Throughout the years, I have conducted interviews with countless millionaires, aiming to gain insights from their experiences and knowledge. I’ve shared these interviews as Millionaire Interviews, highlighting my specific questions along with their replies. After a couple of hundred conversations, I recognized that there was remarkable wisdom in many of the questions I posed, particularly when the answers from various interviewees were considered together. I’ve chosen to showcase these here on ESI Money in my Millionaire Wisdom series. Please note, not every millionaire responded to every question, and I occasionally modified questions, which is why not all millionaires are included below. Today, we continue the series with millionaires responding to the following question:
**What advice would you offer ESI Money readers on how to achieve wealth?**
Here are their insights…
**Millionaire 66**
I would emphasize the importance of education, education, and education regarding personal finance for the reasons previously mentioned in the mistake section. Additionally, if you have a partner, being aligned on financial matters is essential. When we graduated from college together, my husband was initially the sole income earner, and we held three loans as indicated before. Our careers began a little later than most; I was 30 and my husband was 25. I aimed to monitor our expenditures as much as possible, while he wished to enjoy his first stable paychecks a bit. We frequently argued about spending, to the extent that I questioned the longevity of our marriage. However, I believe we are now aligned in nearly all areas of our finances. My husband can now be more frugal than I am. We both feel we can be economical in our daily lives, yet it’s acceptable to spend generously on what we genuinely enjoy—delicious meals, traveling to Japan, and spending quality time with family and friends.
**Millionaire 67**
First, live within a budget and beneath your means, which enables you to save money vigorously. Second, avoid overspending on your main residence and strive to pay it off as swiftly as possible. Third, buy used cars with cash. (Your worth is not determined by your vehicle, clothing, or residence!)
**Millionaire 68**
Monitor your net worth! I advocate this to everyone who will hear me out. I cannot stress enough the importance this practice provides. I update mine monthly (which might be excessive), but it’s the optimal way to maintain perspective. If you experience a decline in certain months due to poor choices, you will notice. It keeps you accountable towards your goals. I believe this is particularly effective for individuals working on paying down debt. It can be disheartening when you’re reducing debt and never see your bank account grow. However, by tracking your net worth, you’ll actually observe that progress each month. Nothing is more inspiring than reflecting on your advancement. And certainly, prioritize paying yourself first. You are your own biggest obstacle concerning money. Identify the gap between your expenses and income, then commit to saving before you justify spending.
**Millionaire 69**
I find it beneficial to maintain an open mind when young and explore interests, taking risks in your youth to discover your highest potential. Following that, strive to be as professionally valuable as possible to maximize your earnings. Then, set financial goals and draft a plan to achieve them. Create this plan as early as you can. Personally, I didn’t get serious about this until my early 40s, although I attempted to save in my younger years when feasible. I regret not developing a detailed spreadsheet plan by age 30.
**Millionaire 70**
Well, this site (which is my favorite personal finance site!) and similar ones are an excellent starting point! My recommendations: Inquire how others have succeeded and are continuing to do so…take notes and listen! I consult my tax advisor every year about what wealthier individuals are doing to manage their finances…what they prioritize to enhance their wealth and secure their money? Regardless of your financial standing, there are those performing better from whom you can learn. Stay curious! Ask questions! I personally carry the profiles for Millionaires 18 and 27 in my purse daily, and I maintain a side-by-side comparison of their paths to success versus mine, enabling me to identify my opportunities…these multi-millionaires are on trajectories I aspire to follow, and I regularly revisit their “how” against “my how”…then I adjust and re-engage in my plan because they inspire me! Read-read-read and implement-implement-implement. The best book I’ve ever read—and the one I recommend following—is “The Richest Man in Babylon.”