The Truth About Millionaires
MartinRaymondo
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MartinRaymondo 〰️ 〰️
When you think of a millionaire, the first images that come to mind are big houses, fancy cars and lavish vacations.
We’ve all seen those shows where they have a McMansion and get this beautifully landscaped pool area that would make almost anyone jealous.
Who wouldn’t want that lifestyle and the extreme comforts that few can indulge in?
When you see these people’s lives on TV, you get a very narrow snapshot, and only when we take a landscape photo do you see the real millionaires.
You will never see a show or an Instagram account of these people, as they aren’t flashy.
They would be considered boring.
There is a great book published many moons ago called “The Millionaire Next Door.”
I’d highly recommend reading it, but be aware that it’s filled with stats, so it can sometimes be dry.
These two authors, also business professors, began their research and needed to find millionaires.
They went to the affluent communities in their city, with big houses and two brand-new BMWs sitting in the driveway alongside the camper.
What happened next stunned them.
They were looking for people with a net worth of a million dollars or more, and the more houses they went to, the fewer they found.
An old Texan saying
So, where did they find them?
They found most of these millionaires in regular middle-class communities living in ordinary homes with a twenty-year-old pickup parked in the driveway.
Most millionaires don’t own a beach house or drive the latest sports car.
They were low-key individuals who owned one home, no cabin, and no new vehicles.
They also didn’t travel like they were Paris Hilton or the Kardashians.
Family vacations were more like road trips and staycations.
There were exceptions, of course, but this was the majority of the millionaires they encountered.
Fancy restaurants were for special occasions, not because you felt like it.
I remember that, as a kid, we would eat out once a week on average, and only a few times a year would we dare go to a steakhouse.
Our family was also more inclined to eat out than most.
Now, it seems every family eats out, and steakhouses are sought after because it’s Friday night, and little Johnny wants it.
. . .
I can’t tell you how often I have heard people talk about someone they think has money because they drive a nice car or go on a fancy vacation.
Rather than spoil their fun, I laugh as they are clueless about what happens behind closed doors.
Most of those people either hate their jobs or their lives, yet everyone around them thinks they are winning.
The clients I have helped with their budgets sometimes blow my mind.
One couple had an income of $250,000 15 years ago, and they were flat-broke and in debt up to their eyeballs.
They sure looked good driving their Mercedes and Jaguars while smoking high-end cigars and travelling first class.
One look at their budget and your heart skips a beat.
So, while you’d be there fantasizing about how lucky they are, they would be panicking about how they would manage to pay their mortgage this month.
If you asked ten people if they thought this couple were millionaires, at least half would say yes.
Perception is a heck of a thing.
To become a millionaire someday, you must spend less than you make, invest 15% of your income for 20+ years, and avoid debt.
That’s it.
You’ll thank me in twenty years if you follow my advice, which most won’t.
You also can’t use your job as an excuse. I read a story about a guy who worked as a parking lot attendant his entire life and retired as a millionaire.
He followed those steps and lived a modest life with his wife, a stay-at-home mom for 20 years.
You’d never see those two at some fancy steakhouse on a random Thursday night.
All it takes is discipline and the art of delaying gratification.