Who Wants to Be a Millionaire? (Philippine game show) (Photo credit: Wikipedia)
In fact, Reuters reports that in 2009 there were 7.8 million millionaires in the United States.
See what your millionaire neighbor won’t tell you >
That’s a lot of people, people. And the odds are one or two of them are living near you.
Heck, one of them might even be your neighbor. In fact, the odds are very good that it is your neighbor.
But, Len, you don’t know my neighbor. That guy doesn’t look anything like a millionaire.
Well, guess what? Your suburban millionaire neighbor called (oh yeah, we go way back) and the two of us had a nice little chat.
Here’s a few things he shared with me – but apparently doesn’t want to tell you. (No offense, I’m sure.)
He always spends less than he earns
In fact his mantra is, over the long run, you’re better off if you strive to be anonymously rich rather than deceptively poor.
From LenPenzo.com
He knows that patience is a virtue
The odds are you won’t become a millionaire overnight. If you’re like him, your wealth will be accumulated gradually by diligently saving your money over multiple decades.
From LenPenzo.com
He serves his guests inexpensive coffee
When you go to his modest three-bed two-bath house, you’re going to be drinking Folgers instead of Starbucks.
And if you need a lift, well, you’re going to get a ride in his ten-year-old economy sedan. And if you think that makes him cheap, ask him if he cares. (He doesn’t.)
From LenPenzo.com
He pays off his credit cards in full every month
He’s smart enough to understand that if he can’t afford to pay cash for something, then he can’t afford it.
From LenPenzo.com
He realized early on that money does not buy happiness
He knows the power of financial freedom
He never forgets that financial freedom is a state of mind that comes from being debt free. Best of all, it can be attained regardless of your income level.
From LenPenzo.com
He knows a thing or two about second jobs
He knows that getting a second job not only increases the size of your bank account quicker but it also keeps you busy – and being busy makes it difficult to spend what you already have.
From LenPenzo.com
He knows how to manage his money
He understands that money is like a toddler; it is incapable of managing itself. After all, you can’t expect your money to grow and mature as it should without some form of credible money management.
From LenPenzo.com
He’s a big believer in paying yourself first
Paying yourself first is an essential tenet of personal finance and a great way to build your savings and instill financial discipline.
He knows that failing to plan is the same as planning to fail
He also knows that the few millionaires that reached that milestone without a plan got there only because of dumb luck.
It’s not enough to simply declare that you want to be financially free.
From LenPenzo.com
He’s not afraid to think big
When it came time to set his savings goals, he wasn’t afraid to think big.
Financial success demands that you have a vision that is significantly larger than you can currently deliver upon.
From LenPenzo.com
He knows the importance of hard work
Over time, he found out that hard work can often help make up for a lot of financial mistakes – and you will make financial mistakes.
From LenPenzo.com
He insures himself against risk
He realizes that stuff happens, that’s why you’re a fool if you don’t insure yourself against risk.
Remember that the potential for bankruptcy is always just around the corner and can be triggered from multiple sources: the death of the family’s key bread winner, divorce, or disability that leads to a loss of work.
From LenPenzo.com
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