5000 square foot mini mansions. They have a high savings rate. Frugality and minimalism is key. They are known to save between 50 to 80 percent of their income. This is why I always encourage people to travel internationally and observe how many other cultures live happy lives without spending money on an abundance of material possessions.
2. Most immigrants have a strong work ethic. They don’t mind working 12 to 16 hours a day. In some underdeveloped countries, it is normal to work 12 hours/6 days a week.
3. Many immigrants have an entrepreneurial spirit. In most countries where immigrants migrate from, they are forced to have an entrepreneurial state of mind. Many underdeveloped countries don’t have a booming job market or government assistance programs. You must create your own job in most cases. They are willing to take risks. They will start their own business and/or invest in other people’s businesses.
4. Many immigrants are determined to overcome obstacles. We have all heard of the numerous success stories of immigrants who come to America and achieve financial success without even speaking the language upon arrival. You must be the ambitious. Be thankful for opportunity to participate in a free market economy. The USA is the richest country in the history of the world. Not only is America one of best places to become rich, it is also the best time ever to get rich. Modern technology is making it easier to get rich at a faster pace than ever before. Don’t take your opportunities for granted.
5. Many immigrants are thankful for the opportunity to participate in an industrialized economy. Many take full advantage of the privilege to work and conduct business in a free market environment. They are hungry success. America is still the richest nation in the world. Over half of the world still doesn’t have 24-hour electricity or an internet connection.
If you were born in North America or any other industrialized region of the world, you hit the lottery of birth. The USA not a perfect country, but still the wealthiest country in the world. Warren Buffet attributes most of his success being born in the USA in the right era.