The Millionaire Next Door which came out in the mid 1990’s gave hope a lot of people with jobs that they too can make a million in their lifetimes. Now for the 21st Century Chris Hogan has written Everyday Millionaires. To be fair there is nothing that is earth shattering here but as a lot of people say success comes down to the fundamentals. First the myths about millionaires are discussed. The common myths are the wealthy didn’t earn their money, the wealthy took big risks with their money, and the wealthy have better education. Finally, there are 5 keys to become an everyday millionaire. Here they are with a brief description of each.
Millionaires take personal responsibility — This shouldn’t be a surprise to any of us. We cannot really succeed if we are blaming someone else. This is all about developing the inner power. Some of the suggestions are to own your mistakes, take advice from others and use a financial planner.
Millionaires practice intentionality — This is as simple as it gets. Spend less than you earn or increase your income and spend the same. Some of the suggestions are to live on less than you make, plan, pay cash, use coupons and drive used cars.
Millionaires are goal-oriented — You cannot really hit a target that you can’t see. So, the key is to have goals that you want for yourself. Set goals for all areas of your life and you can use the SMART formula to set goals that are specific, measurable, attainable, realistic and time bound.
Millionaires are hard workers — It is unlikely that any of us will get an inheritance form a relative or even win the lottery. There is only one route to success and that is through hard sustainable work. Some of the suggestions are to enjoy your job, put in the hours, exercise regularly and get up early.
Millionaires are consistent — Obviously we have heard a lot of people who achieve financial success while sacrificing all their personal relationships. Obviously, we want to have a stable marriage and good relationships. From their research most millionaires have been married for a very long time with the same partner. Finally take advantage or retirement plans and invest wisely.
All these are simple ideas but if we do apply some of these ideas we will be more successful over the long run. Thanks for reading this post. The views expressed here are my own and do not represent my organization.