November 20, 2019 2 min read

Opinions expressed by Entrepreneur contributors are their own.

In this video, Entrepreneur Network partner Jeff Rose explains some damaging myths people believe about millionaires, as well as how these beliefs became so widespread. Here are five of the most common. 

1. Millionaires inherited most of their money. In reality, Rose says a minority of millionaires achieved their riches through inheritance. Most people saved, invested and truly believed in themselves to make millions.
2. Millionaires are just plain lucky. Most millionaires put themselves in front of new opportunities — some of which may end in failure — so they can be in front of a integral chance at change. 
3. Millionaires make risky investments. In actuality, millionaires are cautious when weighing risk against reward. As Warren Buffett says, risking what is important to you in order to get what is not important to you is a bad investment decision. 
4. Millionaires take stupid risks that could pay off exponentially down the road. Not every person can take wild risks and come out on top. Most likely, to inch toward a million dollars, it’s best to exercise caution. 
5. Millionaires must graduate from a prestigious school. Many millionaires did graduate from college, but often with a degree from a public school; of course, some millionaires do not even attend college.

Click the video to hear more about each millionaire myth. 

Related: The Biggest Misconception About Millionaires

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