Dave Ramsey: Here’s the ‘Quickest, Right Way To Become a Millionaire’
https://finance.yahoo.com/news/dave-ramsey-quickest-way-beco…
Where I see a lot of people screw up on their way to building wealth is they don’t live on less than they make. Believe it or not, wealthy people don’t blow all their money on stupid stuff! From our National Study of Millionaires, the typical millionaire has never carried a credit card balance in their entire life, spends $200 or less on restaurants each month and still shops with coupons. The myth that most millionaires live lavish lifestyles that include Ferraris in their garage and lobster dinners every night is just that — a myth.
That’s not really a new. The authors of the Millionare Next Door published the same insight back in 1996.
https://en.wikipedia.org/wiki/The_Millionaire_Next_Door
intercst
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“From our National Study of Millionaires, the typical millionaire has never carried a credit card balance in their entire life, spends $200 or less on restaurants each month and still shops with coupons. The myth that most millionaires live lavish lifestyles that include Ferraris in their garage and lobster dinners every night is just that — a myth.”
Never carried a credit card balance in my life. If you can’t pay it off at the end of the month, don’t buy it. Only exception for some might be emergency repairs to car or house where they can’t pay it off in just one month.
While working, I probably spent $10-20/week eating out dinners if that. Brown bagged it for lunch, or did bargain lunch, not the $10-12 that many of my friends did ever day. Some more than that.
The biggest cost for many is CARS. Buy a good reliable car, drive it for 12-15 years - or longer if still in good shape. Don’t buy a muscle car or speedy one…and 4 wheel drive BIG cars will eat you alive after five years. Some now have payments approaching $1000/mo for new cars. Ouch! If you have new car fever - get well quick without buying a new car.
Well, now that retired for 20+ years, I do eat out a bit more - and I can afford it - but average $15-20 a dinner probably. Eat lunch and breakfast at home most days.
Saw a lot of folks spend a lot of money while working on cars, toys, bigger and bigger houses…elite colleges for their kids… and most of them worked till 65 and retired at that point. Had to work till then to have enough savings to retire.
t.
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That’s not really a new. The authors of the Millionare Next Door published the same insight back in 1996.
That is ancient history. The new generation needs to hear it as if it was just discovered.
Mike
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