Schuetz

Everyone has an opinion on millionaires. Some love them, some hate them, some want to be one and some think that to be one is the worst thing that could ever happen to them. Ironically the views that people have of millionaires are oftentimes far from the truth of what it really takes to become one, live as one and more importantly remain a millionaire. Here are some facts to encourage you to take the big step in your business.

Millionaires are not extravagant - Many millionaires live a simple life. They do not spend frivolously and they are not concerned with impressing their neighbors. To them their true worth does not come from their outward appearances.

Proof can be found in the best-selling book, The Millionaire Next Door, by Thomas Stanley and William Danko. Youd never guess that the subject of millionaires could have anything to do with simple living, but it does.

Millionaires are savers Most millionaires were not born wealthy, nor do most of them have high-level, exotic jobs. What they do have are simple lifestyles! Its the simple lifestyles, not the big paychecks that turned these people into millionaires. According to the book, their wealth is the result of hard work, perseverance, planning and most of all, self-discipline. If you do not have the willingness to save, the seeds of financial success are not in you. Wait till you are a millionaire before you try to live like one.

Why are we not rich? - We regularly and continually give our money away to other people so they can become wealthy, while we live paycheck to paycheck. Very few people pay themselves first. We buy the latest cars, biggest houses, full wardrobes, daily espressos, high-tech gizmos and gadgets of all kinds. As a result, we never allow ourselves the opportunity to create the kind of lifestyle we want. We spend way to much time shopping and very little if any time investing. On the other hand, the millionaires are described in the book as compulsive savers and investors.

After surveying 1,115 millionaires around the country, authors Stanley and Danko came up with seven common denominators among those who successfully build wealth:

1. They live well below their means.
2. They allocate their time, energy and money efficiently, in ways conducive to building wealth.
3. They believe that financial independence is more important than displaying high social status.
4. Their parents did not provide economic outpatient care.
5. Their adult children are economically self-sufficient.
6. They are proficient in targeting market opportunities.
7. They chose the right occupations.

Nowhere on this list was buying a luxury car or boat. Spending money on toys and things gets you nowhere. You must have an investors mindset. I dont like to buy things that dont pay me rent. Simple living is about living conservatively and with a purpose. This means being in control of your money and your spending. When you save and invest your money rather than spending it, you are control of your future. Then you have the decision in how youd like to spend your time. For me, I had better things to do than to sit behind a desk for 10 hours a day.

Eventually after a period of time of investing and saving you will reach a point where your investments are growing more than the income you bring in from working full time. This is where your life will have new choices. You have the ability to work only part time or not at all. This is vastly different from living paycheck to paycheck. You now have the ability to decide and live the rest of your life on your terms. What lifestyle do you dream about? Do you want to spend more time with your family? Do you want to donate your time or money to a worthwhile cause? It becomes all about choices at this point. Choose wisely.

The millionaire next door - The flashy millionaires glamorized by the media actually represent only a tiny minority of Americas rich, Stanley and Danko say in the book. Most of the truly wealthy in this country dont live in Beverly Hills or on Park Avenue -- they live next door.

The authors say that the typical wealthy individual is a businessman or woman who has lived in the same town for all of his or her adult life, and owns a small factory, a chain of stores or a service company. He or she lives next door to people with a fraction of his or her wealth. Their survey indicated that while the paycheck to paycheck crowd drives new cars, most millionaires dont. Theyre not wearing expensive clothes and watches and their houses are relatively modest compared to their financial status. Not everyone who has wealth chooses to display it.

If you really want to be a millionaire, you have to get into the habit of spending less and investing more. Eventually you may get to the point where you see the value in investing and you wont want to spend money on anything that doesnt give you a return. It really is fun to watch your wealth grow It happens faster than you might think. The key to success is to get started.

Ellis SanJose, 2007 http://www.networthu.com All rights reserved.

ABOUT: Find out how two historically profitable markets are joining to create millions. Real Estate investing + Network Marketing. Now is your chance to learn from the pros. For more information go to http://www.networthu.com

Ellis began learning about real estate investing at a very early age. Growing up in Southern California, his father taught him the skills of rehabbing & renting properties. While attending college, Ellis worked for a partnership group that was a major real estate player in Los Angeles County during the 1980s. They specialized in purchasing foreclosures at the courthouse steps. Ellis was instrumental in their success, by growing their portfolio from 10 properties to 200 in three years. In 1994, he changed careers & became a licensed securities broker. Ellis has devoted his time investing in many types of distressed assets, single family homes, commercial properties, & non-performing trust deeds. He has been involved in over 60 real estate transactions totaling over $30 million dollars.