• 5 simple habits of the average millionaire

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    from https://www.foxbusiness.com/personal-finance/habits-millionaire-rich-budget-tips

    5 simple habits of the average millionaire
    By Chris HoganPublished May 21, 2019Opiniondaveramsey.com

    Tackling Americans' soaring amount of nonessential spending
    Ramsey Solutions financial expert Chris Hogan on the steps to reducing nonessential spending in an effort to lower debt and boost savings.

    I’m going to come right out and say it: Anyone can become a millionaire
    Opens a New Window. in America today. And when I say anyone, I mean
    anyone Opens a New Window. — that means you, too.

    Did you know there are about 12 million Americans today with a net worth
    of at least $1 million?1 And the good news is, it doesn’t take a rocket scientist (or a professional athlete’s salary) to reach millionaire
    status. No matter who you are or where you came from, you have the power
    to create the financial future you want for yourself and your family.

    IN US Opens a New Window.
    Here’s a list of five simple habits that average millionaires practice
    every single day — and you can, too.

    1. They’re avid readers
    President Harry Truman once said, "Not all readers are leaders, but all
    leaders are readers." One of the reasons millionaires become
    millionaires is because of their constant desire to learn.

    To them, leadership books and biographies are much more important than
    the latest reality show or who got kicked off the island. When they have
    free time, they use it wisely — by reading.

    2. They understand delayed gratification
    Everyday millionaires spend most of their lives sacrificing temporary
    pleasures for long-term success. They have no problem buying an older,
    used car, living in a modest neighborhood and wearing inexpensive
    clothes. They don’t care about keeping up with the Joneses.

    These decisions allow them to do things like save for retirement and
    college, and build up a large down payment for their dream home. They
    realize that instant gratification is fun — but delayed gratification is
    so much better. Today’s sacrifices set them up for tomorrow’s success.

    3. They stay away from debt
    One of the biggest myths out there is that average millionaires see debt
    as a tool. Not true. If they want something they can’t afford, they save
    and pay cash for it later.

    Car payments, student loans, same-as-cash financing plans — these just aren’t part of their vocabulary. That’s why they win with money. They don’t owe anything to the bank, so every dollar they earn stays with
    them to spend, save, and give.

    Debt is the biggest obstacle to building wealth. I tell everyone: You
    need to avoid it like the plague. Your dreams are too important.

    4. They live on a budget
    Your budget is your plan. And you can’t build a million-dollar net worth without a plan. Success isn’t an accident. You are in charge of your own wealth building.

    Just like you build a house by starting with the foundation, you build
    wealth by starting with the budgeting basics. And then you keep
    following them. When you’re making a lot of money, you don’t stop
    managing it, right?

    Average millionaires have made a habit of budgeting every month. They
    know what’s coming in and what’s leaving their bank accounts. If you
    only remember one thing, it should be this: Budgeting is the key to
    winning with money. You have to tell each dollar where to go at the
    beginning of the month, so you don’t wonder where it all went.

    5. They give
    Sure, some rich people can be selfish jerks — just like anyone else. But
    the everyday millionaires who live down the street, the ones you don’t
    even realize are wealthy, are some of the most giving people you’ll ever meet. I know because I’ve met a lot of them. They work hard, save and
    respect the ability of others to do the same.

    Whether it’s tithing at church, donating to a charity, or just giving to friends and family, these people have generous spirits. They realize the
    most important thing you can do with wealth is help others.


    That’s actually why they continue building their wealth. They realize
    they can’t take it with them when they die. Instead of spending it all
    on the latest toys, they choose to leave a legacy for the people who
    mean the most to them.

    Chris Hogan is a #1 national best-selling author, dynamic speaker, and financial expert. For more than a decade, Hogan has served at Ramsey
    Solutions, spreading a message of hope to audiences across the country
    as a financial coach and Ramsey Personality. You can follow Hogan on
    Twitter and Instagram at @ChrisHogan360 and online at chrishogan360.com
    Opens a New Window. or facebook.com/chrishogan360.

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