Can you become rich making less than six figures? This goes against the grain of what most people believe. In fact, the statistics show that over half of baby boomers and millennials believe people inherit their wealth. However, the reality is that only 21 percent of wealthy people inherit money and of that only 3 percent are millionaires.
This means, then, that the overwhelming majority of millionaires are your self-made, next-door types! This also means that you don’t necessarily have to make boat loads of money in order to become a millionaire. Tune into this week’s episode to find out how to avoid all the traps, pitfalls, and mistakes that can interfere with your potential to become a millionaire.
Side note! You may notice that we have some special visitors for this episode. Bo is out of the office on vacation. Gabe Talley and Carter Thomas, from our team, join us and share their vast knowledge on this subject with our Money Guy family. You don’t want to miss this episode of The Money Guy Show.
Here’s What You’ll Find Out in this Episode:
- The truth and statistics about inherited wealth
- The statistic of millionaires who actually earn less than six figures per year
- The professions that your typical millionaires hold
- Millionaire-making money behaviors you want to observe to reach your own success
- The average working time it takes to become a millionaire
- The common pitfalls to avoid while building wealth
- The difference between credit card debt vs credit card usage
- Why “faking it till you make it” is not conducive to your financial success
- How the Diderot Effect affects your financial life
- What financial guidelines you should follow to keep you out of trouble on your pathway to becoming a millionaire
- Why timing the market is not a great investment strategy
- How to know when it’s time to hire a financial advisor
- Why delayed gratification can lead to becoming a millionaire
- Why you should invest in yourself early and often on your financial journey
- How to apply The Money Guy Order of Operations to your wealth building journey
- How a net worth statement keeps you on track for your financial goals
- The importance of automating and streamlining your finances
- Why volatility is valuable to investing
- Understanding the power of compounding interest
- How much money you need to invest per month, by age to be a millionaire
Resources Mentioned in this Episode & Related Episodes
- Everyday Millionaires: How Ordinary People Build Extraordinary Wealth-And How You Can Too
- The Next Millionaire Next Door: Enduring Strategies for Building Wealth
- How Many Millionaires Actually Inherited Their Wealth
- Financial Order of Operations: How To Prioritize Your Financial Goals
- Qualified Automatic Contribution Arrangements (QACAs)
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