Most people if truth be told would want to be a millionaire. The idea of never having to worry about money is appealing to most everyone. So, who wouldn’t want to know how to live the life of a millionaire?

The millionaire life style has to be fun right? You would be able to fly first class all over the world, visit exotic countries, stay in the finest hotels and eat at the best restaurants.

How To Live The Life Of A Millionaire

There is no 9 to 5 for the millionaire. You would be the boss and you would call the shots. The 9 to 5’ers would be reporting to you. Do you ever wonder what that would feel like?

But do millionaires really jet set around the world? Throwing lavish party after lavish party. I think that’s more of a Hollywood make believe myth. And trying to live that myth has ruined many lives.

The Secret Of The Millionaire Mind

the millionaire mindThe book by Thomas J. Stanley, The Millionaire Mind delves into the mind of the millionaire to
see what makes them tick. If you haven’t read The Millionaire Mind, grab yourself a copy. It is a very interesting and enlightening read.

There is a possibly that a millionaire may have walked by you and possibly have even talked to you this week. According to Thomas J. Stanley they don’t dress like the movies portray.

The older gentleman you saw getting out of the beat-up pickup in his overalls is more likely to be a millionaire than the guy speeding around town in his Porsche. As a matter of fact, here are some things about millionaires you might not know:

•They don’t look rich: The millionaire doesn’t walk around in $5,000 suits like Hollywood would like you to believe. They’re unassuming in their dress.

•They have frugal spending habits: Millionaires are bargain shoppers. They never want to pay the original price. They are always searching for a deal.

•Most don’t have a college degree: Some say this is a myth. But the fact still remains research the top richest people and they don’t have college degrees.

•They live below there means: Millionaires don’t buy high priced cars. Their cars of choice are a Ford or a Cadillac.

•They’re self-employed or own a business: Millionaires love what they do and they work hard.

•They are investors: Millionaires study investing and they invest heavily.

•They are self-made: Most millionaires did not inherit their money. They’ve worked hard for it.

•Most have been married to the same person for over 25 years: Most millionaires are still married to the person of their youth.

•They have multiple streams of income: Millionaires have money coming to them from different avenues. Most say it’s the key to getting rich and staying rich.

•They have passive income: Millionaires have their money working for them making more money while they sleep.

•They don’t have a lot of debt: Millionaires don’t believe in debt they pay cash for mostly everything.

•They are givers: Millionaires are incredibly generous givers of their time and money.

•They want you to be a millionaire as well: Millionaires don’t hoard their knowledge they’ll teach you how to become a millionaire. But the lessons they teach won’t be the ones most people would expect.

•They don’t live in mansions: They don’t live-in high-priced neighborhoods. They live in average neighborhoods.

Hollywood has warped the minds of most people when it comes to the rich. They assume that all are stingy and greedy. That they don’t care for their fellow man and are just looking out for #1.

Incidentally that is the farthest thing from the truth when it comes to most millionaires.
you have been a millionaire already

You Have Been A Millionaire Already

One curious fact is that most people over 40 years of age have already made a million dollars already. According to Financial Samurai that if the median of a household is $52,000 it would take the typical household 19.3 years to earn a million gross.

They went on to say that a 22-year-old college graduate according to those statistics would earn over million dollars by the time they are 41 years of age.

I started working when I was 16 years old so according to those statistics, I’ve made over million dollars. Let us know in the comment section below if you think you’ve earned over million dollars in your lifetime already?

Of course, you may already have made a million dollars, but your probably wondering where did it all go? According to Money After Graduation you will burn through money faster than you think. So much so you won’t even realize it.

The average person’s lifetime earnings and spending according to Money After Graduation may look like the chart below.

You Have Been A Millionaire Already

You Have Been A Millionaire Already

What Does It Take To Become A Millionaire?

I’ve heard it said that your first million is the hardest, but after that it’s easy. As of this moment I can’t tell you how true that is, but I’m working on it.

The premise behind that statement is that now you know the pitfalls to avoid and you’ve made all the mistakes you should know what not to do thus getting to your second million quicker.

In my heart of hearts, I believe this to be true that is why you will always see me come back to it, do posts on it and lead the charge when it comes to it, time and time again to get the point across of how important this is. What am I talking about? Your mindset.

You can have all the knowledge and know all the tricks, but if you’re off in this area it means nothing.

Having A Money Mindset

Having A Money Mindset

To have a money mindset doesn’t mean it’s all you should think about. That your mindset should always be where can I get my next dollar.

No, but you should be aware of what is happening with your money. Most of you will spend more money than you make. And a lot of times it’s not that you mean to, it just happens. This is where you fall into the trap of having more month than money.

Once you become aware and make yourself focus on how you spend your money. The less likely you will spend it frivolously.

I can’t remember exactly where I read this from now, but the gentleman was saying to keep from spending frivolously keep a $100 bill in your wallet. He went on to say that most of the things you buy that add up over time (that’s how money just seems to disappear) is less than $100.

What Does It Take To Become A Millionaire?

Whenever you get ready to buy something and all you have in your pocket is that $100 bill you will be more likely not to break it thus curbing your spending habits. Has anyone else heard of this, if so, comment below?

Another thing that could keep you from becoming a millionaire is having a poverty mindset. You believe there is not enough to around. That everything is scarce even money.

Truth be told there is an abundance in the world of food, money, opportunities, housing, etc. no matter what the media tries to tell you. The poverty mindset will make you fearful thus you become afraid to act.

When you have a poverty mindset your talk is about lack. Like, “I can’t afford that.” “Money doesn’t grow on trees.” “What if I lose my money?” Well, you might, but if you’re not willing to take a risk (investing) you’ll never know what could have happened that’s for sure.

With this in mind you have to think abundance. You have to develop an abundance mindset. The graph below will let you know if you have a scarcity or abundance mindset.

What Does It Take To Become A Millionaire?

Becoming aware of your thoughts is the first step in the right direction, realize that there are unlimited possibilities, be thankful for what you have, watch what you say and focus on growth.

In conclusion, to tips on how to live the life of a millionaire, get rid of the Hollywood visual of what a millionaire should look like. Most don’t look rich.

They are not stingy and are willing to help you become a millionaire. Millionaires are frugal and they live below their means. They are always looking for a deal.

Millionaires aren’t running around buying high priced cars or throwing lavish parties. They’re more than likely to be driving a Ford or Cadillac.

Watch your spending habits and develop a money mindset and I’ll see you in the Millionaire’s Club real soon.

SZA

 

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24 Replies to “Tips On How To Live The Life Of A Millionaire”

  1. Having a money mindset is definitely a germane factor towards becoming a millionaire. Having the mindset to see opportunity in where others see difficulties or problems and learning to exploit every opportunity to carve out earning for oneself. To be a millionaire in most cases, you don’t have to live large. Discovering that fact about graduates becoming a millionaire by 41years is really strange but then, it seems realistic if there’s a constant source of money through work. Also, the tips you gave to lookout for in millionaires is spot on. Though we have some millionaire that actually flaunts but in most occasions, they are prudent and reserved.

  2. Never really thought that the way I thought was a decider effect to how well I can make money and becoming a millionaire too. Over time, I have realised fgaf what you say is true, Hollywood has really given millionaires a different face. I agree totally to all the features of a millionaire you discussed her. I think that I should change my mindset now and that is the only way I can become a better peraon. My way of thinking about money should change. Thanks for the educative post!

  3. I have come to understand that the biggest way to start succeeding in to train ones mind in that direction. A wonderful tips you’ve stated here and I must agree with you these tips are very true. Looking at the lives of most rick people today they live by almost all the tip if not all. I would love to read the book “The millionaire mind” so as to learn more. Thanks for sharing

  4. Much of what you say is 100% accurate. I had the good fortune to be raised in wealth though the one thing I learned from it is how hard my old man worked. The harder he worked, the more opportunities he observed and the better decisions he made. 

    We didn’t live lavish lives. Yes we did a couple of overseas holidays when I was at school which my peers didn’t have the privilege of doing. But I would be told ‘no’ more often than ‘yes’ when I asked for something and I started working from a young age in the family business. I learned a lot from the people that worked for him and it taught me a good work ethic from a young age.

    I won’t say it is in the genes, because I don’t believe in that. But having worked from a young age with an entrepreneurial parent gives you a the confidence to do your own thing.

    I left the family business at the age of 25. Ten years later I was doing my own thing and did well. I still adapt many of the lessons I learned and apply them with my own kids. Working from a young age is a real positive. Working with good people with good work ethics with a boss that uses empowerment as a personnel management strategy is a great way to learn.

    You can’t always generalise either way with millionaires. Some of what you said millionaires don’t do, they actually do. It is the ones that don’t live the social media life that are the more inspiring ones.

  5. Excellent, informative article about how to live the life of a millionaire. I like your tips. You are absolutely right. I personally believe to be a millionaire at first we should have the proper mindset. Because if we can’t think big, we will not get big. We should habit to take the risk, because of no risk no gain. I agree as well most f thee millionaire has got their money by their hard work, not from inherited. And whatever tips you show us here think all are 100% right. Thanks for this great article.

  6. That’s an astonishing thought: that many people will already have made a million pounds (I’m in the UK, so that’s about 1.2 million dollars by the time they’re in their forties. I’ve just done a quick calculation and, combining our household incomes for the past 21 years, we’ve easily made that amount but have very little to show for it in terms of spare cash. We have a nice pike of bricks called a house (still mortgaged though) and we’ve paid all our taxes but that’s about it. I need to start generating a passive income because the retirement age in the UK is about to jump from 68 to 75 and I can’t do my day job until then. Thanks very much for an inspirational and information-packed post.

    1. Hi 

      I’m glad you enjoyed the post. Wow retirement age is 68 and about to jump to 75 what are trying to do work you into the grave? Thanks for sharing

      All the best

      Eric

  7. I must admit this is a really interesting and important post everyone in business or anyone who wishes to be successful should read. Lot of time we are deterred because we set or minds that we can’t make a particular height. I love the tips you have given here to being a millionaire and I must say they are just what anyone need to be a millionaire indeed. Thaank for this really nice post.

  8. Becoming a millionaire is a battle that has to do with mindset and must be won with a proper mindset.  Seeing opportunity where others see none is a trait associated with most millionaires. It is true that Hollywood has presented millionaires in another way entirely to how most of them are in reality. Honestly, it makes perfect sense concerning your illustration about the 41years to become a millionaire. As strange as it seems, it makes sense. Mindset is everything and it is central to success. Thanks

  9. I totally agree when you say that thinking like a millionaire is an avenue for one to become a millionaire themselves. I love how you have  discussed this issue so well and given tips on what to to look out for in a millionaire. Your post inspiring and educative at the same time. Thanks for posting. Cheers!

    1. Hi Henderson

      You’re welcome. “Your post inspiring and educative at the same time.” I’m humbled by your comment thank you.

      Much Success

      Eric

  10. What an enlightening post, thank you Eric.

    Me and my colleagues were just talking about how significantly our lives would change if we became millionaires. For one, it would be really nice to not worry about getting up early and going to work every single day.

    2 years ago my cousin gave me a copy of the book Secrets of the Millionaire Mind, kind of like the book you mentioned, and I was surprised to learn all the things you mentioned about the millionaire. Especially the fact that millionaires actually do not live like millionaires; that they do not drive expensive cars and are very generous.

    I come from a country where the mentality is that rich people keep getting richer because they take advantage of the poor. I came to realize that this is not true at all. The poor remains poor because first of all they do not have a millionaire mindset. They strongly believe that they are being oppressed by the rich that is why they will always be poor.

    After reading the book, I started investing in the stock market and trying very hard to be frugal. You’re right, it’s hard but I am determined to live the life of a millionaire 2-3 years from now.

    1. Hi Alice 

      You’re welcome. Glad you enjoyed my post. Yes I the media panted the millionaire in the wrong light. I believe you can do it. Go for it! Become a millionaire. Thanks for sharing.

      Much Success

      Eric

        

  11. Thanks for making me understand I don’t need to be a millionaire to live like one. That’s because a millionaire lifestyle isn’t actually about material items  it’s a an operating system for life. While I may not be able to afford the trappings of a millionaire’s life, it costs nothing to adapt their mindset and the benefits are far greater than any material items, I’m very happy i learnt something from this article.

  12. I totally believe to become a millionaire you need to have a abundance mindset as shared in your table.

    The book you recomended will help us to pursue the dream to become a millionaire. To become one you need to think and behave like one.

    Thank you pointing the fact that all of us would earn the million dollars somewhere in time with our live.

    It helps to know affliate marketing can help us in that area.

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