Saving, Investing, and Risk-Taking: How to Live Like a Millionaire
Did you know that winning the lottery is not the best way to become a millionaire? In fact, more than 90 percent of lottery winners burn through their money within ten years, with some using up their cash within weeks or months. The true secret is that millionaires don't rely on a quick buck. There are some consistent patterns that millionaires live by that you can imitate on your own road to richness.
Saving and Investing, Not Earning
Millionaires tend to see their money differently than many folks. They perceive their money as a tool for saving and investing, not just as income to spend. They may, for example, live in a smaller home than they could actually afford, in order to have remaining income to invest. In fact, most people would be surprised to learn than many people who have amassed large investment portfolios live rather simply.
Keeping Their Eyes on the Goal
These millionaires tend to be very focused on their goal of financial success and persevere throughout their lifetimes. They tend to work out short- and long-term plans, including writing down their goals and the methods they intend to use to get there. They are also willing to make sacrifices for the long term.
Willing to Take Risks
Millionaires also realize that they need to take some calculated risks in order to maximize their investment earning potential. They understand that they will not become rich by storing their saved cash under their mattresses. Rather, they spend the time necessary to learn to invest in the smartest way possible.
Sharing the Wealth
Although donating some of their fortune can offer tax benefits, most millionaires are generous with their money regardless. Giving away some of your treasure often leads to more creative thinking and is a motivation to earn more and make your money work harder.
So, can you become a millionaire? There are currently 9.63 million households in the United States with a net worth of over $1 million. The vast majority of those are people who have slowly amassed their fortune over their lifetime. So, while you may buy a lottery ticket from time to time, remember that you can create your own winnings if you are focused, have a plan, and use your money wisely.
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