10 Lessons I Learned from "The Millionaire Next Door"
- Thread -
- Thread -
1. Ivy League Degrees Don't Matter
62% of millionaires attended public, state colleges.
The type of school doesn't matter.
What matters is:
- Your determination
- Your ability to learn
- Your ability to apply
- Your ability to network
Experience is the greatest educator.
62% of millionaires attended public, state colleges.
The type of school doesn't matter.
What matters is:
- Your determination
- Your ability to learn
- Your ability to apply
- Your ability to network
Experience is the greatest educator.
2. Invest, Don't Just Save
Millionaires don't stash cash.
They invest in:
- Real estate
- Themselves
- Their network
- Their business
- The stock market
It takes the average millionaire 28 yrs to hit $1,000,000.
Be patient, invest consistently and you'll see results.
Millionaires don't stash cash.
They invest in:
- Real estate
- Themselves
- Their network
- Their business
- The stock market
It takes the average millionaire 28 yrs to hit $1,000,000.
Be patient, invest consistently and you'll see results.
3. Choose your Partner Carefully
86% of millionaires are married - and 65% are still in their first marriage.
Marry someone who is:
- Frugal
- Mindful about money
- In sync with your money habits
Marry someone with a winning financial mindset.
86% of millionaires are married - and 65% are still in their first marriage.
Marry someone who is:
- Frugal
- Mindful about money
- In sync with your money habits
Marry someone with a winning financial mindset.
4. Buy a Used Car
Only 14% of luxury cars are bought by millionaires.
Millionaires buy used cars.
Used cars:
- Save money
- Can last several years
- Are often already depreciated
Most cars are depreciating assets.
Don't invest in negative returns.
Only 14% of luxury cars are bought by millionaires.
Millionaires buy used cars.
Used cars:
- Save money
- Can last several years
- Are often already depreciated
Most cars are depreciating assets.
Don't invest in negative returns.
5. Income ≠ Wealth
Only 31% of millionaires earned an average of $100,000 per year.
Common millionaire careers include:
- Teachers
- Engineers
- Accountants
To become a millionaire you must:
- Work
- Save
- Invest
You don't have to earn 6-figures to be a millionaire.
Only 31% of millionaires earned an average of $100,000 per year.
Common millionaire careers include:
- Teachers
- Engineers
- Accountants
To become a millionaire you must:
- Work
- Save
- Invest
You don't have to earn 6-figures to be a millionaire.
6. Become the Household CFO
79% of consumers fail to stick to their budget. Don't be like them.
Every dollar has a purpose.
Some examples:
- Paying off debt
- Business accounts
- Basic living expenses
- Emergency savings funds
A budget gives you control over your money.
79% of consumers fail to stick to their budget. Don't be like them.
Every dollar has a purpose.
Some examples:
- Paying off debt
- Business accounts
- Basic living expenses
- Emergency savings funds
A budget gives you control over your money.
7. Live like an Undercover Millionaire
Being rich and looking rich are 2 different things:
- Spend less than you earn
- Don't buy stuff you can't afford
- Don't keep up with the Joneses
If you want to feel rich, count the blessings in your life that money cannot buy.
Being rich and looking rich are 2 different things:
- Spend less than you earn
- Don't buy stuff you can't afford
- Don't keep up with the Joneses
If you want to feel rich, count the blessings in your life that money cannot buy.
8. Your Forever Home
50% of millionaires have lived in the same home for 20+ years.
You don't need:
- A mansion
- An exclusive community
90% of millionaires own a house worth less than $1 million.
It's not the home you live in that matters.
It's the people you live with.
50% of millionaires have lived in the same home for 20+ years.
You don't need:
- A mansion
- An exclusive community
90% of millionaires own a house worth less than $1 million.
It's not the home you live in that matters.
It's the people you live with.
9. Spend Less than you Earn
You can't build wealth if you're in debt.
How to stop spending money:
- Call a friend
- Cut the cards
- Commit to cash
- Lock up your wallet
If you carry debt, you're robbing your future self.
You can't build wealth if you're in debt.
How to stop spending money:
- Call a friend
- Cut the cards
- Commit to cash
- Lock up your wallet
If you carry debt, you're robbing your future self.
10. Anyone can Make Money
79% of millionaires built their wealth from nothing.
They:
- Worked hard
- Invested and saved
- Lived below their means
- Saw opportunities where others saw challenges
The only person that's holding you back from success is you.
79% of millionaires built their wealth from nothing.
They:
- Worked hard
- Invested and saved
- Lived below their means
- Saw opportunities where others saw challenges
The only person that's holding you back from success is you.
If you enjoyed this thread, then you'll love my new course.
Here are some details:
- 14-week mindset program
- Step-by-step investing guide
- In-depth wealth-building strategies
...And much more!
Check it out 👇 (price increases tomorrow!)
gumroad.com
Here are some details:
- 14-week mindset program
- Step-by-step investing guide
- In-depth wealth-building strategies
...And much more!
Check it out 👇 (price increases tomorrow!)
gumroad.com
Loading suggestions...