Reading this book opened my eyes to the possibility of becoming a Millionaire. Not because I have a product to sell or because I came from a low income family, but because I am responsible for me. And so are you. If you want to achieve the unthinkable, you will do it. This is possible because you have the motivation to do it.
So here are 4 things I took from this book.
#1 People who live in mansions are not millionaires
Most people like to appear wealthy. They like to shop at Tiffany & Co., purchase Lacoste shoes, and acquire property in upscale neighborhoods. But are they really wealthy? The answer is no. Signing out a mortgage bigger than their annual income promises a life of constant debt.
#2 Live Within Your Means
Instead of following the trends that come in and out of fashion, live within what you can afford. Consumerism in America has impacted each person individually. Advertisements and marketing strategies send you messages to buy buy buy. That the newest car is something you absolutely need to purchase. Take a step back and think about your choices. Before making a big purchase, sit down and think about whether you really need it. Can you live without it? A majority of the time you can.
#3 Be FRUGAL
Oh frugality! The best choice is the one that will save you money. Why would you buy clothes from the top designers, when you can easily shop at TJ Maxx, Ross, Sears, and Macy’s. Go towards the sales! The same idea is implemented when buying groceries, use coupons, sign up for the store’s value card. Think using coupons are tacky? Think again. If millionaires do it, why can’t you? Be price sensitive! See a bread on sale? Buy it.
#4 Keep a budget
One of the most important ideas that stemmed out of this book was the conception of saving. Millionaires got to where they are now by salvaging at least 10% of their paycheck. They managed their own budgets and examined where their money accumulates and distinguishes in an instant. Being aware introduces a chance to minimize expenses. Make a goal to reduce an expenditure each month and this will give you an opportunity to save a little more.
Keep in mind, that even a school teacher can become a millionaire. As long as you stay frugal, save and live within your means. In the end you earn peace of mind. To know that you will retire comfortably without debt or money troubles.