What or who do you think of when you hear the word…. MILLIONAIRE?

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Presentation transcript:

What or who do you think of when you hear the word…. MILLIONAIRE?

What are the secrets to being a millionaire?

What is wealth? In the dictionary, wealth is usually defined as when a person has an abundance of material possessions. BUT…people who have a lot and spend a lot may not have saved much money or have assets (land, stocks, bonds, business, etc.) that will increase in value.

The average U.S. millionaire… 57-year-old males and married with three kids 1 in 5 is retired 3 out of 4 are were entrepreneurs, others were professionals (doctors/lawyers) owned a small “dull or normal” business in the same city (pest controller, mobile-home park owner, paving contractor, rice farmers, welding contractors) half of their wives do not work; if so, most are teachers

The average U.S. millionaire… earns less than the U.S. average household income, but invests and saves what he earns. lives on less than 7% of their wealth. are homeowners; half have lived in their house at least 20 years. never received an inheritance. invested about 20% of their wealth in stocks and mutual funds.

The average U.S. millionaire… FRUGAL, FRUGAL, FRUGAL They live below their means. They wait for sales, and buy off-brands. They drive used cars that they can pay off quickly. They don’t usually pay for their adult children’s expenses. They make sure to save and invest first, before buying.

Rules to becoming a millionaire 1. Save early and often. 2. Save as much as possible. 3. Earn compound interest. 4. Try to earn a high interest rate. 5. Leave deposits and interest in the account as long as possible.

1. pay for lawn service 2. go to a hair stylist 3. use time as a measurement of success 4. buy brand new cars 5. carry a monthly credit card balance 6. eat out on a regular basis 7. think he knows it all 8. pay retail for name brand clothing 9. keep his money in a checking account 10. replace what is not broken Compared to others…the millionaire next door may not be doing what everyone else is doing…

The millionaire next door does NOT: 11. think he knows it 12. visit the tanning bed 13. impulse buy 14. waste time on senseless activities 15. focus his attention on negative obstacles 16. bet the farm 17. fly first-class 18. rent 19. earn every dollar he makes at his day job 20. socialize with people who waste money

Create your own list… Create your own Top Ten List of What Millionaires Don’t Do.

Bibliography Stanley, Thomas and William D. Danko. The Millionaire Next Door. Longstreet