You too! We are both so lucky!
Posted on 02/07/2019 8:40:47 AM PST by simpson96
Anyone can become rich if they know the right steps to take.
But if you possess a certain set of characteristics, you may be more likely to become wealthy, according to Sarah Stanley Fallaw, director of research for the Affluent Market Institute. She co-authored “The Next Millionaire Next Door: Enduring Strategies for Building Wealth,” in which she surveyed more than 600 millionaires in America.
To identify characteristics most predictive of net worth, Stanley Fallaw conducted two studies that included a group of individuals with a net worth ranging from $100,000 to $1 million and a group of high- and ultra-high-net-worth individuals.
She found that six behaviors, which she called “wealth factors,” are related to net worth potential, regardless of age or income: •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
Frugality came up several times during Stanley Fallaw’s research—many of the millionaires she interviewed stressed the freedom that comes with spending below their means. Being frugal was one of three key ways they achieved financial independence.
It also takes confidence to invest properly — instead of making investing decisions with your emotions, you should leave your investments alone and focus on a long-term investment plan, certified financial planner Shelly-Ann Eweka previously wrote for Business Insider.
But you can’t invest — or manage your own money — without accepting responsibility for the outcomes.
“[Millionaires] don’t count on anyone else to make them rich, and they don’t blame anyone else if
(Excerpt) Read more at finance.yahoo.com ...
I hope you are being facetious.
My father will drive 20 miles out of his way to save a nickel a gallon on gas. Their 20 year old small projection TV’s bulb went out. It was given to them by my aunt. I replaced the 200 watt bulb three years ago, but they typically leave it on 16 hours a day 7 days a week.
My dad called me the other day and said that the bulb had burned out again. I told him he could buy a new TV with the same size 32” screen on sale at Walmart for $89 with free shipping at Walmart.com and it would save its purchase price in electricity in literally about a year. But they put the 27” cathode ray tube TV back up instead. They are currently paying over $100 a month for their cable TV subscription and have only one other 32” 720P television.
Because of their frugality they have accumulated a great deal of wealth, but they are both in their 80s and have had health problems. At this point I just wish they would loosen up and start spending before it is too late.
You probably can’t get rich without taking personal risk meaning own a business and work your butt off.
Only certain professions will earn enough in wages to allow becoming rich.
No, you can’t do it at minimum wage or low skill work. Nobody said you could or should be able to but you do have the opportunity to get rich. Nobody, not even GOD has ever said you will have equal ability to excel.
Wisdom without limit is yours for the asking but you have to practice it.
Or, you can start an Instagram account that people like and you’ll be rich. I know people who have done it. And it’s totally free to begin. Social media is a gold mine for anyone talented and driven enough.
Look, you have to enjoy life when you are young. I don’t mean be excessively extravagant but you only live once.
You too! We are both so lucky!
LOL, I completely was...every time I see something like this on the Internet, there is always some wise guy who jumps in and says that...I just had to be that guy today!
Heh, would that money sucking event be involvement with the babes or Coachella?
If I had a million dollars I’d spend it on wine, women and song. The rest I’d just waste.
Seriously, it is one of the greatest things about this country of ours. If you have guts and persistence you can make it regardless of your beginnings.
My BIL is a millionaire, lives in his moms attic, no wife or kids, works for the government, does not spend anything.
Has no life, he’s an Asperger millionaire.
His obsession is doing the bare minimum that he has too at all times.
He is a perfect government employee.
Why do people assume that they have to earn through their own labor every single one of their “one million dollars”.
If you earn 7.2 percent interest per year on your investments and reinvest the interest earned as its earned, your “money” will double in value every ten years without adding a single dollar further.
Tax free, triple AAA municipal bonds from a economically sound state will easily accomplish a doubling of your investments every 10 years.
100,000 dollars in ten years is 200,000
200,000 dollars in another ten years is 400,000
400,000 dollars in another ten years is 800,000
800,000 dollars in another ten years is 1,600,000.
People who say it’s impossible just don’t understand basic 8th grade mathematics.
If you start with 100 dollars and deposit 10 dollars every day for 1156 days ( that 3 years and 2 months ) in an investment instrument that earns 7 percent per year compounded daily you will have $100,115.17 at the end of 1156 days.
If you let that 100,000 dollars sit and earn 7 percent per year compunded annually for 40 years without ever adding a single dollar again it will be worth 1.6 million dollars.
Your first million dollars takes 5 years, 105 days if you faithfully save and INVEST 10 dollars ever day.
I see a lot of people spend more that 10 dollars a day at 7-11, on lottery tickets, fast food and starbucks every day.
Mathematically it is very doable.
The entire key to success is consistency of long periods of time.
Correction:
The entire key to success is consistency over a long period of time. A long term perspective and time frame is the key to success.
but it sure does by biblical standards.
Fair enough. I likewise expect it but don’t appreciate or agree with them.
Equal opportunity. Not promised or owed equal outcomes. Believe anything else an it is a setup for misery.
Chris Hogan’s “Everyday Millionaires” surveyed 10,000 millionaires over the past two years. The book came out last month.
The original “The Millionaire Next Door” was first published in 1996, suggesting the studies were in the last eighties or early nineties.
Less than 20% of millionaires inherited anything. Less than 3% inherit most or all of their money.
A lot of this is Dave Ramsey’s advice.
15% saved every year over 30 years, regardless of income, and compounding at stock market rates of return gives a million dollars to someone earning more than minimum wage.
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