Psst..pst…Millionaire wannabes…listen here – 20 Mar 2014

Posted on March 20th, 2014 in Food for thought, The Savvy You

 

What your millionaire neighbour wont tell u

 

Although having a million bucks isn’t as impressive as it once was, it’s still nothing to sneeze at. Well, guess what? A millionaire who is truly financially savvy won’t be easily recognizable.  This is what we have dug out from one of them at knifepoint!

1. He always spends less than he earns.  In fact his mantra is, over the long run, you’re better off if you strive to be anonymously rich rather than deceptively poor.

2. He knows that patience is a virtue. The odds are you won’t become a millionaire overnight.  If you’re like him, your wealth will be accumulated by diligently saving and investing your money.

3. When you go to his modest apartment, you’re going to be drinking his favourite 3 in 1 coffee instead of Starbucks.  And if you need a lift, well, you’re going to get a ride in his simple sedan.  And if you think that makes him cheap, ask him if he cares.  (He doesn’t.)

4. He pays off his credit cards in full every month.  He’s smart enough to understand credit cards are for earning rewards and points.  Period.

5. He realized early on that money does not buy happiness.  If you’re looking for nirvana, you need to focus on attaining financial freedom.

6. He never forgets that financial freedom is a state of mind that comes from being debt free on a net asset basis.  Best of all, it can be attained regardless of your income level.

7. He understands that money is like a baby; it is incapable of managing itself.  After all, you can’t expect your money to grow and mature as it should without some form of credible money management.

8. He’s a big believer in paying yourself first. Paying yourself first is an essential tenet of personal finance and a great way to build your savings and instill financial discipline.

9. Although it’s possible to get rich if you spend your life making a living doing something you don’t enjoy, he wonders why you do.  Life is too short.

10. He knows that failing to plan is the same as planning to fail.  He also knows that the few millionaires that reached that milestone without a plan got there only because of dumb luck or wealthy parents.

11. When it came time to set his savings goals, he wasn’t afraid to think big.  Financial success demands that you have a vision that is significantly larger than you can currently deliver upon.

12. Over time, he found out that hard work can often help avoid a lot of financial mistakes.   You don’t want to make too many of them. And he wonder why in this day and age, people never learn from scams, preferring to outsource their responsibilities to smooth-talking operators instead of taking charge of their investments.

13. He realizes that bad things happens, whether you like it or not.  That’s why you’re a fool if you don’t insure yourself against risk. The potential for bankruptcy is always just around the corner and can be triggered from multiple sources: the death of the family’s key bread winner, divorce, or disability that leads to a loss of work.

14. He understands that time is an ally of the young.  He was fortunate enough to begin saving and investing in his twenties so he could take maximum advantage of time.

15. Even though he has a job that he loves, he doesn’t have to work anymore because everything he owns is paid for – and has been for years.

16. He’s not impressed that you drive a luxury car and live in a mansion that’s too big for your family of four.

So that’s it.  Now you know what your millionaire neighbor won’t tell you!

 

This was adapted from a longer post that originally appeared at Len Penzo dot Com. Copyright 2014.

 

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