Tuesday, July 24, 2007

So You Want To Be A Millionaire?

Many people think that the rich were born into money, inherited it, or got lucky. The book, The Millionaire Mind by Thomas Stanley reports that 70 percent of millionaires have their shoes resoled rather than buying new ones. 71 percent make out a list before going shopping. Sounds to me like millionaires are made by being frugal and smart with your money.

Even the rich need a purpose in life, so most of them continue to work or give back to society in some way. When asked what led them to the work they chose, 81 percent said they chose a job that "allowed them to use their abilities." It's okay to do what you enjoy doing for work. You will do a better job working in a realm you love and that will lead to wealth in one way or another.

But being wealthy doesn't stop them from thinking frugally. 57 percent adjust the indoor air conditioner temperature setting during the summer to save energy and 49 percent use coupons for groceries and buy household supplies at warehouse stores. When buying a home, 65 percent take plenty of time to find the best deal, 79 percent research recent home prices near homes they are interested in, and 86 percent never pay the initial asking price. So, it's not cheap to want a deal.

These results seem to indicate monetary success comes more from a person's disciplined spending habits, than just the desire to achieve wealth. Matter of fact, a desire to appear wealthy can keep a person from making wise choices and might present an inability to exercise the discipline needed in making them.

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"Simplicity of living, if deliberately chosen, implies a compassionate approach to life. It means that we are choosing to live our daily lives with some degree of conscious appreciation of the condition of the rest of the world." Duane Elgin

"Do what is good with your own hands, so that you might earn something to give to the needy." Ephesians 4:28