10 Things How To

7 Things that millionaires do that you can do too

The Millionaire Next Door
The Millionaire Next Door

Many years ago, Web Watch thought that we knew we had enough money if other people considered us to be “peculiar”.

As we got older, we determined that being “peculiar” wasn’t good enough — we knew that we had enough money if other people considered us to be “eccentric” instead.

The question that Web Watch still has to answer is how to we get enough money to even be thought of as “odd”, since we’re nowhere close to having “odd” enough money.

So here are SEVEN THINGS THAT MILLIONAIRES DO TO SAVE MONEYThese things are so simple and filled with common sense, you can apply these ideas immediately.

You may not end up having more money immediately, but if you stay true to these philosophies over time, you will amass enough money to be well on your way from “odd” to “eccentric”:

  • Live within your means.  Don’t run up your credit card.  Spend less than you earn.  Eat at home, brown-bag your lunch.  Don’t shop at the major department stores, but go to the discount stores (or even browse Goodwill!).  Pay yourself first, even if it’s just a change jar you keep by your desk. 

    If you’re having trouble saving, try to put $1 a day away into your change jar (or, some banks have an auto-transfer program where you can automatically transfer money from your checking account to your savings account.  Start with that dollar-a-day, and by the end of the year, you’ll have saved $365 more than you would have if you hadn’t done this.   If you can afford to save more each day, then do it.  $5 a day means you’ll put away more than $1500 a year.  Start the habit now, you’ll thank Web Watch later

  • Work hard.  Yeah, this should be a given, but not everybody does it.  Web Watch knows people who have a well-paying regular full-time job…. but spend their nights and weekends working a 2nd (or even a 3rd) job.  They work their butts off and use as much of their free time as they can earning additional money. 

    There are 168 hours in a 7-day week.  Let’s break that down:

  • 50 hours for sleeping
  • 50 hours for working the full-time job

    That still leaves you with 9 hours per day to do something to make more money.  Even if you set aside 4 hours per day for family, meals, commutes, and personal time, you still have 5 hours per day that could be used to make some additional cash.

  • Owning the latest stuff doesn’t matter.  No flashy car, no flashy jewelry, no fancy electronics that aren’t absolutely necessary.  Remember that first bullet — living within your means, means giving up stuff.
  • No handouts from parents, and…
  • No handouts to your kids.  Concerned about your kids hitting you up for money?  Just tell them “no, get a job”.  Make them do it the way you do – by working, and working hard.
  • Learn to recognize opportunity.  This may be harder for some people, but if you’re working hard enough, those opportunities will become apparent
  • Choose the right occupation.  Some jobs just won’t pay you that millionaire-level pay.  You’ll certainly be saving money if you follow all the above, but you may not accumulate massive amounts of wealth unless you’re in a job that pays it.