5 Habits of Millionaires You Should Start Doing Today
You've heard their names before but you won't believe what some of the richest people in the world insist on saving money on. Founder of Facebook Mark Zuckerberg still drives an old Volkswagen stick-shift. Warren Buffet bought his Omaha, Neb., home in 1958 for $31,500. Today, Buffett is about $50 billion richer, but he still lives in the same place.
REPORTEDLY 94% OF THE SELF-MADE MILLIONAIRES BECAME RICH BY SAVING MONEY....PERIOD.
However, some take it a little further and below are some of their more interesting habits that you can do to start saving like a millionaire.
1. They establish savings goals early in their lives
Getting into the habit of saving at least 10% of every paycheque is a great practice towards building wealth. An easy way to do this are automatic transfers to your savings account. Also, make yourself a "bill"....pay it like you would any other bill you receive. You wouldn't skip a payment to your credit card company, so why not treat your savings the same way? After all, it is to your benefit.
2. They are frugal
77% of the wealthy say they are "frugal". But what does that mean to a millionaire? It means buying quality items at the cheapest price possible. Canadian-born Cheriton is one of the first investors of Google, along with Sun Microsystem’s Andy Bechtolsheim and has a net worth of $1.3 billion. However, he has 2 quirky habits that save him money....he cuts his own hair and insists on taking half his meal home from any restaurant where he eats to save for another meal.
3. They avoid "lifestyle creep"
If you're not sure what that is, it's when you raise your standard of living to match your new increased income say from a raise or a higher paying job. If you get a raise or a bonus, don't think of it as "free money"...put it to use for you. Then when a rainy day comes, you'll be ready.
4. They make their money invisible
Making your money invisible means that before you touch any of it, a portion is deposited into a savings account. The principle is if you don't see it, you don't spend it. The best way to do this is to automate it. Have your checking account automatically deposit a set amount of money into your savings account. Also, take advantage of any "round-up" options where when you make a purchase, the change rounded up to the next dollar is automatically put into an account. You won't even notice!
5. They avoid spendthrift friends & relationships
Self-made millionaires tend to stick to like-minded people both in their professional and personal lives. They surround themselves with people who are conscious of their money and have good money habits. This goes for whom they choose to marry as well. They become a team that protects their assets and enjoys having a secure future that they earned.
M. Page Jones is a published author and award-winning graphic designer who has been in the business for over 26 years primarily as a freelancer. She runs MPJ Creative Services (www.mpagejones.com) that has clients from all over the world.