Saving $1 million for retirement is a lofty goal; for many young adults, it seems out of reach. According to a Wells Fargo survey, 64% of working millennials say that a seven-figure retirement isn’t in the cards. Four in ten millennials have not set aside money for their later years. The reality is that becoming … Read more
You’re probably familiar with the phrase, “The rich get richer.” But have you ever wondered why? I did. I wanted to understand why it felt so impossible to acquire massive wealth. So I spent 36 years studying and interviewing more than 13,000 multimillionaires and middle-class individuals. I learned that people who call themselves “middle class” … Read more
On your journey to becoming a millionaire, avoiding certain behaviors is essential, or you’ll sink your efforts. You’ll be trying to fill your bank account with a leaky bucket. Let’s now discuss the actions that millionaires don’t take. 1. Don’t Accumulate Dumb DebtDebt is a double-edged sword. You can spend more money than you have … Read more
While those of us with average incomes might take the canoe out on the weekends, rich people leave port on luxury yachts. And while some of us spend time snuggling our Labrador retrievers, others collect more exotic pets like lions and tigers—oh, my! The wealthy tend to lead different lives from the rest of us. … Read more
You can probably think of a million things to do with $1 million—buy your dream home, take a trip around the world, or shop till you drop. But while riches can eliminate some of your day-to-day financial worries, there’s a downside to wealth as well. Whether it’s money, career, or family, the super-rich have their … Read more
There are just a few basic things you will need: 1) at least a middle-class income—it’s hard to save when you have to scrape by to cover the bills; 2) Discipline; 3) Consistency; and 4) Time—the typical saver-investor in my Rich Habits study was at it for 32 years but accumulated north of $3.2 million. … Read more
Everyone wants to become rich quickly and without effort. But the bitter truth is that there is no single solution or way to become rich. You need to develop certain habits around your money if you want to build wealth regardless of your paycheck (to an extent). The earlier you do this, the better, as … Read more
Wealth-building is a process that generally takes time. Although becoming an overnight millionaire is appealing to many, the only natural way to get rich overnight is via speculation, an inheritance, or a lottery win. Ironically, the best way to build wealth “fast” is to chart a prudent path toward long-term gains. The quicker you can … Read more
F. Scott Fitzgerald famously said: “Let me tell you about the very rich; they are different from you and me.” We live in a democratic society that prizes upward mobility, yet many people with money want to keep to themselves. How do they buy privacy? Let’s assume privacy doesn’t mean avoiding people entirely, just meeting … Read more
Entrepreneur and Dallas Mavericks owner Mark Cuban became a billionaire when he and his co-founders sold Broadcast.com to Yahoo for $5.7 billion in stock in 1999. He was 40 years old. Today, the 61-year-old is worth around $4.3 billion. Hitting 10 figures “was surreal, just like it is now,” Cuban told Alex Kennedy on a … Read more