I have some relatives that were beyond dirt poor to abject poverty and pulled themselves up to be what some would call rich.
You may or may not have heard of Thomas Stanley and William Danko, the authors of The Millionaire Mind. They studied Decamillionaires - people worth 10 million dollars or more - and their traits.
Based on what I read in The Millionaire Mind and what I've observed from millionaire's that I know. Here's what I can say:
They live WAY below their means and spend their time, energy, and money in ways to accumulate true wealthy not things. They believe financial independence is more important than impressing people. In other words:
#1) Most of them made it themselves.
#2) They live in the same small house that they had when the first started out. And,m it's a small basic house. They didn't upgrade to a McMansion. Many of them live in blue collar neighborhoods and their kids go to public schools.
#3) They drive a middle of the road American made car. Think Buick Skylark or Chevy Impala not BMW or Mercedes. Sam Walton drove a basic pick up truck.
#4) They started their own business. And, it's not something fun, or sexy either. It's basic stuff: toilet paper, retail (WalMart anyone?), car repair, domestic shipping (Old Dominion Freight Lines), etc. And, when they DID have a business, all the profit went back into the business. They paid themselves a small, regular salary.
#5) They don't provide outpatient care to their adult children. And, they all made it on their own steam.
#6) You aren't going to catch them watching every TV show that comes down the pike either. I guarantee you none of them have seen The Bachelor or American Idol. Lady Gaga who?
#7) They don't use their house as a bank. Their house is shelter.
#8) They choose the right occupation. Teaching ain't gonna get you there. They invest heavily in their children's education and recommend occupations such as accounting and law to their daughters.
#9) They are real tightwads when it comes to spending money on themselves. They shop Walmart and clip coupons etc.
It boils down to look at whatever you see celebrities do, and don't do that. They tend to wind up broke anyway. Unless you are Clint Eastwood, Bill Cosby, or Denzel Washington who took their earnings and created businesses.
If someone truly wants to not only get out of the debt trap, but become financially independent, I strongly recommend two books:
Stop Acting Rich and Start Living Like A True Millionaire by Thomas Stanley.
Your Money or Your Life by Vicki Robin
I reread these constantly.
Definition of insanity: doing the same thing over and over expecting different results
| Pounds lost: 58.8