A while back my wife got me a mug that says “Future Millionaire” on it. The statement on the mug for me is as true now as it was then. o_O
Though some people are predisposed to becoming millionaires, and some have greater obstacles in their path to do so, the path to millionare-ity isn't rocket science:
- Spend less than you bring in.
- Save and invest the difference.
- Start early and behold the magic of compounding.
The mainstay of Thomas Stanley and William Danko, The Millionaire Next Door, reinforced much of this, with loads of statistics from questionnaires and interviews completed by the affluent.
What did millionaires do to become millionaires?
Long-time blogging colleague FMF has sought the answer to this question by posting Millionaire Interviews beginning in August, 2013. To date, he has interviews from 21 millionaires. The latest to date (#21) is here.
These case studies are gold. What better way to learn about becoming financially well-off than by listening to people who already have done it?
Like I mentioned at the beginning of this post, I'm a future millionaire. As in, not a current millionaire. FMF has interviewed current millionaires.
If becoming a millionaire interests you, then read what these guys have to say. It costs only time, and if one good idea gets you over the hump toward becoming a millionaire, then the payoff is enormous.
Where is that one good idea? Who knows. Your one good idea will be different than mine. It could be:
- Something you've forgotten and needed to be reminded of. Maybe your assets are too heavy in one area, and you need to diversify, but it's gotten off of your radar. Well … it just came back on your radar.
- Something you've heard before, and now you believe it. People have planted seeds before, but seeds take time to grow. Maybe it's a bad habit that you know is costing you tons of money, and that last sentence of that post finally gets to you take action.
- Something you've heard before, and it was put in a way that finally makes sense. I was never a smoker, but when I read one of Larry Winget's book (I think it was this one) he put it in a way that was better than any other way I'd heard before: Each cigarette shortens your life by 11 minutes. Why did that make such good sense to me? Maybe it's because I'm a numbers guy and I steel-trap phrases with numbers in them. Maybe it was the clear cause and effect (statistically speaking). Maybe it was the simplicity. Maybe it was all of the above. Who knows. But no doubt you'll have one of these moments, too, with some completely different phrase.
- Something you've never heard before. These are probably the most effective good ideas of all, especially if it's been in front of your nose the whole time. Jay Abraham hit the nail with one of his observations about sales. If you sell to 30% more people, 30% more often, for 30% more money, you've more than doubled your revenue. The math had been staring me in the face since, maybe, fifth grade, but there it is.
So, please head over to Free Money Finance and look for some good ideas on becoming a millionaire.