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Millionaires know that to become truly financially successful you’ve got to build your wealth, not someone else’s.
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Build your own company, not someone else’s Starting early is key to building wealth.ģ. You’ve got to do the same with your investing. The longer the hill, the longer it has to grow in size, and larger it’ll be when it reaches bottom. As it rolls downward it gains momentum and size. It’s like rolling a snowball down a snowy hill. By investing while young, they were able harness the power of compounding interest to their benefit, which allowed their wealth to build significantly over time.Ĭompounding interest is a critically important factor to building wealth. If you interview just about any millionaire you’re likely to find that many of them began building their wealth at an early age. After all, you can’t become wealthy when you’re paying 15% APR on that credit card debt that takes forever to pay down. Living frugally allowed them you to establish a strong financial base, which gave them the financial leverage to live the life they live today. However, if you were to look into their past you’d likely find that they willingly lived below their means for a period of time. Living frugally probably isn’t the first thing that comes to mind when you think of millionaires, right? After all, they’re the ones taking exotic vacations, owning nice homes, and buying expensive toys. If you want to be the next addition to the millionaire list, pay attention to these 5 wealth building tips from the millionaire next door who’s already there. For most it was the result of hard work, investing wisely, and managing their money properly. They didn’t simply wake up one day to find a seven figure number in their bank account. Most millionaires have certain characteristics in common. Well, you can if you heed the advice of others already there. With the economy in healthy shape, researchers are expecting this number to continue climbing in coming years.ĭo you want to be the next one added to this list? In 2013 there was a record breaking 12 million of them spread throughout the world, with most of them living right here in our own neighborhoods of North America. Millionaires – they’re everywhere these days.
#MILLIONAIRE NEXT DOOR HOW TO#
He’s passionate about investing, and helping other new investors learn how to start their journey to investing success. Let me know if you would like to guest post on RFI. Good morning today I have a guest post from Shelby, creator of the InvestingTips360 blog.