When I think of a millionaire, I still have this outdated visual of a well-dressed man getting out of a red sports car with a beautiful blonde on his arm, and they head out to their private jet.
I’m sure that is out there (and good for them!); however, that’s not the typical millionaire I know. Most millionaires that I know are hardworking business owners. They might not have the red shiny sports car; they show up in a pickup truck wearing a polo shirt. They probably live way below their means, pay off debt, give to others and run a business that you would never dream could make them a millionaire-probably a dull normal, fly below the radar type business. (Plumbing, HVAC, Painting, Roofing type businesses) They also typically have multiple streams of income and used their salaries to invest in other assets, not buying high-priced material items.
Let’s update our vision to reality in today’s world.
Millionaires are millionaires because they save, they pay off debt, most of them are business owners, and they almost all live below their means.
“Even when millionaires don’t have to worry about money anymore, they’re still careful about their spending. Ninety-four percent of the people we studied said they live on less than they make, and nearly three-quarters of the millionaires have never carried a credit card balance in their lives! They also said they spend $200 or less each month on restaurants. And 93% of millionaires use coupons all or some of the time when shopping. By staying out of debt and watching expenses, they’re able to build their bank accounts instead of trying to get out of a financial hole every month.” Ramsey Solutions
My husband likes to make fun of me because he thinks I’m thrifty. I like to save, use coupons, and get the most value for my money. He says that I rinse out Ziplocs. That may or may not be true. But it’s good to know that there are millionaires out there using coupons and making dinner at home every night. ?
Do you need a fancy college degree or inheritance to become a millionaire? Actually NO!
“In fact, the majority of millionaires didn’t even grow up around a lot of money. According to the survey, eight out of 10 millionaires come from families at or below middle-income level. Only 2% of millionaires surveyed said they came from an upper-income family.”
Franchises give you the opportunity to become a business owner without inventing the business. They also teach you the proven model to work “on the business and not in the business.” This is how you can achieve scalability to accumulate wealth through multiple units.
And I LOVE dull normal, fly below the radar franchises that are needed, can sustain different economies, have strong margins, and provide a great lifestyle to the owner.
Check out this incredible article, Meet the Millionaire Next Door. It’s a few years old, but it gives great data on actual millionaires.
One more resource about the two of the best business books.
