Posted on 02/07/2019 8:40:47 AM PST by simpson96
You are so correct. Live within means. We have family who think they are hot stuff, with their traveling, long vacations, sharp cars, etc. And willingness to give advice... totally clueless, and no clue they’re clueless.
I’d like to see the results of studying a certain 535 people in DC. They aren’t all millionaires (yet) but I bet the conclusions would be quite different.
Yes, its good advice, but an obvious logical fallacy.
I agree that a million dollars in the “bank” doesn’t make rich or even financially independent—but it sure does help!
One thing too many people consistently overlook: nursing home/long term care insurance. Medicare DOES NOT pay for the cost of nursing home care. I literally don’t know anyone who has this kind of insurance, it’s Incredible to me. You can build. nice retirement nest egg and have it quickly wiped out by nursing home costs.
Mr RooRoo and I signed up for long term care insurance when we were in our early 40’s—when we were young and healthy, and premiums were low. 20 years later, our monthly premiums are only about $100 per month per person. The current benefit is about $6000 per month per person. In Arizona that’s probably the average monthly cost of nursing home care.
Again, Medicare DOES NOT pay for the cost of nursing home care. Baby Boomers beware!
Why do you assume someone earning minimum wage will “never” be a millionaire? Here is one example from 2016:
https://www.cnbc.com/2016/08/29/janitor-secretly-amassed-an-8-million-fortune.html
I have no idea if he made minimum wage but he was a gas station attendent, like you requested, so we can at least surmise he had low pay. If he can do it, why can’t others?
In my opinion, the answer is people can, even on minimum wage. Many on minimum wage instead, choose not to try or to blame society.
Of course, one does not have to stay at a minimum wage job. A person can choose to learn other skills which can pay more. And no, I will not demand that they learn to code, but there are skills that they can learn which pay much better than minimum wage.
One item that was not in the list, was an individuals ability to handle risk, which the man in the article above seemed to have. I surmise this based upon the line “...Read had quietly amassed an $8 million fortune, thanks to smart spending and investing habits.”
JoMa
I wonder how many people got your comment? I laughed but I like math.
JoMa
The start to becoming a millionaire is to make a product or provide a service that people want.
And you’re off!
5.56mm
My frugality kept us afloat when some of my husband’s risks didn’t work out. So for us it was complimentary success.
The Million Next Door and The Millionaire Mind, the follow up book to the former, are great reads. I highly recommend both.
JoMa
I read somewhere that the owner of much of the land around Tyson’s Corner Va was a GSA maintenance guy. Started buying land there probably in the 1930s /1940s & started selling in the 1960s to 1980s. He made a fortune! Exactly how much? That I don’t know!
Sorry....There are millions and millions of people who had these same “how to live” ways....and they never became millionaires.
The number one way to become a millionaire.
Get elected to political office.
Live below your means. Invest. Invest in yourself (get a good education and work hard/smart in your career) so others will pay you well. Start a company and work really really hard.
I'm working on my second million dollars!
(I gave up on my first...)
Item 2....who’s your daddy....Rockefeller
Congratulations on your financial success!!
After running up 226,000 miles on my Dodge Grand Caravan van, we finally traded it in. We bought a gorgeous Chrysler Pacific van with 10,000 miles on it, paid $20,000 cash for it. I feel rich driving it around LOL!!
Sorry....There are millions and millions of people who had these same “how to live” ways....and they never became millionaires
Not sure what you mean by the ‘sorry’ to begin your post but I assume you mean you are discounting that these rules can work.
I submit those millions of people you note who ‘had’ these rules and never became millionaire did not ‘use’ or ‘follow’ these rules. Thus, they never became millionaires. It is that simple. Here is just one example:
https://www.cnbc.com/2016/08/29/janitor-secretly-amassed-an-8-million-fortune.html
JoMa
Hmmm...playing the lottery is not on the list?
Like Bill Gates, Scott McNealy (microsoft and sun microsystems). There are a bunch of others but those to spring to mind.
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