Frugal Habits of Millionaires
Many people have turned their wanna-be-rich aspirations, into trimming expenses to just-wanna-survive the current economic downturn – living and spending what they do have, sensibly. Looking at the habits of secret and even famous billionaires like Warren Buffet — who still lives in the house he bought in 1958 — can help us weather economic tsunamis and aim for a brighter future.
Warren Buffet eats breakfast EVERY DAY at McDonald’s and when friends like Bill Gates come to visit, Buffet picks them up himself from the airport. Frugal wealthy people save instead of buy, and to quote the advice of the richest man in Mexico, Carlos Slim, “maintain austerity in prosperous times (when the cow is fat with milk). Presumably that conservationist attitude will sustain us when the cow gets skinny from too much milking!
For a look at the 12 Reasons Why You’ll Never be a Millionaire (and how to turn those reasons around!) take a look at this Kiplinger collection of careers to avoid, habits to break and things to consider. As we emerge from an economy reeling from standing still for a month, let’s prepare for the next unpredictable worldwide event!
Avoid Retail Prices
A visit to Inc.com reveals that wealthy people keep one eye on the present and one on the future and are intentional about how they invest their TIME. Those who enjoy prosperous lives delay gratification, putting off luxury items in favor of contributing fully to retirement.
Last year the median household income was $63,688 – not exactly a wealth-building salary. But looking at the compilation of advice from experienced investors in a recent Forbes article – real estate is one way to start. As Barbara Corcoran, the New York real estate tycoon and one of the sharks on Shark Tank says, real estate can be the key to building wealth — if you use it like a piggy bank.
One in three people with a net worth of more than $5 million say they shop at Wal-Mart. And many dollar-store shoppers make $100,000 or more a year, according to research released by the NPD Group a few years ago.
Remember Bethany Frankel? She starred in Bravo’s reality TV series The Real Housewives of New York City and parlayed a little weekly series fame into the Skinnygirl cocktail brand. Today she’s worth an estimated $25 million but one thing she never does is pay retail prices for clothing or shoes. She shops mostly online at eBay.com, supporting the reuse, repurpose, reclaim and recycle mantra of many frugal millionaires.
Find a Side Hustle That Pays
According to Entrepreneur, depending on your skills and commitment, earning a respectable amount of cash to save or invest is likely within your reach. With the internet and modern conveniences, making money using one of these 50 strategies can provide extra income – whether you need it now or in the foreseeable future.
Selling gently used and sought-after vintage items on eBay, Craigslist, Next Door or LetGo can include anything from furniture and appliances to collectibles. Here are eight places to sell stuff when you REALLY need the money fast.
Or you can sell services on Fiverr or 99 Designs and plug into the gig economy, tutor through Skype or create an online course through a platform like Udemy or Teachable. If you’re super organized and have lots of free time, become a virtual assistant or perform tasks for people via Task Rabbit – it’s for the many people who need work done that they can’t or don’t want to do themselves.
And if you’re at a point where a career change is in the offing — Zip Recruiter reports that there are some jobs that will never go out of style – even during a pandemic. Last month the demand for nursing jobs, including registered nurses and nurse practitioners, rose by 49 percent, for instance. Jobs for truck drivers who can operate CDL flatbed vehicles rose by a whopping 976 percent. And the number of warehouse workers increased by 1,677 percent in March. Check out these listings on Linked In of jobs that are TAKING OFF!
If you’re in a wait-and-see mode, find a side hustle that pays, take that money and compound it into additional funds so you can retire in Colliers Hill with your millions!
Invest in a Future on the Hill
The brand new homes in the master-planned community of Colliers Hill are an investment in your future. Drive around our development and schedule a private tour through a variety of beautiful ranch and two-story model homes, and see for yourself! From Colorado’s top home builders: Richmond American Homes, SEASONS from Richmond American and Century Communities, the amenities are amazing and plentiful. It’s life on the hill, priced from the high $300s to the $600s.
