Ep. 140 - Becoming The Everyday “Boring” Millionaire

Many people think becoming a millionaire think you need to inherit it, take some big risks, invest into the next Amazon, win the lottery, or build a business that blows up. That does happen. But the average millionaire does it like we did. The boring way. No huge risks but what we did was invest early and often. 

The amount of money you invest is not as much of the issue as the fact that you do invest. In this episode you will hear our story, mistakes, successes, and 5 keys to become a boring millionaire. You’ll be surprised to hear that anyone can become wealthy if they have the right mindset and habits on how they treat money. 

So pull up and buckle up as we share how to become a millionaire the boring way. 

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Key Takeaways:

https://njaes.rutgers.edu/sshw/message/message.php?p=Finance&m=133 

• Steady plodding brings prosperity, hasty speculation leads to poverty

• Too many people think you need to hit it big to create wealth

• Going for the homerun attitude is what steers people the wrong way

• Business is the same way. Trying for the big viral social post/video will have you wasting a lot of time and money

• We get enamored by the stories of people hitting it big. I.e. buying that “Amazon” stock pre-IPO that goes big.(insert story) Video that goes viral. Click funnel that generates over six figures in one campaign (I know guys doing this to no avail) 

• The average millionaire has patience and is consistent.

• Avg age - 57

• 80% of millionaires came from middle income or lower families

• Only 15% hold senior leadership positions CEO or C Suite

• Less than ⅓ avg $100K

• 5 careers commonly held by millionaires- engineering, accounting, law, managers and teachers

• I didn’t always do the right things and still came out ok. So there is hope for everyone

• I was in debt, made bad real estate investments because I saw a shiny object

• If half of the debt ($30k) was invested @ 10% instead of buying stuff, it would be worth $678k at retirement (65)

• What are you spending money on?

• Income and wealth are not the same

• Income is the money earned. Wealth is based on an appreciated asset that does not require your work. 

• You can earn a high income but have no wealth if you spend it all away.

• Working with your spouse’s “gifts”

• Saver vs spender

• Important to have a long term vision 

• But I was consistent in investing in my retirement, expanding to mutual funds, and did have a couple good real estate investments

• It was good habits, staying out of debt, and being consistent

• $500/mo @ 10% interest = $1,040,146 in 30 years

• @20 years it’s “only” worth $362,493

• You waste more money than you realize

• We tracked every penny for a month to see where are money went

• Google investment calculators and do the math

• Keys to getting rich the boring way- Have the mindset of wealth building. Don’t be so enamored by getting stuff.

• Get out of debt

• Invest now and consistently (amount doesn’t matter) steady plodding

• Diversify your wealth (mutual funds, real estate or REIT, business)

• Have a long term perspective and Don’t time the market (hasty speculation)

• Keep investing even when the market is down