You already know this stuff if you’re a long time reader of Retirement Watch. But millionaires have a number of practices that other people don’t have and don’t realize are key to accumulating wealth. Most of the points in this post seem to be from The Millionaire Next Door, a best-seller of a few years back. It’s all simple, commonsense stuff, such as live below your income, pay credit cards on time, avoid debt, and don’t spend money to impress people. But add it all up and you’ll have significantly more wealth than someone who doesn’t live this way.
5. He realized early on that money does not buy happiness. If you’re looking for nirvana, you need to focus on attaining financial freedom.
6. He never forgets that financial freedom is a state of mind that comes from being debt free. Best of all, it can be attained regardless of your income level.
7. He knows that getting a second job not only increases the size of your bank account quicker but it also keeps you busy – and being busy makes it difficult to spend what you already have.
8. He understands that money is like a toddler; it is incapable of managing itself. After all, you can’t expect your money to grow and mature as it should without some form of credible money management.