Have you ever heard of the book “The Millionaire Next Door”? It describes several common denominators based on research on real millionaires. In other words, what are the common traits of many “common” millionaires. Turns out, the book shows us, that what makes so many millionaires rich is not so “common” at all. Many of us are too busy trying to make ends meet, or maybe we’re too busy “keeping up with the Joneses” to adopt the habits of the highly wealthy.
The other revealing thing about that book is that it reveals that so many who have money act and look like so many of us everyday Joes. How is this possible? Well, I came across a really neat article which offers Six Tips to Live on Half Your Income. Not only are these tips practical and feasible, but you’d be surprised at the truly revolutionary affect they could have on your life.
Again, the article mentions six different tips, but I’m gonna give you my favorite two tips, and you can get the rest HERE.
1/Buying used should be your first impulse. You may be surprised to know that many things we purchase in life have incredible mark ups. When you buy things like cars and furniture, the minute you leave the store or the car lot, their value drops astronomically. Not only that, but most people won’t be able to tell the difference between a brand new sofa and a 2 year old sofa in good condition. Now granted, many things you shouldn’t expect to buy used, like paper towels, sheets, toilet paper, etc. However, a large majority of the things you use every day could and should be bought used.
2/Shift your social life away from businesses. The average markup on food and beverages at restaurants and bars is 3-4 times the retail price. Why pay that markup all the time when you can eat and drink the same quality stuff at your friend’s dinner party instead of a restaurant? Try shifting away from always going out and toward organizing events at people’s homes or nearby public areas. From backyard decks to pools to parks and beyond, there are plenty of places you can congregate without needing to pay the steep markup charged by businesses.
Get more creative and stop just defaulting to the same old patterns of going to businesses for your social life.
Millionaires didn’t get to be millionaires by doing things like everyone else, so if you aspire to have some measure of financial independence and freedom (and who doesn’t), then you might try implementing these tips, and pass them on to your friends and family too!