Here are some notes and thoughts from Five Lessons a Millionaire Taught Me, a great little book by Richard Paul Evans.
1. The wealthy decide to be wealthy. “The most substantial people are the most frugal and make the least show, and live at the least expense.” – Frances Moore
Money makes a good servant but a bad master – Proverb
2. Take responsibility for your money. Know how much money you have. Know where your money comes from. Know where your money is going. Know what your money is doing.
3. Keep a portion of everything you earn. 10% of your income at 10% return over 40 years is $2.4 million.
4. Win in the margins. An extra 10% saved each year is $2.4 million after 40 years.
Millionaire Mindset #1: The millionaire mentality carefully considers each expenditure. Is it really necessary, or is it possible to get the same personal effect without using money or using less of it? Is this expenditure contributing t my wealth or taking from it? Is this an impulse purchase or a planned purchase?
Millionaire Mindset #2: The millionaire mentality believes that freedom and power are better than momentary pleasure.
Millionaire Mindset #3: The millionaire mentality does not equate spending with happiness.
Millionaire Mindset #4: The millionaire mentality protects the nest egg.
5. Give back.