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You are here: Home / Finances / To Become a Millionaire You Need to Act Like One

by Barry  10 Comments

To Become a Millionaire You Need to Act Like One

become-millionaire

By a show of hands, how many of you want to be a millionaire?  I can’t even see you and I guarantee you raised your hand (at least digitally)!  Here’s the thing – the steps to becoming a millionaire aren’t rocket science, don’t depend on luck, and don’t depend on marrying some rich old geezer and hoping he kicks the bucket (no offense to the gold diggers out there – okay, maybe a little offense).  If you want to be in the millionaire club, you simply need to act like a millionaire today and the rest will take care of itself.  Let’s look into the daily life of a millionaire to learn how.

If you’ve not already done so, you need to read one or all of Thomas Stanley’s books about millionaires.  He’s written several, of which I would recommend The Millionaire Next Door, The Millionaire Mind or Stop Acting Rich as good starting points.  In each of these books, Dr. Stanley surveys and interviews millionaires for common trends – where do they live, what do they drive, what do they do for a living, how much do they earn, etc.  Very interesting reads that will open your eyes to what an “average millionaire” looks like.  Using his books as a point of reference, along with my experiences with millionaires, I want to share the secrets to becoming a millionaire – are you ready?

Spend Less Than You Earn

How obvious does that sound?! Even Bill Gates can’t overcome the simple math of income – savings – expenses = 0.  If you are spending more than you earn, you’ll never become a millionaire. If you’re consistently spending less than you earn, you’re already on your way to joining the millionaire club.

Understand it Isn’t About Income

Society paints the picture that a millionaire is someone who SPENDS a lot of money.  Look at it the other way around – a millionaire is someone who HAS a lot of money.  Being rich is not the same thing as earning a high income.  I know several people who are millionaires (or close to it) who earn less than I do!  It is not about how much you earn – it is about what you do with it.

Look at the Joneses – then RUN AWAY!

As I wrote in my book, “From Debtor to Better,” you should look at the Joneses from a distance and notice how many great things they have…that they’ll be paying for the rest of their lives.  Don’t get me wrong – I want you to have good stuff and I want you to enjoy nice things, but I expect you to pay for them.   The average millionaire doesn’t have debt – the nice stuff he/she buys is paid for with cash.

Balance Risk and Reward

There are such things as “get rich quick” schemes but for every one of these there are 100 “get poor quicker” schemes.  While there is money to be made quickly if you are blessed with good timing, the right skill set and hard work, most of us aren’t willing to make that effort and those opportunities are few and far between.  But every single one of us can take the time to strike a balance between risk and reward.

There’s this idea you might have heard about in school called “opportunity cost.”  Basically, this concept is the idea that if you do one thing, you have to do it at the expense of another.  If you are reading this post, you are doing so at the expense of taking a nap, reading a book, watching TV, etc.  You only have so much time, money, etc. with which to make your choices.  Most millionaires don’t waste their time on things that don’t produce something of value to them.  And this value doesn’t have to be monetary – it could be education, relationships, or a myriad of other things.  Become intentional about doing only those things which produce something of value to your life.

Develop Long-Term Thinking

At the risk of going a bit long on this post, I’m going to add one more – start looking at your financial situation as a marathon.  A good marathon runner isn’t the one who clocks a fast mile or is in the lead at the dreaded 20-mile mark.  Rookies run too fast or try to accomplish only short-sighted goals.  The pro marathoner is the one who is still there at mile 26 and can start to see the finish line only .2 miles away.  The millionaire looks at his/her finances the same way.  There are always going to be short-term distractions for you and your money.  Keep a steady pace, recognizing that you still have several miles to go to win, and only you can decide whether to keep going or to invest yourself into that short-term living.

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About Barry

Barry is the husband half of the Humorous Homemaking team. He speaks and writes mostly about personal development and personal finance issues. He is the author of From Debtor to Better: The Details of Debt and How to Get Out! and regularly speaks at conferences and other events.

Disclosure of Material Connection: Some of the links in the content above are “affiliate links.” This means if you click on the link and purchase an item, I may receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”

Comment Policy: I love reading your thoughts and input on what you read here. I'm sure we'll disagree sometimes and that's okay! In those cases, do what's right for you and yours. As with any form of communication, only post comments that move the discussion in a positive direction.

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Comments

  1. BEN ROLAND says

    September 6, 2019 at 6:08 pm

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    September 6, 2019 at 6:07 pm

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  3. Jan Marsh says

    May 25, 2018 at 4:37 am

    Thank you so much for this article. I have been challenged in my thinking about my attitude to money and I had a lot of dysfunctional thinking. I couldn’t imagine what it would be like to be wealthy. I felt so guilty at the thought and much more. However your wisdom was just what I needed to hear to enable me to turn this wrong thinking around. You see when I was married, my husband died last year, we were very harmonious for the very things you pointed out in your article. We were blessed and now I am enlightened and lay hold of the 100% healthy thinking round money.

    Reply
    • Julie Chittock says

      June 1, 2018 at 8:24 pm

      Thank you so much for taking the time to comment Jan! I am glad to hear Stacy’s article touched you and help improve your attitude!
      Julie, Humorous Homemaking Team

      Reply
  4. Ken says

    November 23, 2013 at 7:28 pm

    It’s good advice. I became a millionaire by doing exactly what Barry proclaims. I drive a Toyota, not a Mercedes. I live well below my means. There’s something to be said for buying everything with cash and never being in debt. I never worry anymore about finances. It’s as my grandfather used to say, “if you can’t pay cash, you can’t afford it.”

    Reply
    • elena says

      April 4, 2015 at 5:58 pm

      Its worked with you ? How is that

      Reply
  5. Diana says

    May 23, 2013 at 11:31 pm

    It would be great to start a millionaire club for people who are like minded in becoming millionairs. The goal would be to support each other to be a well stablished financially secure person. This club would- in my opinion- live in the present moment – to be grateful for what we have now- and to prosper in an intelligent, diligent and commited way by spending and saving responsibly. Now that would be a great club.

    Reply
  6. Sandy says

    February 25, 2013 at 3:52 pm

    Enjoyed reading this. Makes sense!! Thanks

    Reply
  7. Lizard says

    February 23, 2013 at 3:58 pm

    Well said Barry – well said…

    Reply
    • Barry says

      February 25, 2013 at 3:54 pm

      Thanks. 🙂

      Reply


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