Whom should you study if you want to be wealthy? Aren’t they wealthy?
Growing up, I was only familiar with people from my environment and upbringing. I wasn’t exposed to kids from wealthy families until I was in my twenties.
Since then, my perspective on what it takes to become wealthy has shifted dramatically.
1. Drive modest vehicles
According to Thomas Stanley’s study in The Millionaire Next Door, 37% of millionaires buy used cars rather than new ones. According to a Kelly Blue Book report, the average new car loses up to 65% of its value in the first four years.
According to Stanley’s research, the average value of a millionaire’s car is around $22,500. If Millionaires drive modest cars, what should ordinary people who want to be Millionaires drive?
2. Surround yourself with like-minded people
According to Steve Siebold, author of How Rich People Think, wealthy people surround themselves with people who share their values. If you hang out with people who are successful, driven, and hardworking, it is much more likely that you will be as well.
What do you think your bent will be if you hang out with people who are lazy, prone to complaining, and unproductive?
As Mark Twain once said, “Avoid people who try to diminish your ambitions.” Small people always do this, but the truly great make you believe that you, too, can become great.”
3. Avoid debt accumulation
When members of the Forbes 400, the wealthiest 400 people in North America, were polled, 75% said the most important factor in accumulating wealth is getting out of debt and staying out of debt.
Nonetheless, the average household debt in the United States is increasing. According to a recent Reuters article, the United States has seen the largest increase in household debt since 2008.
“Those who understand interest earn it, those who don’t pay it,” Albert Einstein once said. I don’t know about you, but I’d rather earn interest than pay it. If you’re in debt and want to pay it off quickly, consider these debt-relief strategies.
4. Establish goals
Millionaire U, a three-day real estate training course for “advanced” students, is led by Tracie Taylor. “People with goals are the ones who succeed,” she says in her class. Setting goals is important, according to Tracie.
Mary Kay Ash was also a proponent of goal setting. Mary founded Mary Kay Cosmetics, which had over 800,000 representatives in 37 countries and annual retail sales of more than $2 billion at the time of her death.
“We must have a theme, a goal, a purpose in our lives,” she says. You do not have a goal if you do not know where you are aiming. My goal is to live my life in such a way that when I die, someone can say,’ she cared.'”
5. Attempt to get the best deal possible
There are many ways to get the best deal, but the one that works for everyone, rich or poor, is clipping coupons.
You might believe that this is only done by people who “need” to save money, but you would be mistaken.
Did you know that even celebrities clip coupons? According to a Yahoo Finance article, Academy Award winner Hilary Swank clips coupons. Who’d have guessed?
6. Read nonfiction books
Do you enjoy reading? I’m not a big reader, but I do listen to a lot of audiobooks. I am a huge fan of Automobile University, which I am learning while driving to and from work.
It transforms a boring, seemingly unproductive commute to work into a classroom. If you have a long commute to work, you should give this a shot. You are not alone if you prefer to read paperbacks.
Warren Buffett has a stack of books by his chair that he enjoys reading. It is obvious that those who are successful enjoy reading. “Leaders are readers,” says renowned economist Barry Asmus.
7. Do work that you enjoy.
This was stated by the late Steve Jobs at a Stanford commencement speech in 2005.
“Your work will take up a large portion of your life, and the only way to be truly satisfied is to do what you believe is great work.” And the only way to do great work is to enjoy what you do. If you haven’t found it yet, keep looking. Don’t be satisfied. You’ll know when you find it, as you do with all matters of the heart. And, like any great relationship, it gets better and better as the year’s pass. So keep looking until you find it.