10 Things Millionaires Do

That you can do too

In h i s 1996 bes tse l le r , The Mi l l iona i re Next Door , Thomas S tan ley deta i led the t ra i t s o f

the average mi l l iona i re . Not the average “ r i ch person” the average mi l l iona i re . These a re peop le who have a net wor th over seven

f i gures who are a l so “ f inanc ia l l y f ree . ”

#1 Job Stabil ity

Millionaires tend to stay with one employer for a very long time –

sometimes 30 or 40 years. Being a company man or woman can offer

huge rewards, including a very nice ending salary and hefty 401K

balances.

#2 Steady Saving

As of 2015 you can save $18,000 in a 401k or 403b, and $24,000 if you are

over the age of 50. That doesn’t include your company’s “free match” if

they offer one.

“I’ve rarely met a rich retiree who didn’t start making the maximum

contribution to a 401k in their 20s or 30s.”

-Wes Mossa u t h o r o f

“ Y o u C a n R e t i r e S o o n e r T h a n Y o u T h i n k ”

#3 Save The Raise

One trick is saving at least half their pay raises. Instead of putting the money towards a new boat or vacation, those added dollars end

up in retirement or brokerage accounts.

#4 Invest

Millionaires who own stocks tend to hold their investments for decades

(not just years). They let their dividends re-invest over time and thus

participate in the long-term growth of our economy. This makes them

investors rather than “savers” who only invest in CDs or money markets.

#5 Owners

Business owners, partners and other employees who are “fully vested” in a

company tend to end up with substantial savings.

#6 No Mortgage

O n e k e y “ r i c h ” p e r s o n m o v e i s t o g e t r i d o f t h e

m o r t g a g e b y a g e 6 5 . T h i s m a y t a k e t w o o r t h r e e e x t r a p a y m e n t s

p e r y e a r .

#7 No Fancy Toys

Very few millionaires own BMWs, Mercedes, $3,000 watches, or $5,000 suits. Nearly 40% of the “rich” buy their cars used.

#8 Credit

The better your FICO score, the lower the interest rates you will pay on your mortgage and car

loans. The “rich” do this by carrying low debt loads.

“Rich people don’t buy lottery tickets. It’s a fact. I’ve never seen a millionaire

buy a lottery ticket, and I’ve never met anyone who won the lottery and still had the money three years later.”

-Wes Mossa u t h o r o f

“ Y o u C a n R e t i r e S o o n e r T h a n Y o u T h i n k ”

#9 No Lottery

#10 Own Real Estate

They bought homes that were not overly priced or extravagant in

rentable areas. They would maintain them appropriately, rent them out consistently. They paid down their

mortgages and ended up with cash-flowing assets that built their net

worth slowly over 30 years.

A n a v e r a g e i n c o m e , c a r e f u l l y m a n a g e d , c a n g e n e r a t e c o n s i d e r a b l e w e a l t h o v e r a p e r i o d o f t i m e . T o b o r r o w

a l i n e f r o m r a d i o ’ s D a v e R a m s e y , “ L i v e l i k e n o o n e e l s e t o d a y , a n d o n e d a y y o u ’ l l b e a b l e t o l i v e l i k e n o

o n e e l s e . ”

The Lesson

That’s why thousands of people are managing their full financial

picture on the Wela platform

Wela leverages technology to give financial advice with a

human touch.

And you can too

Just click here.