The brainiacs at Kiplingers Personal Finance Magazine just posted some nice advice from millionaires on what it takes to become one.

The stories of the nine all the people featured are worth reading and have parallels with the music business.

The understanding could be summarized with these tips:

TIP #1: Go balls out. - Like a successful music business career, earning this kind of money isnt something you may halfass.

TIP #2: Support your idea and dont be afraid to invest your own funds to generate it happen. - Its easy to spend funds when it doesnt belong to you. If you really believe in something though, you wont be afraid to invest your own.

People, including investors like record labels, understand this. And when they see youre not afraid to put your money where your mouth is, theyll come with their money.

TIP #3: Know what you do best. - You need to understand how to outsource. If youre not a graphic designer, you shouldnt be doing the graphics for your album.

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TIP #4: Dont let setbacks get you down. - Nobody said this is easy. The difference between successful music business many people and those who arent usually has more to do with them being able to take a punch and get back up than it does talent.

TIP #5: Take the long view. - The secret to both long-term financial stability and music business success isnt "timing of the market." Sure, some people get in, hit things while theyre hot, and get out, but that rarely happens.

The secret is "instant in the sell " and being consistent if your actions.

TIP #6: Make your luck. - Some people really are more lucky than others. Part of it is a mind game and how you approach things, but most of it is creating opportunities for yourself. People get in the right place at the right time because they put themselves there.

TIP #7: Enjoy the process. - While there are a lot of many people who build this business look easy, its very hard work that takes a lot of instant and dedication. You can only see somebody doing "fun" things like hanging out at a club or chatting it up a conference, but dont generate the error of thinking that is all they do. Chances are that when theyre not "hanging out" (which is also work, in a lot of cases), theyre working on the thousands of other things that it takes to do well in the business.