To figure out what category you are in - do the following formula: Age/10 x Income PAW = Prodigious Accumulator of Wealth (2 * AAW) UAW = Under Accumulator of Wealth (1/2 of AAW) You got three categories to millionaires. I like this part in the book about UAWs and PAWs. So when you quit your job or get fired, you can say to your employer "go to hell" and walk out the door and not worry about working. The typical millionaire has a "Go to Hell Fund" which allows them to quit their job and not work for like 10 years or more. You heard of emergency fund, car fund, retirement fund, etc. The good millionaires know how much their costs are in life - how much they spend shopping, traveling, etc. get one.īe frugal, know your financial picture, and have goals with your money. Looking to build your money team? Ask your CPA. This was a great audio and text book (yes, I got both versions) - I especially enjoyed the chapter that had "Working for the Tax Man" and "The Martin Method."ĩ5% of the millionaires own stocks - most have 20% or more of their wealth in publicly traded stocks.īuild a good money team: accountant, attorney, financial advisor, and you (and spouse). Be frugal, know your financial picture, and have goals with your money. Build a good money team: accountant, attorney, financial advisor, and you (and spouse). This was a great audio and text book (yes, I got both versions) - I especially enjoyed the chapter that had "Working for the Tax Man" and "The Martin Method." 95% of the millionaires own stocks - most have 20% or more of their wealth in publicly traded stocks. The lessons and ideas may seem repetitive, but the author is really trying so hard to drive home a point. This is the best legacy they can leave to their children.ĥ.Their adult children are economically self-sufficient -Pass on the buck right? That's why the rich get richer and the poor get poorer.Ħ.They are proficient in targeting market opportunities - Now this is one handy skill I want to get my hands on.ħ.They chose the right occupation - Right! To wake up everyday itching so badly to get yourself to do the things you love. You can display high social status all you want, but if you're still dependent on active income then you're one very vulnerable fella.Ĥ.Their parents did not provide economic outpatient care - Pretty good training ground, don't you think? They train their kids to be survivors and in the end, to be winners.
Pretty cool.Ģ.They allocate their time, energy, and money efficiently, in ways conducive to building wealth - How else did they get there right? Well this goes for those millionaires who didn't inherit their wealth.ģ.They believe that financial independence is more important than displaying high social status - Practical. 3.They believe that financial independence is more important than d I learned that there are seven characteristics or common denominators among millionaires in America.ġ.They live well below their means - They are frugal,frugal, frugal. 2.They allocate their time, energy, and money efficiently, in ways conducive to building wealth - How else did they get there right? Well this goes for those millionaires who didn't inherit their wealth. They are: 1.They live well below their means - They are frugal,frugal, frugal. The children of millionaires that prove the most financially literate tend to receive more inheritance.I learned that there are seven characteristics or common denominators among millionaires in America.The children who achieve more understanding of the way money works in the real world tend to receive more money from their parents.It is not uncommon for millionaires to support their children into adulthood, where it becomes more hurtful than helpful.Millionaires give their kids what they want, even if it poses a threat to their future.
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