All over the country you’re more than likely living next door to a millionaire, many in fact. Now, these millionaires next door are not what you would consider a “millionaire” What do you mean by that? A millionaire is someone who has a ginormous house, lots of cars, trucks, boats, so on and so forth. Or at least that is what your perception is. Is that accurate? But truth be told there are a large number of millionaires who’re not flashy. Don’t live in a ridiculous house and drive a Benz. Could they? Most likely yes, but choose not to. Why? Quite frankly they don’t want to. All of these millionaires have characteristics that make them this way. So, let’s look at the millionaire next door characteristics and why it’s a good idea that you adopt them.
Untold Millionaire Next Door Characteristics That Are Life Changing
Characteristic # 1 They Live Below Their Means
What do you mean by that? Let’s say they make 6-figures on an annual basis, but only live on what they need to be comfortable and satisfy that rare impulse purchase. These people have the restraint to live below their means, even though they can keep up with the Jones’ if they want to. Personally, I can understand the societal pressure of thinking you have to do that, but really you don’t. The movie The Company Men is a great example of what happens when you do what I call living above the rim.
Why should you have or develop this characteristic? You can lose your job or your business can crash and burn and you’ll be perfectly suited to weather the storm. Or any storm for that matter.
Characteristic # 2 They Pay For Everything With Cash
By doing this you do not owe anybody anything. Now, I know there are times where it makes sense to use other people’s money, but that’s not what I am talking about. What are you talking about? When it comes time to buy a new car, you pay for it in cash. Home improvements are paid in cash, college tuition is paid in cash, every major purchase or vacation is paid for with cash. When you do this you definitely do not spend more than you can afford. Which allows you to keep more of your money.
Why should you have or develop this characteristic? Simple. it forces you to live within your means and not spend to excess, which can get you in trouble down the road.
Characteristic # 3 They Are Great Planners
There is no way in hell you can make all of those major purchases just mentioned if you’re not good at planning. Now, you don’t have to be super, Type A anal like myself to do this, but you need to be on the ball. We’re talking about spending thousands of dollars here, so you’ll need to plan for those expenditures now and years before they happen.
Why should you have or develop this characteristic? You can apply this in any facet of your life not just finance. This quote says it all. “If you fail to plan, you plan to fail.”
Characteristic # 4 Understanding Time Is Money
Time is your most valuable asset. Is it not? So, it makes sense to utilize your time wisely. So, how do you use this characteristic to help you? Let’s use a very simple example. Say there is some landscaping you need done at your house. Now you can do this without any issue on your own, only requirement is time. That landscaping work will cost you $60 an hour if a landscaping company does it. You make $80 an hour at your job or business. Where is your time better spent? That’s a no-brainer. At your job or business making $80 an hour.
Why should you have or develop this characteristic? Pretty self-explanatory right? In all seriousness though it eliminates the conundrum as to what you should do with your time at a given moment.
Characteristic # 5 Bragging Is Not Part Of Their DNA
Tell me the last time when you heard that people like and spend a significant amount of time with those who brag? Especially, when all they do is brag about how much money they have, and the material things they spend it on. I can answer that. NEVER! You don’t gain anything by doing that. Does it make you smarter? More efficient at what you do? Make you more money doing what it is that you do? No, No, and No. It just satisfies your ego, which is probably too big for you anyway.
Why should you have or develop this characteristic? People gravitate towards those that are more like them. Also, it allows you to become more relatable to others who may be in a different socioeconomic class than you.
There are 5 millionaire next door characteristics you need to develop if you have not done so already.
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