I grew up in a town of about 1,000 people and the idea of being a millionaire seemed like such an unachievable task. I always felt like I would be doing good if I could get a job that paid me $20K a year or so. Anything beyond that seemed a little silly. Millionaires were for Hollywood. They lived in cities or on their own private island somewhere. They definitely did not live across the road from me.
Yesterday, I was reading an article, at www.thecollegeinvestor.com, about the five things that my millionaire neighbor isn’t telling me when it occurred to me that, even though I have always lived in small towns, I can identify some fairly wealthy people who have been a part of my community.
This article states that 1 out of every 100 American citizens is a millionaire. By those statistics, the town I grew up in should have had about 10 people living in or around it who were over the $1,000,000 threshold. Those numbers apply to the town that I currently call home as well. However, I don’t see these people on a regular basis. Or, at least, I don’t think I do.
That begs the question, “What do we think that wealthy people look like?”
Or, even better yet, “What kind of lives do wealthy people live?”
Do they all drive fancy cars and live in mansions? Are there kids all living off of trust funds and traveling to exotic locations for spring break? Do they all travel with security everywhere that they go?
I think that is the image that we have created, or have had created for us, of how the wealthy population functions but maybe we are off base a little bit.
This article, and I encourage you to read it, suggests differently. It’s author, Robert Farrington, suggests that wealth is not something that people just fall into without hard work. It also tells us that many wealthy individuals will continue living normal lives. That’s how they stay wealthy. Their habits and lifestyles don’t differ much from the rest of us. They just have more security.
Here are the five things that your millionaire neighbor isn’t telling you…
1. Start Young and Don’t Mess Up
2. Don’t Move and Don’t Get Divorced
3. Invest Slowly Over Time
4. Create Multiple Income Streams
5. Live Below Your Means
When you read this list, it brings light to the fact that the life of a millionaire is one that has been achieved over time with hard work. Now, there are always going to be exceptions. Some people really do fall into wealth with little or no work. There are some wealthy individuals who live extravagant lifestyles. However, for each one of them, there is a man or woman living a life that is very similar to yours.
They get up every morning and continue to go to work. They balance a budget and spend less than they earn. They look for ways to put their money to work for their benefit. They are stable and reliable individuals. Shoot for that. It is an excellent goal.
This life is strange and we have all take a different course to get where we are. However, there are many principles that work regardless of our station in life. For those of you who are looking for a foundation to build on, these five are an excellent place to start.
Leave your comments below. I would love to hear your opinion on this.
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