Okay, yes. The title is a take on the game show from years ago but seriously, have you ever wondered what it takes to become a millionaire, or at least retire a millionaire? A few weeks ago on the Dave Ramsey show there was an entire segment dedicated to exploring the secrets of America's millionaires.
I have always wanted to talk to someone who has "made it". I have wanted to find out what they have done to be successful with money. Dan talked to Dave and explained how he and his wife were able to be successful. He wasn't any different from the other millionaires that were on the show. Here's what I think:
Dan didn’t average over 100k, most of the time he had a normal income
He was debt free
They put money away consistently
He didn’t inherit money or win the lottery
They didn’t buy new vehicles
They lived below their income
Bought things with cash
Didn't have student loans
Those that are successful follow the principles found in "The Millionaire Next Door". They followed solid financial principles that worked for our grandparents and they were consistent. These men and women are also living pretty ordinary lives. You wouldn't pass them on the street and be able to guess their net worth. And you know, that kinda makes me wonder, how many of my friends and neighbors are secretly wealthy? Not because I think that's information we need to share (so don't tell us) but I just wonder if there are more people that are able to live comfortably and give outrageously than we know. That's something to think about.
It takes serious work and dedication to retire with over a million dollar net worth but it's possible. And you don't have to be lucky or somehow special to do it, you just have to focus. Oh and get out of debt, we're still working on that part but we'll get there. I think we can all do it.
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