Learn more about moneyandinvestments with this collection
How to create a diversified portfolio
How to analyze stocks and bonds
Understanding the basics of investing
3. They don’t buy mansions they can’t afford
Millionaires invest only in affordable homes. If they bought a mansion they couldn’t afford, their savings would die, and soon their luxury would convert into their biggest liability.
Living in an affluent neighborhood also means you’re more likely to imitate your neighbors’ spending patterns and less likely to build wealth over time.
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MORE IDEAS ON THIS
1. They don’t blow money on luxury brands
Millionaires and billionaires are focused on making the best use of money and accumulating it rather than spending them on pricey designer gear that doesn’t fit their lifestyle and mindset.
Instead of purchasing branded products, many wealthy people choose to spend their money on education,...
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Last Thoughts
So, being a millionaire is not about wearing branded clothes or traveling luxuriously. It’s also not about making your home a liability.
Having a million dollars doesn’t mean blowing it off on a white elephant.
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It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.
GEORGE HORACE LORIMER
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People who live far below their means enjoy a freedom that people busy upgrading their lifestyles can’t fathom.
NAVAL RAVIKANT
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A millionaire is a mindset, not a title.
Money is not a possession; it’s a feeling. If you understand the concept of money, you can be rich. Filthy rich!
That’s why most millionaires don’t feel the need to look rich. They internally feel rich instead.
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2. They don’t spend a fortune on traveling comforts
If you think most people sitting in business class airplane seats are filthy rich, you might be wrong.
Even if they have the financial freedom to pay more, rational individuals prefer to travel modestly.
Finance experts know that buying old is the best value and that maintaining the s...
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Understanding the concept of money is the key to being rich.
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