Article Title: Seven "Secrets/Tips" to Becoming a Millionaire
(from the Oprah Winfrey Show)
Submitted by: Craig Lock
Category/Subject: Money, Money Management, Financial Security
Key words: Million, Millionaire, Wealth, achieving wealth
Web Site: http://www.craiglockbooks.com
Other Articles by Craig Lock: http://www.selfgrowth.com/articles
(self help, words of inspiration, writing, internet marketing and articles on managing your hard-earned money)
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SEVEN SECRETS TO BECOMING A MILLIONAIRE
These thoughts are extracted from the book THE MILLIONAIRE
NEXT DOOR, as seen on Oprah Winfrey's fine show from some years back, which I watch regularly (enough free advertising for her - she doesn't need it!). The research for the book was done on people with a net worth of over a million dollars (3.5 million households in America, apparently). I've written this piece in point form for brevity.
Portrait of a millionaire:
* 86 of millionaires are first generation - the money is not inherited.
* Accumulating wealth takes a long time. Most wealthy people don't
reach millionaire status until age 50. A glimmer of hope for me then!
^ Two thirds of millionaires are self employed. A bit more hope for me then!
* Many were "C-students", not A's.
* Quite a number were told to take the journey of self employment.
I believe doing this makes people much stronger.
There is "no parachute in the journey of life".
* Most millionaires live on less than 7 of their wealth.
They take 15 - 20 of their pre-tax income to live; thus living way beneath their means.
Most of them drive a Ford And not a Cadillac or Mercedes Benz.
They usually don't have overseas trips, own luxury cars and new suits.
The authors found that most millionaires went to public schools -
not private ones.
81 buy their cars and don't lease them.
If $35000-$43000 is the median net worth. Many aim to have 6 months salary as a reserve/emergency fund. However, many people can't afford to miss even a week of work. The majority of people are three pay-checks short of bankruptcy.
We live in a culture, where less time is committed to service. Add value, be exceptional in the delivery of your product or service at all times.
7 RULES FOR BECOMING WEALTHY:
1. Live well below your means and be frugal.
Have a budget - know how much you spend on food, clothing and housing.
Many people spend +- 20 hours per month planning and managing their incomes.
(1/30th of age X income).
1. can live for 16 years off their capital - it's a shift in lifestyle.
2. Make achieving financial independence a priority in their lives.
3. Do not accept a substantial economic contribution from their parents.
4. As adults, they encourage their children to become self sufficient.
5. They have a clear vision of where their lives (including the financial area) are headed
6. Are good at targeting OPPORTUNITIES in any business:
whether it's scrap metal, garbage disposal, junk, waste management, or cleaning buildings. There is even a billionaire making candles.
Finally...and most importantly,
7. they choose the right occupation - the sooner, the better.
Hope I've made the right choice then!
I hope that these tips may be helpful to you in achieving financial succcess and perhaps even wealth..
P.S: Even if you never achieve material wealth in the "real world". you can still be a "millionaire in spirit"... and that's far more important.
P.S: Don't worry about the world ending today... it's already
tomorrow in "little" scenic and tranquil New Zealand
THIS ARTICLE MAY BE FREELY PUBLISHED