5 Words Millionaires Understand Better Than Others Here's how the self-made wealthy have a better handle on things like limitation, patience and fear.

By Timothy Sykes

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If there is one thing that all millionaires today have in common, it is that they know how to be successful. While their success may come from different places, and they may have earned their money in different ways, this is one thing that all millionaires today share.

Being an entrepreneur that has become a self-made millionaire is challenging. It takes a lot of work, and it is not something that everyone can do. While most self-made millionaires know a little something about hard work, they also tend to have a pretty extensive vocabulary as well, meaning they truly know the definition of some important terms and what these terms mean.

Related: 7 Mental Shifts That Allowed Me to Become a Millionaire at 22

Here are five words that millionaires understand better than others.

1. Limitation

Millionaires who work hard and make their own money know that there are no such things as limitations. They truly understand the word limitation. Millionaires understand there are no limitations on your ambition, your potential or your goals. Millionaires know that other people are held back by thinking that they can't break through barriers.

Truly successful individuals know what there are no barriers and no limitations to their success, and that if they work hard enough they can break through anything put in front of them. In order to be unafraid of limitations, you need to really understand what this term means, and how it holds others back -- and millionaires understand this better than anyone.

2. Fear

In order to be successful, you truly need to have no fear. There are all different types of fears that can hold you back from reaching your goals, and millionaires know that this fear is one of the biggest obstacles they need to overcome in order to be successful. There are all different types of fears out there -- fear of failure, fear of bankruptcy, fear of embarrassment, fear of losing friends or respect. No matter what these fears are, if you truly live in fear, you will never be able to reach your professional or your financial goals.

Related: 8 People Just Like You Who Made $1 Million

3. Perseverance

This is one term that every millionaire needs to understand. If you are not willing to push through the hard times, there is no way to become a self-made entrepreneur. Owning your own business is difficult. There are so many mistakes, failures and lessons learned along the way, and it helps build you into a better person over time -- especially when you are willing to stick with it. Those who have become self-made millionaires know that the ultimate fulfillment of reaching their goals is even better when they have had to persevere and work hard.

4. Patience

If you do not truly know what it means to be patient, then you will never reach your professional or your financial goals. If you want to make millions, you need to be patient. It won't happen overnight. The best-laid plans take many years -- or even decades -- to play out. The good news is, life is long, and if you strategize and maximize your opportunities, you can win any marathon. All you need it patience.

5. Goals

There is no bigger word in the vocabulary of a successful millionaire than the term "goals." No other sector of the population who knows this as much as successful entrepreneurs. Take some lessons from my first millionaire student here. Every entrepreneur knows that we live and die by our goals, which is why this term is so important. Aim high, dream big and do everything you can to achieve your goals and dreams -- and you too can become a millionaire entrepreneur.

Related: The 7 Traits of Successful Entrepreneurs

Timothy Sykes

Entrepreneur and Penny Stock Expert

Timothy Sykes is an entrepreneur and a penny stock expert, trader and advocate. He has been featured on CNN, Fox News, CNBC and more. Watch his media appearances and speeches on Youtube here.

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