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Everyone in this country today has the opportunity to become a millionaire no matter your race, your background, your circumstances or whatever.
Let me recommend a book to you. It’s called “Everyday Millionaires” by Chris Hogan. He has another book too titled “Retire Inspired” which I read a few months ago. In “Everyday Millionaires,” Chris debunks all the myths that are associated with millionaires such as: millionaires make a lot of money, millionaires inherited all their wealth, millionaires went to prestigious universities, etc. None of this is true based on Chris’ study of over 10,000 millionaires - the largest study ever of millionaires. These are only society’s preconceived notions. The truth is, you probably wouldn’t recognize most millionaires based on the typical stereotypes. Most millionaires don’t flash a lot of cash, they don’t live in expensive homes, they don’t drive expensive cars, they don’t buy expensive clothes, etc. The Everyday Millionaire is probably your next-door neighbor, your co-worker or maybe even a family member - people you would never suspect of being a millionaire. In his book, Chris tells you how anybody can become a millionaire by building wealth, and it’s not hard. There is no magical secret. But first, you have to understand the difference between getting rich and building wealth. Most people want to get rich. They want it now - either by some get rich quick scheme, winning the lottery, risky fad investments, an inheritance from some rich uncle they never knew about, etc. - they don’t want to put in any time or effort, and unfortunately this is why most people never acquire millionaire status. By contrast, most millionaires Chris studied built their wealth over a long period of time by investing in their employer-sponsored retirement plan (401k, 403b, etc.). Did you know that if you invest only $100 a month @ 12% interest from the time you’re age 25 to age 65 (40 years), that will make you a millionaire? Do that math. If you’re in your early to mid-twenties and you start investing that amount RIGHT NOW (or even more if you can do it), you are guaranteed to be a millionaire (and maybe even a multi-millionaire) by the time you retire. And that’s not even factoring in a company match (assuming your employer offers a match). There, I just showed you how to become a millionaire. Sure, it will take some time, but anyone is capable of doing it. Anyway, the book has been a great inspiration to me and shows that anybody can do it. Chris shows how to overcome all the excuses and the victim mentality by factual statistics through his research. Unfortunately, in today’s world, especially with the youth, their motto is “fake it to you make it.” But by trying to look rich and keeping up with the Jones’s, you’ll never will make it. Newsflash: The Jones’s may have all the stuff you want - fancy house, nice cars, fine clothes - but they’re flat broke, drowning in credit card debt and eventually they're headed for bankruptcy. If you don't retire a millionaire, that is YOUR FAULT and nobody else's! Last edited by vintagetoppsguy; 07-16-2020 at 11:56 AM. Reason: Edited to add picture |
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Who is the prototypical American millionaire? What would he tell you about himself? •I am a fifty-seven-year-old male, married with three children. About 70 percent of us earn 80 percent or more of our household's income. •About one in five of us is retired. About two-thirds of us who are working are self-employed. Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. Also, three out of four of us who are self-employed consider ourselves to be entrepreneurs. Most of the others are self-employed professionals, such as doctors and accountants. •Many of the types of businesses we are in could be classified as dullnormal. We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors. •About half of our wives do not work outside the home. The number-one occupation for those wives who do work is teacher. •Our household's total annual realized (taxable) income is $131,000 (median, or 50th percentile), while our average income is $247,000. Note that those of us who have incomes in the $500,000 to $999,999 category (8 percent) and the $1 million or more category (5 percent) skew the average upward. •We have an average household net worth of $3.7 million. Of course, some of our cohorts have accumulated much more. Nearly 6 percent have a net worth of over $10 million. Again, these people skew our average upward. The typical (median, or 50th percentile) millionaire household has a net worth of $1.6 million. •On average, our total annual realized income is less than 7 percent of our wealth. In other words, we live on less than 7 percent of our wealth. •Most of us (97 percent) are homeowners. We live in homes currently valued at an average of $320,000. About half of us have occupied the same home for more than twenty years. Thus, we have enjoyed significant increases in the value of our homes. •Most of us have never felt at a disadvantage because we did not receive any inheritance. About 80 percent of us are first-generation affluent. •We live well below our means. We wear inexpensive suits and drive American-made cars. Only a minority of us drive the current-model-year automobile. Only a minority ever lease our motor vehicles. •Most of our wives are planners and meticulous budgeters. In fact, only 18 percent of us disagreed with the statement "Charity begins at home." Most of us will tell you that our wives are a lot more conservative with money than we are. •We have more than six and one-half times the level of wealth of our nonmillionaire neighbors, but, in our neighborhood, these nonmillionaires outnumber us better than three to one. Could it be that they have chosen to trade wealth for acquiring high-status material possessions? •As a group, we are fairly well educated. Only about one in five are not college graduates. Many of us hold advanced degrees. Eighteen percent have master's degrees, 8 percent law degrees, 6 percent medical degrees, and 6 percent Ph.D.s. •Only 17 percent of us or our spouses ever attended a private elementary or private high school. But 55 percent of our children are currently attending or have attended private schools. •We are fastidious investors. On average, we invest nearly 20 percent of our household realized income each year. Most of us invest at least 15 percent. Seventy-nine percent of us have at least one account with a brokerage company. But we make our own investment decisions. •We hold nearly 20 percent of our household's wealth in transaction securities such as publicly traded stocks and mutual funds. But we rarely sell our equity investments. We hold even more in our pension plans. On average, 21 percent of our household's wealth is in our private businesses. •I am a tightwad. That's one of the main reasons I completed a long questionnaire for a crispy $1 bill. Why else would I spend two or three hours being personally interviewed by these authors? They paid me $100, $200, or $250. Oh, they made me another offer--to donate in my name the money I earned for my interview to my favorite charity. But I told them, "I am my favorite charity."
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Signed 1953 Topps set: 264/274 (96.35 %) |
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