10 things millionaires do that you can too
TRANSCRIPT
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10 Things Millionaires Do
That you can do too
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In h i s 1996 bes tse l le r , The Mi l l iona i re Next Door , Thomas S tan ley deta i led the t ra i t s o f
the average mi l l iona i re . Not the average “ r i ch person” the average mi l l iona i re . These a re peop le who have a net wor th over seven
f i gures who are a l so “ f inanc ia l l y f ree . ”
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#1 Job Stabil ity
Millionaires tend to stay with one employer for a very long time –
sometimes 30 or 40 years. Being a company man or woman can offer
huge rewards, including a very nice ending salary and hefty 401K
balances.
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#2 Steady Saving
As of 2015 you can save $18,000 in a 401k or 403b, and $24,000 if you are
over the age of 50. That doesn’t include your company’s “free match” if
they offer one.
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“I’ve rarely met a rich retiree who didn’t start making the maximum
contribution to a 401k in their 20s or 30s.”
-Wes Mossa u t h o r o f
“ Y o u C a n R e t i r e S o o n e r T h a n Y o u T h i n k ”
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#3 Save The Raise
One trick is saving at least half their pay raises. Instead of putting the money towards a new boat or vacation, those added dollars end
up in retirement or brokerage accounts.
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#4 Invest
Millionaires who own stocks tend to hold their investments for decades
(not just years). They let their dividends re-invest over time and thus
participate in the long-term growth of our economy. This makes them
investors rather than “savers” who only invest in CDs or money markets.
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#5 Owners
Business owners, partners and other employees who are “fully vested” in a
company tend to end up with substantial savings.
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#6 No Mortgage
O n e k e y “ r i c h ” p e r s o n m o v e i s t o g e t r i d o f t h e
m o r t g a g e b y a g e 6 5 . T h i s m a y t a k e t w o o r t h r e e e x t r a p a y m e n t s
p e r y e a r .
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#7 No Fancy Toys
Very few millionaires own BMWs, Mercedes, $3,000 watches, or $5,000 suits. Nearly 40% of the “rich” buy their cars used.
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#8 Credit
The better your FICO score, the lower the interest rates you will pay on your mortgage and car
loans. The “rich” do this by carrying low debt loads.
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“Rich people don’t buy lottery tickets. It’s a fact. I’ve never seen a millionaire
buy a lottery ticket, and I’ve never met anyone who won the lottery and still had the money three years later.”
-Wes Mossa u t h o r o f
“ Y o u C a n R e t i r e S o o n e r T h a n Y o u T h i n k ”
#9 No Lottery
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#10 Own Real Estate
They bought homes that were not overly priced or extravagant in
rentable areas. They would maintain them appropriately, rent them out consistently. They paid down their
mortgages and ended up with cash-flowing assets that built their net
worth slowly over 30 years.
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A n a v e r a g e i n c o m e , c a r e f u l l y m a n a g e d , c a n g e n e r a t e c o n s i d e r a b l e w e a l t h o v e r a p e r i o d o f t i m e . T o b o r r o w
a l i n e f r o m r a d i o ’ s D a v e R a m s e y , “ L i v e l i k e n o o n e e l s e t o d a y , a n d o n e d a y y o u ’ l l b e a b l e t o l i v e l i k e n o
o n e e l s e . ”
The Lesson
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