• Dave Ramsey on - Millionaire Myth Busters

    From a425couple@21:1/5 to All on Wed Oct 23 15:29:35 2019
    XPost: or.politics, alt.economics, alt.politics.economics


    Millionaire Myth Busters

    (Hey self described "Expert" can you pay attention for 3 minutes?)

    First Myth -
    Millionaires just inherited the money. All they do is drive their
    brand-new cars to the golf course while the rest of us slave away. Those
    evil rich people.

    Sound like someone who is bitter? Maybe. It also sounds like someone who
    is wrong. Most people with a seven-figure net worth have common-sense
    habits when it comes to money. Those habits are what led to being rich
    and becoming millionaires. Since they can do it, so can you.

    Check out some of the other myths that are lumped onto millionaires:

    Millionaires just inherited their wealth.
    This one might be the most common. Many people want to think of the rich
    as just a bunch of spoiled jerks who haven't worked a day in their lives because they got their money from relatives.

    But Dr. Tom Stanley, author of The Millionaire Next Door, found through
    his research that about 20% of millionaires became that way through inheritance. The other 80% are first-generation rich. That means they
    started from nothing and piled up money. It's very doable.

    Millionaires don't pay their taxes.

    Riiiiiiight. The best way to build wealth and not raise any suspicion
    from the authorities while doing it is to ... jip the IRS and have a
    total lack of integrity. How desperate is someone who believes this?
    Hate to burst their bubble, but the top 1% of earners in this country
    pays 40% of the taxes. That number could go even higher with certain tax legislation about to expire. Rich people pay, and then some.

    Millionaires all drive fancy cars.
    The purpose of a car is not to make you look good, but to safely get you
    from A to B. And the average millionaire has figured that out; Ford is
    tops on the list of preferred cars of the average millionaire (9.4%).
    Don't get us wrong. You can certainly own a nice car once you are rich,
    but not having money and taking out a car payment on a nice set of
    wheels means the car owns you.

    Millionaires are all retired and living the good life.
    This one sounds similar to the myth that millionaires just inherit their wealth. But the stats are similar, too. About two in 10 millionaires
    have their feet kicked up. The rest go to work each day and keep
    generating the income to save and build their wealth up.

    They all have high-paying jobs.
    Really? That's not what Donald found out.

    I was helping my dad pick up a new grill from Lowe's this morning. We
    got to talking with one of the employees who was unchaining the grill
    for us, about the retirement program, matched contributions, etc.

    He mentioned two guys who just retired, one of them after 25 years.
    These everyday Lowe's employees just saved and saved and saved. The
    first retired with $1.1 million! The other guy was a manager for most of
    his 30 years and retired with $4.3 million! —Donald in Virginia

    Tons of people are afraid to make the sacrifices it takes to become
    rich, like saving and living a smaller, budgeted lifestyle. So they just
    fill their minds with stereotypes about millionaires being spoiled,
    crooked or unhappy. But wealth gained with integrity brings peace with
    it. And fun!

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