So, You Wanna Be Rich?

Monday, June 7th, 2010

So, You Wanna Be Rich?

Did you know…

- 74% of millionaires are small business owners?
- 25% of millionaires are sales people, ceo’s, and consultants?
- 1% of millionaires are actors, athletes, and musicians? (I find it amazing how that 1% seems to define who we are and what we want to become)

Interesting facts about the average millionaire…

1. The average millionaire doesn’t drive a new car, they drive a 2 year old car and pay cash for it so that someone else takes the depreciation. By the way, the average car loses anywhere from 50% – 70% of its value by the time it’s 4 years old.
2. The average millionaire does smart things over and over again. They keep it simple and build wealth. They’re more like crock pots than microwaves.
3. The average millionaire invests for the long haul.
4. The average millionaire is frugal.
5. Most millionaires don’t find their contentment in stuff. They’re just smart, build wealth, and let their money work for them. They want to own nice things but don’t let the nice things own or define them.

Thoughts from Mike…

- The millionaire could be living next door
- The #1 way to accumulate wealth is to be debt free
- 70% of cars are leased. This tells me they’re not willing to go the long haul and pay cash. Instead they just want to look rich.
- If I do smart things over and over, I can purchase my next house for 100% down
- I must be frugal

“The rich rule over the poor and the borrower is the lender’s slave”

While I know most of the people reading this blog don’t have a passion to be rich so that they can spend it all on themselves, I do know that most people who read this blog who become rich will have a passion to give to those who are less fortunate.

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