There is no lack of information on how to make money and become a millionaire, but little on how millionaires live their lives. This book delves into the metaphysics of mind, body, and spirit that can gradually bring you into alignment with your higher vision ­ the one that aligns with your definition of wealth.

Home is where they happen to be when work is over. Millionaires don’t live in the suburbs. Most live in big cities. They’re financial wizards, but if you’re looking for them you won’t find them on Wall Street or on Park Ave. You won’t find that crowd at the local country club. This book tells you how millionaires go about paying for their lifestyle–and how you can, too!

We all imagine millionaires drinking expensive champagne at breakfast, driving expensive cars, shopping at the most prestigious establishments and vacationing in exotic locations.

Researchers have studied the lifestyles of millionaires and come to the conclusion that the majority of them don’t live that way at all. Most of the truly wealthy are more substance than flash. That’s why they’re still millionaires.

Thomas Stanley and William Danko’s book “The Millionaire Next Door” revealed that most millionaires really could be the folks next door. They don’t have a new car every year or jet around the world. In fact, sometimes they’re the least likely person you would suspect.

Stanley and Danko found that millionaires share a few common characteristics:

They understand delayed gratification.

Millionaires spend most of their lives sacrificing temporary pleasures for long-term success. They have no problem buying an older used car, living in a modest neighborhood and wearing inexpensive clothes. They don’t care about keeping up with the Joneses.

Millionaires spend most of their lives sacrificing temporary pleasures for long-term success.

These decisions allow them to do things like save for retirement and college, and build up a large down payment for their dream home. They realize that instant gratification is fun—but delayed gratification is so much better. Today’s sacrifices set them up for tomorrow’s success.

They live below their means.

 Half of the millionaires interviewed did not live in high-status neighborhoods. Instead, they lived in average neighborhoods in average houses. That’s how they were able to save money. The other half that did live in high-status neighborhoods only moved there after they had become wealthy.

They stay away from debt.

One of the biggest myths out there is that average millionaires see “debt as a tool.” Not true. If they want something they can’t afford, they save and pay cash for it later.

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Car payments, student loans, same-as-cash financing plans—these just aren’t part of their vocabulary. That’s why they win with money. They don’t owe anything to the bank, so every dollar they earn stays with them to spend, save and give!

Debt is the biggest obstacle to building wealth. We tell that to everyone. You need to avoid it like the plague. Your dreams are too important!

They lead frugal lifestyles.

 Most do not buy $5,000 suits, expensive boats or even new cars. You might say they’re tightwads. They shop for bargains and always negotiate for a better deal.

They budget.

Your budget is your plan. And you can’t build a million-dollar net worth without a plan, people. Success isn’t an accident. You are in charge of your own wealth-building.

You can’t build a million-dollar net worth without a plan.

Just like you build a house by starting with the foundation, you build wealth by starting with the budgeting basics. And then you keep following them. When you’re making a lot of money, you don’t stop managing it, right?

Average millionaires have made a habit of budgeting every month. They know what’s coming in and what’s leaving their bank accounts. If you only remember one thing, it should be this: Budgeting is the key to winning with money. It’s telling each dollar where to go at the beginning of the month instead of wondering where it all went.

They’re self-employed or own their own businesses.

 They also love their work — they connect with their jobs and feel very passionate about them.

 They give.

Sure, some rich people can be selfish jerks—just like anyone else. But the millionaires who live down the street, the ones you don’t even realize are wealthy, are some of the most giving people you’ll ever meet. We know because we’ve met a lot of them. They work hard, save and respect the ability of others to do the same.

Whether it’s tithing at church, donating to a charity or just giving to friends and family, these people have generous spirits. They realize that the most important thing you can do with wealth is help others.

That’s actually why they continue building their wealth. They realize they can’t take it with them when they die. Instead of spending it all on the latest toys, they choose to leave a legacy for the people who mean the most to them.

They plan and study investments. 

The majority of millionaires invest heavily and spend a large amount of their time studying their investments or seeking advice from financial advisors.

 They’re avid readers.

President Harry Truman once said, “Not all readers are leaders, but all leaders are readers.” One of the reasons millionaires become millionaires is because of their constant desire to learn. To them, leadership books and biographies are much more important than the latest reality show or who got kicked off the island. When they have free time, they use it wisely—by reading.

They weren’t always at the top of their class.

 Another surprising commonality among the millionaires interviewed was that they didn’t all have advanced degrees or graduate at the top of their classes. Some didn’t even go to college and a few didn’t even finish high school.

They’re self-made.

 Finally, the majority of millionaires received no family money and do not plan to give their own children a lot of money. They want their children to succeed the same way they did — on their own.

These Habits Will Help You Become Rich

Plan and set goals.

Rich people are goal-setters. They list what they want to achieve daily, weekly, monthly, and they can tell you where they want to be in 20 years.

Poor people just sort of wing it.

“Ninety-five percent of the poor people in my study had no life plan,” Corley wrote. “Without a blueprint, without long-term goals, we are like leaves on a fall day, floating in the air aimlessly.”

The bottom line is you don’t have to be rich to make a plan. You do need a plan if you want to be rich.

Don’t overspend.

The simplest and surest path to wealth is to save money and invest it. It’s like planting an acorn and watching it sprout into a tree. The problem for millions of Americans is acquiring an acorn to plant.

A 2018 Federal Reserve report found that four in 10 adults would not be able to cover an unexpected $400 expense much less an emergency fund. The U.S. Bureau of Labor Statistics put it at 6%, the lowest level since the 2008 financial crisis.

If you barely make enough money to pay your bills and can’t save, the obvious solution is to make more money. That leads us to the next poverty habit.

Create multiple streams of incomes.

A 2019 U.S. Census Bureau study found that only 8.8% of women and 8.0% of men have two or more jobs.

Corley found that 65% of wealthy people had at least three different streams of income set up prior to making their first $1 million.

“Poor people have one income stream,” he wrote. “Their eggs are all in one basket.”

So, if you lose your job, you run into a medical emergency or you fall behind paying bills, you’re single source of income probably isn’t going to be enough to bail you out.

Read and educate yourself.

Wealthy people not only work dual jobs, they make time to read. But they’re not reading Stephen King or Danielle Steel.

They read educational and self-improvement books. Corley found that only 8% of low earners read educational or self-improvement books.

“Success requires growth, he wrote. “That growth comes from reading and educating yourself on a daily basis.”

Avoid toxic relationships.

Psychology plays a huge role in wealth accumulation. It may sound corny, but a Can-Do attitude is a must. It’s hard to maintain one if you associate with Can’t-Do people. Corley found that only 4% of low-income people associate with “success-minded” people.

“You are only going to succeed in life if you surround yourself with the right type of people,” he wrote. “That is to say, people who are encouraging, positive, curious, and helpful.”

Don’t engage in negative self-talk.

When it comes to psychology and money, the only thing worse than surrounding yourself with losers is believing you’re a loser.

Do you say things like, “My job is too demanding,” “It’s not my fault,” or “I’m not smart enough.”

Say that enough, and you’ll believe it.

“When you allow negativity to rule your thoughts, you are programming your brain for failure,” Corley wrote. “You’ll have no chance in life at breaking out of your current financial or life circumstances. These negative thoughts will become beliefs that act like computer programs.”

Live a healthy lifestyle.

Are you a couch potato who can’t resist nachos, beer and a Girl Scouts Coconut Caramel Swirl Inspired Frozen Chocolate shake from Dunkin’ Donuts?

If so, chances are you’ll never be able to afford a new couch.

Making money takes will power and work. So does exercise and eating right. Taking care of your finances and your health go hand-in-hand.

“Poor health habits create detrimental luck,” Corley wrote. “This is a type of luck that is a byproduct of poor habits, poor behavior, and bad decision making.”

If you’re a creature who has more than a couple of these habits, chances are you might need help getting out of debt. A nonprofit debt management program is a proven way out.

Certified counselors will work with creditors to reduce interest rates and lower your monthly payments to an affordable level. What’s more, they’ll teach you budgeting habits that will put you on the road to wealth.

They also understand being in debt is nothing to be ashamed of. Nobody is perfect, and the key is to have more good habits than bad ones.

“Adopting one rich habit,” Corley wrote, “has the effect of eliminating many poor habits.”

So, if you’re in debt, stop watching so much TV, read more, start making plans, think positively and find extra income streams.

Conclusion

It’s not just the big purchases that determine how millionaires live. A new survey shows millionaires have several unique habits that are tough to define but easy to spot. Their calendars are packed full of scheduled time with friends, but also plenty of time alone.

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