Do you have a millionaire mentality? Do you believe that all millionaires are livin’ large? Do you think they all drive brand new luxury cars or live in McMansions?
Well, according to a book I read a few years back, The Millionaire Next Door, it’s simply not true.
How does the millionaire mind work? How can we incorporate their ways into our lifestyle so we can begin to think and act like a millionaire?
- Find a job you love. When you love what you do, success comes naturally.
- Become and stay disciplined. Most millionaires are very savvy with their money. Live below your means and ignore the Joneses. Millionaires know how much money they have and where it goes. They create a budget and stick to it.
- Concentrate on building assets, not liabilities. If it’s not appreciating in value, it’s a liability.
- Buy used high-ticket items. The first 2 years have the highest amount of depreciation, so purchasing after that 2 year period will get you a much better price. Don’t lease!
- When purchasing new electronics, wait until the kinks have been worked out before spending your money.
- When buying clothes, look for classics that won’t go out of style. If you must buy trends, spend as little as possible.
- Eat at home more often. It is healthier and will save money.
- Shop sales and use coupons.
- Find ways to save money at home by going green. Small changes like buying energy-efficient light bulbs, turning off electronics when they are not in use, installing a programmable thermostat, and purchasing Energy Star appliances will save a lot of money in the long run.
- Purchase a smaller home that will cost less to heat and cool.
- When purchasing your home, select a modest neighborhood with a great public school system. Resist the urge to be the largest house on the block- the smaller homes will bring down the value of your home.
- Send your children to public school. The tuition and other fees that go along with getting a private education will rob your family of future savings. That’s why it’s important to make sure you purchase your home in a great school district.
Although these may seem more like money-saving strategies, following these tips and more can help point you in the right direction so you can begin to think and act like a millionaire. 😉
Have you read the book? What did you take away from it? Do you have a millionaire mentality?
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These are some great suggestions! I’ve added The Millionaire Next Door to my list of books to read this year. Thank you! I appreciate you sharing this with the Small Victories Sunday Linkup!
You’ll love the book. It is very enlightening. Thanks for stopping by!
What fantastic advice and tips, great food for thought. Love it, thank you. 🙂
You’re very welcome! I’m glad you found something helpful! 🙂
I haven’t read the book but I believe in the items on this list and I pretty much do all of them (except the things that don’t apply i.e. we don’t have kids yet, but i know there’s no way i’m paying for private school. we made sure we moved into a neighborhood with a small but great school system). I try to not buy anything full price, I bought my car when it was 2 years old and I paid cash + traded in my old one. I haven’t had a car note in 7 years and it’s fantastic! we recycle, use energy saving light bulbs, we schedule doing laundry so we don’t run the machine all week long, etc.
Our house is pretty big, but we got a good price and we hope to never outgrow it or have to move when kids do come. Heating it will not be fun, but we are looking to maybe invest in green sources of energy in the near future, like solar panels.
Unless you were born rich, the key to becoming a millionaire is patience and discipline. Indulgence will not get you there.
You are on a mission! I love it! Your comment makes me think that we’d be besties if we knew each other. 😉 Keep up the great work!