Video: What It Takes to Become a Millionaire

No one could lay out a road map on how to become a millionaire better than the authors of “The Millionaire Next Door” - https://en.m.wikipedia.org/wiki/The_Millionaire_Next_Door. It was written in the ‘90s but is every bit as relevant today on how to accumulate personal wealth by following the path that other regular people took to become wealthy.

 

I remember that book. It spelled out that the average millionaire lived in neighborhoods where millionaire's weren't "expected" to live. One of the other take-aways was that they tended to drive normal vehicles, with I think, Ford as the one most driven by them at the time.

 

It's no secret. Don't spend what you can't afford to buy with cash, put money into an interest bearing account every month and treat it like you want your daughters boyfriend to treat her virginity.
Don't believe what banks, etc tell you that you can afford in a home. Divide that by half and keep your vehicle that you bought two years at a great discount for 10-15 years before buying another. After buying the first vehicle on payments keep putting the payments into another savings account for the next vehicle you can pay for with cash. Rinse and repeat for the next vehicle. Never pay interest to a bank or lending institution.
Put overtime money into a fun account for vacations or unexpected expenses. Always treat overtime money as emergency funds. You didn't need it before getting it, so count it as bonus.
There are some that want instant gratification with new shiny wheels on their donk and a stereo that pisses me off at the QT that will never put a dime away and have to work until their health says they can't and then they don't have a dime to live on and want me to support them. Fawk you! We all have to make intelligent decisions in our lives and I'm sorry you didn't. Don't come crying to me for help.

 

I love it ^^^^.
Toss in some free dumpster diving now and then.
I like free stuff
When I worked at FAA there were many that got new cars I would say 90% of them. They told me I needed a new car.
They said you can afford it.
Sorry guys I trust my old stuff and it is paid for.
While they were buying new cars I invested in my house and another house and another house.
I am no millionaire but all my stuff is paid for and I do not sweat not working at a real job.

I am with Dennis, Fawk you! if you want me to support you.
I have lived in a hole I dug and ate what I got from the creek at a young age.
I have slept in a refrigerator cardboard box and I was happy with it at the time.

I think some people need to be really broke to learn what money can do for you and learn that you do not want to go back to that cardboard box.

 

I'm already there... lol

 

excellent book. They basically say the path to being a millionaire is boring. Live a frugal life, invest the extra money, and by retirement age you will be a millionaire. Too boring for me though I want ten million dollars right now in my 30's. Just going to YOLO invest in penny stocks with no prior research until one takes off.

 

you are already where?

 

Where I want to be! See thread title.

 

And I'm half there. Need another few years to invest and let compound interest of 12% work a bit longer.
I wish I had started investing at 25 but I didnt know the power of compound interest until later in life.