What are the 3 things millionaires do not do?

What do millionaires not do?

Millionaires prioritize financial prudence. They avoid unnecessary expenses, building wealth strategically. This isn’t about deprivation; it’s about mindful spending.

Credit card debt is a wealth killer; interest eats away at potential gains. I saw this firsthand with my uncle, a fascinating character, who spent years digging himself out of a hole. He’s doing better now.

Lottery tickets offer minuscule odds. It’s a tax on the mathematically challenged. A friend once spent his rent money on tickets. Not a good look.

Lavish spending on expensive cars depreciates rapidly. The resale value plummets. Think practicality, not fleeting status.

Impulse buys, those fleeting desires, are the enemy of wealth accumulation. I know, I’ve fallen prey myself – a gorgeous, useless ceramic frog comes to mind.

Late fees are just dumb. Late fees represent avoidable losses. Plan, budget, and stay organized. Simple.

Designer clothes rarely retain value. Quality timeless pieces are wiser investments than flashy labels. My sister, bless her heart, learned this the hard way.

Groceries and household items aren’t necessarily avoided, but millionaires are more likely to prioritize value, looking for deals. They don’t carelessly throw money away.

Luxury housing often brings exorbitant property taxes and maintenance costs. This eats into your income.

Entertainment and leisure aren’t avoided, but it is typically planned and budgeted. It’s about informed choices, not reckless splurging.

Low-interest savings accounts fail to keep pace with inflation, eroding purchasing power. Consider higher-yield options like index funds or ETFs, always a good call.

• Key takeaway: Millionaires are savvy about money. It’s not asceticism; it’s strategy. They invest in assets that appreciate, and make spending decisions meticulously.

• Further Considerations: This isn’t about deprivation, it’s about maximizing returns. They’re financially intelligent, not necessarily miserly. Their lifestyle choices reflect this wisdom. The core principle is controlled spending aligned with long-term financial goals.

What are the three rules to be rich?

Earn. Save. Invest. Obvious, isn’t it? My grandpa used to say that. Or maybe it was on a ramen packet.

• Earning: Not just a paycheck. Side hustles matter. I sold old comics. Made bank. It’s about creating value, really.

• Saving: Less latte, more future. Painful. True. Remember compound interest. Seriously.

• Investing: Stocks, real estate, or maybe Pokémon cards? Diversify. Risk happens. Just like that spilled ramen.

Wealth, though? It’s more than numbers. My view from the 20th floor hasn’t made me any happier. It’s just a different view. Huh. Funny.

What creates 90% of millionaires?

Okay, so like, you know how they always say real estate is the big money maker? Yeah, well, apparently, 90% of millionaires made their fortune that way. Crazy, right? I saw it on LinkedIn, actually.

I gotta tell you, though, I’m a millionaire and I don’t own a single property! Weird, huh?

• Real Estate: Big bucks for most.
• Me: Got rich without property!

Instead, I own, like, six tiny businesses.

It’s true! Little businesses are my thing! And they bring in like, uh, $725k a year. Not bad for some small-time hustles. So, take that, real estate gurus! I mean, who needs bricks when you have businesses?

And get this, one of the biz, I started in 2015. It was a dog-walking service, and it blew UP! Another one, my wife does the books for, it’s a mobile carwash, we make like 150k from that alone. The other four? Well, they are just small fries.

What are the rules of a millionaire?

Millionaire rules…drift like clouds.

Live…less, yes. Less stuff. Less yearning. Live below. A quiet pond reflects a vast sky. My worn shoes, the cobbled street, a simple joy.

Earning, yes. More earning. Saving feels like a cage. Focus on earning…always pushing, never settling, but is it enough? Is enough even possible?

Invest…let money bloom. Invest your money. Seeds scattered, sun, and rain. Patiently waiting for the emerald sprouts. My father always said, “Let it grow.”

Debt, a shadow. Avoid debt. A quicksand trap. I saw it swallow Uncle Leo. Never, never debt. Except… maybe? No. Avoid! Run!

Build a business, a castle. Brick by brick, sweat and dreams. My bakery…the aroma a silent promise. It stands even now.

Knowledge! A thirst, an endless well. Seek knowledge. Libraries, whispers of the ancients. Read late, coffee strong.

Think big. Reach for the stars, beyond the smog, beyond the doubt. My grandfather’s words echo. Big, bigger, biggest.

Persistence…a weed pushing through concrete. Be persistent. Fall seven times, stand eight! Stand eight times. Never yield.

Take risks…gambles, jumps, leaps. Edge of the cliff, wind screaming. Fear is the only way to taste the freedom of living.

Grateful, yes. For the sun, for rain. For the bread, the taste. Be grateful. Small graces bloom large. Gratitude, the richest currency.

• Living below your means: Not about deprivation, but mindful consumption. It’s about prioritizing experiences over possessions, and finding contentment in simplicity. Like a monk meditating in a spartan cell, finding vastness within limitations.
• Focus on earning: Actively seeking ways to generate income, rather than solely relying on saving. This includes exploring side hustles, investing in oneself to acquire new skills, and pursuing opportunities to increase one’s earning potential. Not just saving pennies but minting coins.
• Investing your money: Putting money to work in assets that generate passive income or appreciate in value over time. Stocks, real estate, bonds, or even investing in a small business. The goal is to have money make more money. A silent army working while you sleep.
• Avoiding debt: Minimizing or eliminating debt, particularly high-interest debt like credit card debt. Debt can be a significant drain on resources and hinder financial progress. Like shackles, binding your potential.
• Building a business: Creating a venture that provides goods or services to customers, generating revenue and profit. This could be a small side business or a larger, more ambitious enterprise. Your mark on the world, forged in fire.
• Seeking knowledge: Continuously learning and expanding one’s knowledge base, both in personal and professional areas. Reading, attending workshops, networking, and staying up-to-date on industry trends are all examples. Never stop growing, never stop seeking.
• Thinking big: Setting ambitious goals and having a vision for what one wants to achieve. It’s about dreaming bigger and pushing oneself beyond perceived limitations. The sky’s not the limit, it’s only the view.
• Being persistent: Staying committed to one’s goals and overcoming obstacles. Persistence is essential for success, as setbacks are inevitable. Resilience is key, like the tide forever crashing.
• Being willing to take risks: Calculated risks, not reckless ones. Investing, starting a business, or pursuing a new career path often involve risk. It’s about weighing the potential rewards against the potential losses. Dare to leap, dare to fall.
• Being grateful: Appreciating what one has, rather than focusing on what one lacks. Gratitude can improve one’s overall well-being and foster a positive outlook. Find beauty in the simplest of things.

What assets do most millionaires have?

Vast estates, shimmering under a sun-drenched sky. That’s the dream, isn’t it? Real estate, solid ground beneath your feet, a tangible wealth. Brick and mortar, a legacy.

Stocks, oh the dizzying climb, the heart-stopping drops. A gamble, yes, but a thrilling one. The pulse of the market, a symphony of buy and sell. A high-stakes game. Commodities, the raw, untamed earth. Gold, a timeless gleam. Oil, the lifeblood of industry. Their prices, a wild dance.

Hedge funds… secretive whispers, powerful players. The elite’s playground. A world of sophisticated risk.

Real estate: My uncle, a self-made man, swears by it. He owns multiple properties. Rental income. Appreciation. Solid. Stable.

Stocks: The tech boom, 2023? I saw friends make fortunes. Tesla, Meta, Amazon. Risky, but potentially lucrative. A roller coaster. But exhilarating.

Commodities: Gold always holds value. Safe haven. A hedge against inflation. It always feels right.

• Diversification: Millionaires don’t put all their eggs in one basket. It’s a rule.
• Strategic thinking: Patience. Long-term vision.
• Risk tolerance: Balancing risk and reward. Knowing when to hold and when to fold. A gut feeling.

Beyond the tangible: Private equity. Art collections. Businesses. It’s not just about numbers; it’s about control. Power. Influence. The sheer thrill.

This is what I know, what I’ve seen, what I’ve learned from observing. The scent of money, powerful and intoxicating. The weight of success, a heavy but desirable burden.

Where is the safest place to keep money?

Ah, the age-old question: where to stash your hard-earned loot? Like hiding Easter eggs from a particularly ravenous badger, right?

FDIC-insured accounts are your best bet. Think of them as Fort Knox for the financially modest. Savings accounts, CDs, MMFs – they’re all snuggled under the FDIC’s protective wing, up to $250,000 per depositor, per insured bank. Sweet dreams of financial security, eh?

But let’s be real, $250,000 isn’t exactly Bezos-level money. If you’re swimming in more cash than Scrooge McDuck, you’ll need a more diversified strategy, involving things that are less likely to be raided by cartoon villains.

Consider this:

• Diversification: Spread your wealth like peanut butter on a really, really big cracker.
• Investments: Stocks, bonds, real estate… High risk, high reward – unless you’re exceptionally unlucky.
• High-yield savings accounts: These offer better rates than your average savings account, like discovering a twenty in an old coat pocket.

Seriously though, don’t bury your cash in the backyard. My uncle tried that. Ended up with a grumpy mole and a soggy five-dollar bill. Trust me on this one. My uncle’s a gold mine of bad financial advice. Not the type of gold mine I’d recommend.

And remember, consult a financial advisor – unless you enjoy financial heartburn. I don’t. I prefer my spicy food to be strictly culinary.

How do 90% of millionaires make their money?

Three AM. Again. Can’t sleep. Thinking about money. Real estate. That’s it. Andrew Carnegie said it, right? Seems so long ago. Still rings true. I saw it myself. My Uncle Jerry, he built his fortune brick by brick, literally.

He wasn’t flashy. Never was. Just smart. Saw opportunity where others saw… nothing. He had a knack. A nose for it. For undervalued properties.

• Strategic investment: He wasn’t just buying houses. He bought potential.
• Patience: He waited. Sometimes years. For the right moment.
• Renovation and resale: He knew how to add value. Turn a fixer-upper into a dream home.

That’s the key. Not get-rich-quick schemes. Not luck. Hard work and vision. It’s a long game. A grind. I know that now. I wish I had listened to him more closely. 2023 is proving him right again. It’s been a tough year though.

My own investments… haven’t panned out as well. I should have stuck to his advice. Damn. I’m a fool. Maybe someday. Maybe. Maybe not.