I suppose with such a bold title I could drag this post out like a murder mystery and make you wait until the last line, building suspense, in order to finally hit you with some amazing new information you never knew that would change your life.
But I won’t do that.
In the book, “The Millionaire Next Door,” the authors attempt to find out the secret to America’s millionaires. Pretty soon they give the ultimate secrets that make these millionaires wealthy.
The three biggest strategies of the wealthy are, “frugal, frugal, frugal.”
They also continually mention one trait that millionaires have, saving at minimum 15 percent of their income.
This goes hand in hand with Robert Kiyosaki’s book, “Rich Dads Increase Your Financial IQ,” where he talks about paying yourself first.
It all boils down to the same thing. Many of America’s wealthy do not live a fancy lifestyle. They live on a strict budget and they live within their means. They do not drive the newest and best cars, they do not own the largest mansions, and you probably wouldn’t know they were even millionaires.
They don’t own the nicest suits and they don’t have the fanciest jewelry. They try to put their money into appreciating assets, not depreciating.
We can all learn lessons from the wealthy. Save, save, save. Learn discipline in life.
This is what becoming your own bank is based off of. Saving our money, financing our own purchases, paying ourselves back, and putting our money in a place where it will work for us when we are not using it.
This is how you can amass wealth in your own life. Defining wealth is key here. Wealth is not having fancy things, wealth is having money accumulated.
This is all based off of what you make, in the book a wealthy person is defined as having enough money accumulated to live 10 years without working. This is important because anyone can be wealthy. It doesn’t matter how much money you make, it matters how much of that money you can save, and how smart you can be with your dollar.
It takes planning, but following a solid plan can help you achieve your financial goals.