The 6 biggest myths about millionaires

Before you can make a million, you need to get past the myths surrounding what it's like to be a millionaire.

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Mar 8, 2014 4:11AM
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Being a millionaire is not being rich. After many years of saving and investing, I have accumulated about 2mil net worth....and I still live very much like I always have. It is true that it takes much less time for the second mil than the first. But, there is always that feeling that if I dont pay attention and keep doing the things that produced success, that it could all disappear. Happymom is correct...most people would think that I live very conservatively....I drive a pickup with 160 thou miles on it and see no reason for something fancier. I cook most of my own meals and the way I dress is not special. I have a comfortable house...but nothing plush. I still shop specials at the grocery store. Who would I be impressing if I spend foolishly? Why would that matter to me?

 

 I do have a resentment for high taxes...because I see the unbelievable waste that government is involved in and I have noticed the unbelievable growth of government and the outrageously high government salaries of the people wasting all that money.

Mar 6, 2014 11:10PM
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Read "the Millionaire Next door"   It basically says the same things.  The authors also interviewed  Millionaires and compiled notes on what got them there.  They do tend to push for self employment more than I would like, but overall a very good read.
 The one story I will never forget is: Early in their  process, they invited about a 100 millionaires to a dinner at a top restaurant for a meal and then would interview them for the book.  They had valet parking and top shelf liquor.  The biggest surprise for them was that only about 10% used the valet, few drove  high priced cars and only about a 1/4 of them drank the expensive liquors. Most drank beer or reasonably priced wines, even though is was free.     Living below your means seems to be the key to achieving great wealth.
Mar 8, 2014 5:29PM
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My employees think I was born rich. I was born into poverty because my Dad was a compulsive gambler who didn't make much at his regular job. When I hear about people wanting their "fair share", I welcome them to do their fair share 1st.
Mar 7, 2014 10:26PM
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Penalizing people that saved money to build assets is just wrong, thats like saying if you don't spend it on a new truck you get to buy a new truck for someone else


Mar 8, 2014 11:34AM
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Rich people are normal people. They just make good decisions with their careers and money.
Mar 7, 2014 11:57PM
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I grew up on welfare my first 22 yrs of life.  5 yrs out of college I started my business.   Took me about 19 years to save my first $1 million.  Another 5 yrs and I had saved $2 million.  3 years later and it's $3 million.  It's now 2 yrs after that and I've saved $4.1 million.  Part of the reason is the business is now more profitable, making around $900k before the federal and state governments take almost $400k of it in income taxes each year.   One day soon I'll retire.  I've met my old goals and created new ones.  Namely, retiring with $10 million in the bank.  I think I can do it in 5-7 years as long as the business sells for around $3 million.   I have to keep mixing things up so it doesn't get  boring.  Not trying to brag.  Just trying to show folks who are interested that you can indeed save $1 mill in your life.  That was my original goal.
Mar 15, 2014 2:18AM
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My sister and brother-in-law received a million dollars cash,  in a lawsuit.  They spent it in 8 years.  Nothing left and they never even paid off their house or cars.  They have actually nothing to show for it.
My other sister and her husband revoked their own kids college fund left by his father and turned it into his inheritance.  They partied it away in 3 years. 
I worked 6 days a week 10-15 hours a day and invested well.  The only problem I have is my sisters telling me constantly that they need financial help.  I just tell them "I am not a bank".  I have been told that they are family and I should help.  I never saw any of the lawsuit money or the college fund while they partied it away.  Why should they get my money now?
As soon as everyone here realizes the way to a great retirement is to NOT GIVE AWAY WHAT YOU HAVE WORKED FOR, you start to acquire a lot more than you have ever dreamed.

Mar 8, 2014 2:11PM
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it takes financial discipline to create wealth.................


There are several ways to increase personal wealth - earn more money or save more money or ideally - both.


Not everyone can get a high figure job for a myriad of reasons. But, everyone can control their spending and live within their means. It's a choice. And a hard one for many. Many will overspend with cable, iphones, Starbucks, $150 jeans, new cars, maxed out on credit cards, etc. and then complain they have zero savings and are clueless...as to why!!


Whereas my "neighbor" drives a $10k used car, no cable, Levi jeans, makes his own coffee, pays his credit cards off monthly....but has a net worth of 7 figures. He doesn't complain about not having money. He made a choice about his expenses and lives below his means

Mar 8, 2014 11:38AM
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To make my first million I will have paid about a million in taxes and fees to the government, with sales income payroll and other taxes. To make my next million it will cost me a little less, but with reinvestment hiring more paying more taxes the government will get more of what I produce in absolute dollars. By the time I retire by far the largest partner in my business will have been the government. They will receive millions and millions from my efforts. It is such a shame people do not understand that without people striving to be millionaires the American dream is dead.      
Mar 8, 2014 11:10AM
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Successful people are almost always good at managing their time and money in their younger years. For example they don’t spend their time or hard earned money at the bars or do drugs.  This is what happens when you’re ready to throw it all away.

 

And finding the right partner in life is huge when it comes to finances.  Divorce will end the million dollar run for thousands of couples ever year.  Too many people are ready to give up on marriage at the slightest hint of difficult times.  If you truly weight all the options, sticking with your partner and making it work is generally the best practice.  Don't jump into something too early, make sure it's right.  And don't assume you will find something better, I have seen the refurbished dating market first hand, and it’s truly pathetic.  


Health and a proper diet; what good will all that money do you if you're always sick once you get it? Every single person in the US should watch this video, it's that good: "healing cancer from the inside out"... it covers every aspect of health, not just cancer. Lots of good documentaries out there now on health, you don't want to be left in the dark... it could be the best investment you make!

Mar 7, 2014 7:06PM
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"The Automatic Millionaire" by David Bach changed my outlook on how I spend my money.  I read it 10 years ago when I was 24.   I now an turning 34 next month and just recently bought my 2nd investment property.
Mar 8, 2014 11:17PM
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Anybody who has more money than I have obviously STOLE it from me.  At least that's what the "Occupy Wall Street" Corporation says.
Mar 7, 2014 9:20PM
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I know a fellow that said it took him over 30years to make his first Million, Eight for the second and 5 for the third.... for some reason it must get easier. 
Mar 14, 2014 4:01PM
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I am a millionaire...actually a mufti-millionare.
Impressed?  No?

Well I still use coupons at McDonalds, shop in bulk at BJs, and buy classic clothes that last such as Brooks Brothers Shirts.

A million dollars is not what it used to be, and not what it will be in 20 years
Most of my friends are at least millionaires, and miot of them are not what you would call rich
Rich takes about $5-10 Million now,,,and that is just a comfortable rich.  Not filthy rich

Mar 8, 2014 7:00PM
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For years many of  the secret millionaires among us have earned their money slowly by being driveway and small parking lot paving contractors. The work is hot, dirty and hard. But the rewards are real.
Mar 10, 2014 11:03AM
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The ONLY myth that applies "That having $1 million in assets means you're a millionaire and that you're financially set for life.".


Nope. The term "millionaire" was coined back when having a million dollars really meant something. It meant that you were indeed rich and COULD live lavishly. It'd be like having $10-$30 million+ today.


I respect those that are big savers and although I grew up in a household that scrimped and saved every dollar at the cost of... well, of doing fun things, I appreciate them doing what's necessary. HOWEVER, becoming a "millionaire" only means that you probably have enough for a stereotypical retirement. No flash, no glamor, just enough to enjoy life for a couple of decades.


This is NOT what the term "millionaire" means to most people. Do me a favor. Recalculate the numbers with those that really are "millionaires", those that could spend $200k+ per year comfortably and barely touch their original balance, those with $20+ million today and let me know the results. My guess? These people either have inherited the money or have found a way to really succeed with a strong entrepreneurially spirit, strong intelligence and great connections.


Slow & Steady isn't going to give you your dream life. There are lots of people will $1 million+ in assets that are FORCED to live a frugal life.

Mar 8, 2014 1:01PM
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Liberal whiner losers heads are exploding across the country as they realize the truth as to why the are poor- IT'S THERE OWN CHOOSING!


Liberals all want a lot of money too, but they are just to lazy and trifling to work for it.


Yes, liberals whine and want handouts, while the conservatives work and make money.  


Make the choice loser or winner? 

Mar 10, 2014 11:12AM
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A million bucks doesn't do much anymore?  hmm, let's see about that:

1,000,000   Starting retirement

-    90,000   Cash purchase of 2BR condo in Florida

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   910,000    Remainder for the rest of your living years past 65.


Unless you have a serious gambling problem a million will do just fine

Mar 8, 2014 10:01AM
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 "What you give away you keep,what you keep you lose" When I was younger,I though all that was important was  to be brilliant and to be admired,and as I got older I learned that was a sham.The one thing is important is GOODNESS,and being GENEROUS Scrooge like people are so shrunken they make a small package.Don't get me wrong Money is important,but if it rules your life you are more than likely not Happy.And once you lost your sense of humor,you turn into a rock.  Enjoy you riches,good healthy  life .
Mar 21, 2014 10:16PM
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The idea that if I have a million or more means that I should redistribute the wealth because  somehow things were harder for another and easier for me, makes be sad. The liberals seem to think that because I have earned my net worth somehow means that I have never encountered hardships or challenges in my life.  No one wants my to hear my hard knocks story they only envy the result.  If you are jealous of my life then you should endure the trials I have faced as well enjoy as the blessings.  Pull yourself up, dust yourself off, and get busy.   My daddy was right when he said "Can't never did nothing". 
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