By Melanie Hasty-Grant
You know, I’ve done lots of research about the common traits of millionaires over the last 20 years. What makes them tick? What common traits do they share? What do they enjoy? Just last week I had a young man in my office asking if saving and investing to reach a million dollars was a realistic goal? The good news is that it is possible to reach that million dollar mark for more people these days. In fact one study showed that 2740 people become millionaires every day.
These are regular, everyday people not just movie stars and pro-athletes. However, these millions don’t just fall out of the sky and are not won at the lottery. The following are some traits that I have found to be true about most millionaires.
1)They live beneath their means. They have a tendency to live in the same house for most if not all of their adult years. They usually do not upgrade to larger homes. They drive their cars into the ground. Often using them until they just do not run any longer. They save the money that would have been spent on newer items and invest it. Most often they do not “look” like a millionaire.
2)They use cash for most purchases. They do not carry a lot of debt. Often the only debt they
have is their home. They do not use credit cards and if they do they pay it off each month. Paying cash for cars when they do trade in saves them the interest of a new loan.
3)They are planners. They plan, plan, plan. They research purchases of items on the internet before they buy them. Many times they research the investments we recommend. They have a financial plan and an estate plan. They diversify and are PATIENT. They are not looking for the
next “get rich quick”scheme. They are in it for the long haul.
4)Money is not a taboo subject in their family. They have open discussions about money
with their children so that it is not a taboo subject. They teach their children that it is not how much you earn but rather how you think about money that matters. They work, save, and invest
toward that goal.
For more information go to: www.waterstonewealth.com Melanie Hasty-Grant is an experienced and licensed Professional Counselor and Managing Principal at Waterstone Private Wealth Management.Securities offered through LPL Financial, Member FINRA/SIPC.
