Through the years, I have conducted interviews with countless millionaires in order to glean insights from their experiences and expertise. I have shared these as Millionaire Interviews, highlighting my specific inquiries and their replies. After conducting several hundred interviews, I came to the realization that there was remarkable wisdom in many of the questions I posed, particularly when the answers from various interviewees are examined sequentially. I decided to present these insights here on ESI Money in my Millionaire Wisdom series. Note that not every millionaire responded to every question, and I did occasionally modify questions, which is why every millionaire isn’t included below.
Today we carry on with the series (view part 1 here to begin) with millionaires answering the following question:
What guidance can you offer ESI Money readers on how to attain wealth?
Here are their answers…
Millionaire 41:
I believe Dave Ramsey captured it perfectly: “If you will live like no one else, later you can live like no one else.” Avoid purchasing new cars and extravagant homes while you are still figuring out your finances; wait until you’ve established your financial future for those purchases.
Millionaire 42:
Don’t take it for granted that family will be pleased for you or supportive when you face the challenges of a windfall. Try not to feel guilty about having more than what others accumulate over years of labor. Keep in mind that you are incredibly fortunate, but you did not orchestrate this situation to make others feel inferior. It simply occurred. Additionally, remember to enjoy yourself, but also acknowledge that everything could be lost tomorrow. I know two friends from AOL who are listing their homes for sale at the beginning of 2018 to avoid foreclosures. Ultimately, everything is a gamble.
Millionaire 43:
Begin early, save regularly, trust your instincts. Create your own opportunities. I am working to leverage my skills and networks for my side venture. Stay focused on your goals. That can mean various things for different individuals, but eventually, you will find yourself too exhausted to work, whether physically, mentally, or both. You can never save excessively, but you can save insufficiently. Therefore, you need to set some objectives. Two goals are better than one, so your marriage is crucial. As my wife and I grow older, we realize how fortunate we are to have each other as best friends and partners. If your marriage is worth preserving, it should be worth the effort. Financially, two are significantly better than one. However, it’s essential to align on spending and money philosophy. Regarding saving and investing, make the most of any company matching plans available. That’s free money. Save as much as possible to build a nest egg for when you’re ready to retire. One insight I have gained over the past several years is that you can’t take material wealth with you, so why accumulate it in the first place? I’m not just referencing money but rather belongings or “stuff.” Avoid getting caught in the hedonistic treadmill of consumerism. I can’t recall who said, “don’t keep up with the Joneses; they’re broke,” but it rings true. People get entangled in a competition to acquire unnecessary items to impress those who don’t care. If you can detach from that mentality, you can achieve financial and emotional freedom. You don’t need the latest car, phone, gadget, attire, jewelry, etc., to find happiness. In closing, I wanted to contribute to ESI through this interview to illustrate that I am just an everyday person with a fairly ordinary job, and through persistence and time, you, too, can amass a respectable amount of wealth.
Millionaire 44:
There’s nothing groundbreaking here that hasn’t been reiterated in many other forums: Read some of the widely endorsed books on how to approach investing and increasing your net worth over time and act on the advice. If you’re reading this blog, you likely have some interest in the subject to do so, and being financially literate can yield substantial benefits throughout your life. The fact is, even simple solutions like a Vanguard all-in-one fund outperform 90% of other choices for your money. Don’t squander money on vehicles. You can obtain a much more respectable used car than we have, resulting in significant savings. Monitor your expenses; you become much more aware of them when you have to review them regularly. Consider money in terms of the value of experiences you can obtain. Aim to practice moderation; I often encounter extreme recommendations on saving every last penny or people obsessing over withdrawal strategies and rates. Life’s too short.