Believe it: anyone can become a millionaire
Iím going to come right out and say it: anyone can become a millionaire today. And when I say anyone, I mean anyone ó that means you, too!
Did you know there are about 12 million Americans today with a net worth of at least $1 million? And the good news is, it doesnít take a rocket scientist (or a professional athleteís salary) to reach millionaire status.
No matter who you are or where you came from, you have the power to create the financial future you want for yourself and your family.
With National Be a Millionaire Day just around the corner, hereís a list of five simple habits that average millionaires practise every single day ó and you can, too!
1. Theyíre avid readers
President Harry Truman once said: ďNot all readers are leaders, but all leaders are readers.Ē One of the reasons millionaires become millionaires is because of their constant desire to learn. To them, leadership books and biographies are much more important than the latest reality show or who got kicked off the island. When they have free time, they use it wisely ó by reading.
2. They understand delayed gratification
Everyday millionaires spend most of their lives sacrificing temporary pleasures for long-term success. They have no problem buying an older, used car, living in a modest neighbourhood and wearing inexpensive clothes. They donít care about keeping up with the Joneses.
These decisions allow them to do things like save for retirement and college, and build up a large down payment for their dream home. They realise that instant gratification is fun ó but delayed gratification is so much better. Todayís sacrifices set them up for tomorrowís success.
3. They stay away from debt
One of the biggest myths out there is that average millionaires see debt as a tool. Not true! If they want something they canít afford, they save and pay cash for it later.
Car payments, student loans, same-as-cash financing plans ó these just arenít part of their vocabulary. Thatís why they win with money. They donít owe anything to the bank, so every dollar they earn stays with them to spend, save, and give!
Debt is the biggest obstacle to building wealth. I tell everyone: you need to avoid it like the plague. Your dreams are too important!
4. They live on a budget
Your budget is your plan. And you canít build a million-dollar net worth without a plan. Success isnít an accident. You are in charge of your own wealth building.
Just like you build a house by starting with the foundation, you build wealth by starting with the budgeting basics. And then you keep following them. When youíre making a lot of money, you donít stop managing it, right?
Average millionaires have made a habit of budgeting every month. They know whatís coming in and whatís leaving their bank accounts. If you only remember one thing, it should be this: Budgeting is the key to winning with money. You have to tell each dollar where to go at the beginning of the month, so you donít wonder where it all went.
5. They give
Sure, some rich people can be selfish jerks ó just like anyone else. But the everyday millionaires who live down the street, the ones you donít even realise are wealthy, are some of the most giving people youíll ever meet. I know because Iíve met a lot of them. They work hard, save, and respect the ability of others to do the same.
Whether itís tithing at church, donating to a charity, or just giving to friends and family, these people have generous spirits. They realise the most important thing you can do with wealth is help others.
Thatís actually why they continue building their wealth. They realise they canít take it with them when they die. Instead of spending it all on the latest toys, they choose to leave a legacy for the people who mean the most to them.
Ready to become an everyday millionaire?
Letís be clear: this idea that wealthy people always live in mega-mansions and wear $500 jeans is a myth. Being successful with money is as simple as living a modest lifestyle that follows a few basic principles. The more of these habits you follow, the more successful youíll be with money. Just ask Warren Buffett.
Iím here to tell you: Building wealth has almost nothing to do with your income or background. In my new book, Everyday Millionaires: How Ordinary People Built Extraordinary Wealth ó And You Can Too, my team and I studied 10,000 US millionaires (the largest study on millionaires ever conducted) and found that most of them donít look the part. The majority live in normal, middle-class neighbourhoods and drive modest cars.
So, if youíre ready to get serious about wealth building, talk with financial professionals. Theyíll help you build a clear wealth-building plan and keep you focused on your way to becoming an everyday millionaire!
ē Chris Hogan is a #1 national bestselling author, dynamic speaker, and financial expert. For more than a decade, Hogan has served at Ramsey Solutions, spreading a message of hope to audiences across the country as a financial coach and Ramsey Personality. Hogan challenges and equips people to take control of their money and reach their financial goals through The Chris Hogan Show, his national TV appearances, and live events across the nation. His second book, Everyday Millionaires: How Ordinary People Built Extraordinary Wealth ó And How You Can Too, is based on the largest study of millionaires ever conducted. You can follow Hogan on Twitter and Instagram at @ChrisHogan360 and online at chrishogan360.com or facebook.com/chrishogan360
Doctors urge health plan rethink
OBAís $165m gamble costing Bermudians dear
Government explores blockchain bonds
Four arrests after gunfire on Court Street
Senior arrested on suspicion of DUI
Take Our Poll