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

Rather than inheriting their wealth, a substantial variety of America's wealthiest individuals are now creating their wealth from scratch. Have you ever wondered what common characteristics self-made millionaires have that enable them to be so successful while the rest of Americans struggle to reach our retirement goals and produce wealth? I think it boils down to these seven qualities.

Though a college education isn't a prerequisite to success-- simply look at self-made billionaire Bill Gates, who dropped out of Harvard and is now the wealthiest individual in the world-- a college education will typically offer a person a much better chance at becoming 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 graduated from college.

The 10 Most Common Habits of Self-made Millionaires

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Comparatively, millennials of the very same age variety with just a high school diploma earn an average of $28,000 each year. Over a 40-year timespan, that's a $700,000 difference, not factoring in potential wage increases, the ability to conserve, or possible growth from financial investments. Long story short, college pays off for self-made millionaires typically.

Personality traits of self-made millionaires: What really makes them tick? - CityAM : CityAM

Self-made millionaires tend to acknowledge trends and chances long prior to the majority of individuals do, which permits them to benefit if among their ideas proves successful. Tesla Design 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 barely any electric lorry facilities to mention, and Detroit's huge 3 had a stranglehold on the market. A decade later, Tesla's Design S is selling much faster than the EV-maker can produce them. Learn More Here supercharging network is transforming the method consumers consider EVs and adding even more driving range to Tesla's game-changing Design S.