Last week I came across this very interesting article on the “secrets” of self made millionaires
It was written by Len Penzo from Len Penzo dot com and it is one of the most popular article on his blog.
Read the full article and you’ll know why it is a timeless piece.
Here are some excerpts:
4. He pays off his credit cards in full every month.
He’s smart enough to understand that if he can’t afford to pay cash for something, then he can’t afford it.
5. He realized early on that money does not buy happiness.
If you’re looking for nirvana, you need to focus on attaining financial freedom.
6. He never forgets that financial freedom is a state of mind that comes from being debt free.
Best of all, it can be attained regardless of your income level.
7. He knows that getting a second job not only increases the size of your bank account quicker but it also keeps you busy — and being busy makes it difficult to spend what you already have.
8. He understands that money is like a toddler; it is incapable of managing itself.
After all, you can’t expect your money to grow and mature as it should without some form of credible money management.
9. He’s a big believer in paying yourself first.
Paying yourself first is an essential tenet of personal finance and a great way to build your savings and instill financial discipline.
10. Although it’s possible to get rich if you spend your life making a living doing something you don’t enjoy, he wonders why you do.
Life is too short.
Read the full article here: http://lenpenzo.com/blog/id1151-19-things-the-millionaire-next-door-wont-tell-you.html
Everyone can save money or become financially free regardless of income.
It is not how much you earn but how much you save.
– Real life case study of successful frugal living: http://www.businessinsider.com/why-you-should-live-paycheck-to-paycheck-2014-1
– Frugal Millionaire Women : http://www.thomasjstanley.com/blog-articles/253/Even_More_Frugal_Millionaire_Women.html
– Frugal Habits of the Rich: http://www.cbsnews.com/news/fabulously-frugal-millionaires/
– Daisy Luther has a great blog post on how she has successfully implemented a personal austerity plan: http://www.theorganicprepper.ca/personal-austerity-12-ways-to-radically-cut-your-expenses-04042013
A great book on the key to financial wealth is The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Dr. Thomas Stanley and Dr. William Danko