I have been reading and researching how millionaires came to be. I saw that most of them are business owners with frugal instincts. You will never become a millionaire working for someone else. Neither will you become a millionaire if you spend beyond your means. I know people who have this and have that only because of their high paying job. But without that job they wont last a year on their minimal savings and expensive life style. Now you and me, who plan accordingly and are bargain hunters, can last a few years.
So now that I know that I need to become self employed, I looked into business' for sale. None but one stood out to me that I could afford with a loan. Too bad it was already under contract. I would have been that person making $74k a year. So I will continue on and keep checking for an opportunity.
Besides having high income, one needs to look at their own expected net worth and retirement plan. All those expensive things in your million dollar home will not raise your net worth. It will only decrease it since not much is saved after paying for those expensive things. When you retire, what will you have to live off of? You will look back at yourself and say "Gee, how foolish was I when I was making all that income". And what will you have? Hopefully a retirement account, retirement savings, investments, or pension plans.
So keep on giving effort and remember to plan ahead. Its now what you are making now, but what you will do with it. Also read this book The Millionaire Next Door
So now that I know that I need to become self employed, I looked into business' for sale. None but one stood out to me that I could afford with a loan. Too bad it was already under contract. I would have been that person making $74k a year. So I will continue on and keep checking for an opportunity.
Besides having high income, one needs to look at their own expected net worth and retirement plan. All those expensive things in your million dollar home will not raise your net worth. It will only decrease it since not much is saved after paying for those expensive things. When you retire, what will you have to live off of? You will look back at yourself and say "Gee, how foolish was I when I was making all that income". And what will you have? Hopefully a retirement account, retirement savings, investments, or pension plans.
So keep on giving effort and remember to plan ahead. Its now what you are making now, but what you will do with it. Also read this book The Millionaire Next Door
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