Through the years, I have conducted interviews with hundreds of millionaires to gain insights from their experiences and knowledge. I’ve compiled these as Millionaire Interviews, which include my tailored questions and their answers. After a few hundred discussions, I recognized that there was incredible wisdom in many of the questions I posed, particularly when the answers from various interviewees are read consecutively. I’ve chosen to present these in my Millionaire Wisdom series here on ESI Money.
Please note, not every millionaire responded to every question, and I occasionally altered questions, which is why not every millionaire appears in the list below.
Today we proceed with the series (see part 1 here to begin the series) featuring millionaires responding to this question:
What advice do you have for ESI Money readers on how to become wealthy?
Here are their insights…
Millionaire 246
The entire ESI concept is crucial. If you can earn a bit more, save a bit more, and invest in assets that appreciate or yield income, it will all progress positively. Time is advantageous; grasp this sooner rather than later, and it will simplify things considerably. You know the saying, “the ideal time to plant a tree was 20 years ago; the next best time is now.”
Millionaire 247
Investing should be monotonous. If it provides excitement, you’re going about it incorrectly. Keep investing straightforward, and concentrate on the long-term vision. Avoid chasing the elusive pot of gold – such as Bitcoin, Tesla, IPOs, or SPACs. You may gain wealth, but the likelihood of winding up bankrupt is higher. The strategy that can lead you to substantial riches can also wipe out your wealth. Never invest in anything that does not produce free cash flow. Adhere to this principle, and you won’t have to fear financial downfall.
Millionaire 248
– Monitor your expenditures for several months.
– Examine your spending patterns, and begin eliminating anything you perceive as wasteful. You’ll ultimately align your expenses with your values and will be more inclined to work extra years to revel in your lifestyle.
– Attain the highest savings rate you can manage while still enjoying a fulfilling and challenging life. If you reach a point of deprivation, ease back on the savings rate somewhat.
– Invest with an aggressive asset allocation—at least 70% in passively managed total stock market index funds. If that feels daunting, consider adding investment rental properties or REITs.
Millionaire 249
Select the appropriate partner. Discuss finances with them long before marriage. Set shared goals, enjoy the journey, and acknowledge your achievements. Discuss finances with friends. Converse (in abstract terms if necessary) about salaries with colleagues. You never know where valuable ideas or information will originate. Recognize where you contribute value at work and emphasize that. Avoid overestimating your significance and refrain from becoming complacent. Immediate earnings aren’t everything—don’t leave a good boss for a minimal salary increase.
Millionaire 250
Don’t postpone until next year, a promotion, or a new job. Begin before your next paycheck, become well-informed, and manage your own finances.
Millionaire 251
Be intentional in your investing strategy. Remain committed to discipline and continuous learning. It’s not always the most glamorous approach, but consistently achieving singles and doubles is generally more effective than relying on hitting a home run.
Millionaire 252
Always contribute 10-15% to your 401k, opt for a 15-year mortgage over a 30-year one, and never carry a credit card balance! Buy second-hand vehicles. Do it yourself when possible. We hosted our daughter’s wedding reception in the backyard (catered by Bono’s barbeque) and our son’s wedding rehearsal dinner in the multi-purpose room also known as the “banquet room” that comfortably seated 44 guests. We do not suffer from the “keeping up with the Joneses syndrome” and often find amusement in the absurd consumerism exhibited by some of our friends.
Millionaire 253
For those who are fans of Dave Ramsey – he discusses the debt snowball. I’m not certain if he refers to a net worth snowball, but that has been my hidden strategy. Save, save, save, combined with diligent work. I cherished visiting the bank with my passbook savings as a child and witnessing the interest grow with each deposit (I was receiving around 6%). Each time I acquired money (birthdays, jobs, etc.), most or all of it went into savings. By the time I graduated high school, I had already bought a vehicle and saved several thousand for college. My parents informed my siblings and me at an early age that we were responsible for our own college and vehicle expenses. I had my initial W2 job when I was around 12 or