What It means To Be Truly Wealthy

By Jamie McIntyre

Most of the wealthiest people in the world don??™t look that way at first glance. You??™d never look at them twice in an elevator or on the street, in fact. That??™s because the truly wealthy don??™t flash their money by driving high-profile cars or wearing designer clothes. The surprising fact about genuinely wealthy people is that, unlike middle-class folks who try to look richer than they are, the really rich aren't big spenders.

According to the book ???The Millionaire Mind??? by Thomas J. Stanley, millionaires are far less profligate with their money than most people think. For starters, they live below their means and have very little debt ??“ most of them pay off their credit cards every month, and over a third of them have no mortgages on their homes. They put a large amount of income into savings and investments ??“ 20 percent, on average ??“ and they think about value when they shop, driving older cars and wearing off-the-rack clothes.

Millionaires are also self-made. Most didn??™t inherit their money ??“ they earned it themselves through their work as executives or business owners. And most of them are well educated, as 90 percent are college graduates with over half of them holding advanced degrees. They weren??™t the valedictorians, however. Most were ???B??™ students, coming out of college with an appreciation for hard work and discipline. Over half of them attend church at least once a month, with over a third of millionaires considering themselves very religious.

So what does this mean to you? It means that the rich aren??™t as different from the rest of us as we imagined. Very few of the inherited their money ??“ that means that it??™s possible for you to become a millionaire yourself, if you find the right combination of opportunity, attitude and commitment. When asked by Stanley what the ingredients of success were, luck wasn??™t a factor. Their answer: integrity, discipline, social skills, a supportive spouse, and hard work.

The biggest difference between the wealthy and everyone else is that they??™re investors rather than consumers. They??™re frugal with their spending, keeping a close watch on how much they spend on disposable items that offer no return on their investment like food, clothes, cars and household items. Instead, they try to make their money work for them by buying real estate, investing in stocks and mutual funds, and buying insurance with a guaranteed return.

To put it another way, wealthy people look at their money differently. They use it in ways that it will grow, ensuring that they continue to have lots of money in the future. If you??™re like most people, you look at money as something to spend ??“ you get paid, then you pay your bills and, if there??™s anything left over, you buy something with it. If you??™re feeling unhappy or stressed, you buy a DVD or go to a nice restaurant. When you have a sudden emergency, like car repairs or a broken water heater, you pay for it with a credit card because you don??™t have the money. Your habits are the habits of poor people, not of rich people, and it affects your bank balance.

So start thinking and acting like a wealthy person. Make a budget and stick to it. Shop for bargains. Avoid credit cards, and pay down the debt you already have. Start putting money into savings, even if it??™s just a small amount each month. With the right outlook, you??™ll find that your own personal wealth will start to grow.

Starting 11 years ago, Jamie McIntyre
took less than 5 years to become a self made millionaire. In the last 8 years as
a world leading educator and success coach, he has touched the lives of 165,000
Australians and New Zealanders and recently people world wide, producing many
millionaires in the process and helping many retire early.
http://www.jamie-mcintyre.com

Article Source: http://EzineArticles.com/?expert=Jamie_McIntyre

Published at Nov, 23 '06 ; read 5149 times;

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User comments:

rowentree at Nov, 29 '06 10:34
Hi Clifton,a good read and valuable infomation for Every one to digest and put some (if not all) into place and let it become a part of you. No its not always easy or convient thats what seperates the millionairs.Savings i beleive should start early on in ones life my own parents started us brood (8 in all) off @ age 2yrs of age.The reason was simply Habit.I enjoy yor blog and most always stop by for an update, Keep Up The Good Work. I also stop by the forum as time permits and have been using monies from this arena for other off line investing.Thank You again for your contribution. Ann
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clifton at Nov, 29 '06 11:05
Thanks, rowentree :-) Saving from a kid is definitely a good idea, if your parents can do it.
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felician at Dec, 25 '06 03:17
Hello, Christmas Day falls on December 25. It is preceded by Christmas Eve on December 24, and in some countries is followed by Boxing Day on December 26. Some Eastern Orthodox Churches celebrate Christmas on January 7, which corresponds to December 25 on the Julian calendar. December 25 as a birthdate for Jesus is merely traditional, and is not thought to be his actual date of birth. Much respect!
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