•Confidence in financial management, investing, and household leadership
•Responsibility, which involves accepting your role in financial outcomes and believing that luck plays little role
•Planning, or setting goals for your financial future
•Focus on seeing tasks through to their completion without being distracted
•Social indifference, or not succumbing to social pressure to buy the latest thing
All good advice...
•Frugality, or a commitment to saving, spending less, and sticking to a budget
•Confidence in financial management, investing, and household leadership
•Responsibility, which involves accepting your role in financial outcomes and believing that luck plays little role
•Planning, or setting goals for your financial future
•Focus on seeing tasks through to their completion without being distracted
•Social indifference, or not succumbing to social pressure to buy the latest thing
In other words, conservatives.
Other than those who inherited their wealth, I suspect most of these people had “real jobs” at some point in their careers before becoming independent.
Be interesting to see how many of these millionaires were gas station attendants vs how many had six figure salaries prior.
One thing that irks me about these articles is that, it doesn’t really matter how frugal you are - if you’re making minimum wage, you aren’t becoming a millionaire unless you win the lottery. They make it sound like “anyone can be a millionaire” by adopting a few sound habits, but I suspect that’s not the case.
My son works for a young millionaire. He doesn’t fit the frugality part but definitely all the rest, especially confidence.
He started investing in the stock market when he was 12 and had already made his first million a year out of college.
He has no fear.
Add two more: don’t get divorced and act like you have got some sense.
I’m ok on 5 of the 6, but I struggle with confidence.
Some of it is my wife is extremely risk adverse so I don’t want to risk the main kitty less I face the wrath.
The other is I tend to overthink things and hold off until it’s too late to pull the trigger.
I would have managed to be over the number by now, if I hadn’t changed my mind and paid for my daughters college. I wanted to prevent them taking a loan at all costs.
They’ve both agreed to payback 50% interest free - but that’s between them and my wife ;)
The absolute main driver for us was a very strict budget and extremely frugal lifestyle. Never carry a loan/pay interest more than absolutely must - double payments or more till it’s gone. We get to do things we enjoy by budgeting in an ‘allowance’.
Still clip coupons, 1 car is 16 yrs old, the other 7. Buy things second hand when it makes sense.
Sorry....There are millions and millions of people who had these same “how to live” ways....and they never became millionaires.