While becoming a millionaire rarely occurs overnight, it’s still an achievable dream if you work hard and use these habits.
There are approximately 35 million people who are millionaires in the world. As Robert J. Samuelson states so perfectly in The Washington Post, “That’s about 5 percent of the U.S. adult population (241 million in 2014), or one in 20. Rarefied, yes; exclusive, no.” Though the population numbers have gone up in the last year, they still prove a point. It’s totally possible for you to become a millionaire.
I personally have been a millionaire several times in my life. I’m an entrepreneur and take chances. Sometimes they pay off and sometimes they don’t. The following are a few of the tips that have helped me to become and stay a millionaire over the past couple years.
While becoming a millionaire rarely occurs overnight, it’s still an achievable dream if you work hard and follow these eight frugal habits.
1. Live Below Your Means
Do you really need to purchase a McMansion? Do you honestly have to have the latest luxury vehicle in your driveway? While status items like these can be enjoyable, even the extremely wealthy have realized that it’s better to live below your means if you want to extend your wealth.
Take Warren Buffett for example. He still resides in the same Omaha home that he pitched in 1958 for under $32,000. Buffett is also known for purchasing modest vehicles, like his 2006 Cadillac, which was auctioned off for charity. Apart from having been owned, and signed, by Buffett, the car was described as “nothing special.”
Around eight years ago, I started making real money. That doesn’t mean that I changed anything in my lifestyle. Sure, I got a few nice things, but I didn’t change the way I lived. This has saved me countless dollars.