3 Myths Of What Being A Millionaire Looks Like
What would you do with a million dollars? Buy your dream car? Would you purchase a new wardrobe? Would you quit your job and retire on some secluded island? A lot of us dream of what it would be to be a millionaire. I know I do, but did you know that none of those things are really what your average millionaire does? Exactly! They are myths of what a millionaire really looks like.
I want to go over some misconceptions people have about being a millionaire, but first, I want to let you know that I am not a millionaire! I do have goals and aspirations to eventually be at that level and I have certainly put myself on a path to achieve those goals. With that said, I do have two millionaire mentors that, shall I say, don't fit the mainstream millionaire mold. Follow along!
1. They Drive Used, But Reliable Cars
If only thing could piss my millionaire friend off it would be paying money on a depreciating asset. A car note is the best example of this. Everyone knows the value of cars are constantly on a downward trend. Why put your money in a failing investment each month? Instead of buying a new car with a car loan, save your money and buy a used, reliable car with cash.
2. They Usually Have More Than One Source Of Income
My two friends definitely do not have a fancy graduate school degree. For the most part we operated in the same circles, working the same types of jobs and were friends with the same types of people. What I'm really saying is that none of them had some fancy job paying them a million dollar salary. The one difference between us is that at an early age my two millionaire friends started supplementing their income with a small real estate business.
The lesson learned was that my monthly checks alone in the military would not be enough to make myself a millionaire. I had to think of ways to put extra money in my pocket, research it, and try it out.
3. They Valued Education
When I was asking my successful friend, "How did you do it?", she would reply, "I read everything". It resonated with me in a way that I will never forget. I don't splurge a lot, but when I do, it is usually for a new book or some type of online class.. I take seminars in subjects I want to know more about.
My friends got rich in real estate. I studied real estate. I wanted to learn how to save my money. I studied personal finance and chose accounting as my major in college. I wanted to learn how to invest in stocks and bonds. I have probably read 60 books on the subject. I strive to be good husband and father. I go to social development classes to hone in on those skills. If there is something I want to know, I just go out and learn it.
I believe the military affords us financial security and encourages us to continue to learn. We all can be millionaires. Don't aspire to drive the flashiest cars. Instead, work on becoming an entrepreneur and never stop learning.