The Millionaires Next Door

 Stay in the same home for a long time.

Most millionaires stay in the same house for many years.

They live in affordable homes to save and invest more of their income.

The choice of a household and neighborhood has a great impact on the ability to create wealth.

Keep the same spouse

The majority of wealthy people are married to the same spouse.

Having a spouse with the right financial habits is crucial to building wealth.

A couple cannot accumulate wealth if one of the spouses is a hyper consumer.

Don’t drive their wealth away

Most millionaires own their cars and don’t lease them.

About 25% have a vehicle from the current year and another 25% have a vehicle that is four years old or older.

More than 33% have used cars.

Buying a luxurious car isn’t being rich.

Avoid Status Traps

A common obstacle to wealth is displaying a high-status lifestyle.

People who appear wealthy with fancy houses, clothes, and cars are not millionaires.

Millionaires are frugal and do not seek a status symbol but rather invest their money in assets.

Financially independent people tend to be happier

Financially independent people are happier than those who are not financially secure, with similar income and age groups.

There’s a peace of mind that comes from having money in the bank and investment accounts.

Budget

Most millionaires have a budget or ways to track their expenses.

Those who don’t budget practice what is called..Continue reading...