I look nice and well dressed, it does not have to cost a lots of money. You get more respect from mere mortals. Take a cue from Euro's they are fit and dress well. No sloppy pajamas to hide the extra lbs.
@@piamaheras4566 Today as I conducted business around town, I wore a dark $4.99 Walmart Tshirt to hide the extra lbs, and a $9 pair of shorts from the Cabelas clearance rack. I'm not sure if that "gets more respect from mere mortals" or not? I've found that I generally do fine if I treat others with dignity and respect, regardless of what I'm wearing. I only go into my angry ex-Army officer bark on rare occasions. And on the rare occasion when that doesn't work, I flex my decamillionaire status with my version of the Pretty Woman "big mistake" routine.
The hard part of becoming a middle class millionaire for us young people is that most of us cannot afford a house. Or if you have one the mortgage payment is taking so much of your income. My 65 year old parents bought a house for 110k in 1989, paid it off in 2000 and just sold it for 750k. This goes for pretty much all my older family members as well. I’m not saying they didn’t work their asses off but it definitely helped buying a house when it was affordable.
@ I’m not making light of things at all as I know it’s tough but my first house was a 2br 1 bath, 710’ that I picked up by assuming an FHA loan at 11% interest. I was in my 30’s before my first nice place and that was a major sweat equity deal. I know interest rates are hitting people hard but back in the 70’s they were way higher. When I graduated college in 83, we were in a bit of a recession and entry level jobs were scarce and my first one paid $15,666.38 and my company announced a wage freeze two weeks after I started. I had painted houses to make my money in college and had to keep painting houses on weekends to keep my bills paid. I’m not saying times were harder back then but I remember struggling and having to borrow money against my car a few times to keep the lights on.
@@curtcoltharp3719 I agree 100% with you. It’s never been easy but right now where I live in MA it’s almost impossible for me to purchase a home with one income. I’m a mechanic and work 10 hour days and do side work I all my days off. I just put an offer on a tiny 500 sq/ft house. Asking price was 350k and some contractor bought it for 400k to tear it down and build a bigger house that will probably sell for 700k. They say in MA as a single person you need to make 120k a year to cover basic needs. I make close to that and no debt so I’m in pretty good shape but I can’t be bidding 50-100k over asking on houses. If you’re bored look up houses for sale around Norwood, Ma. You’ll be disgusted with what these houses are going for.
Awesome! Way to go! Be careful who you choose for relationships, they can really set you back. Recommend pre-nuptial agreement. I have seen firsthand how the wrong people in your life can trip you up - my sister is living it now.
My husband and I are on our way to become middle class millionaires as a carpenter and a flight attendant. No debt and no mortgage in our Forties. I just put 9 K in our savings account today 🎉
Financial advisor here for 25 years- you nailed it Austin. Most successful clients I see do all of that. You would never know how wealthy your "average" looking neighbors are!
Yes. They learn about money, they trust what they’ve learned, and they are patient. They also don’t listen to or are pressured by the people who are bad with money… those people seem to love giving advice.
Yes! That is me...I have been working for 38+ years...saved, totally debt free..mortgage paid off last year..have scaled back to part time this year...and if I can figure out how pay for health Insurance I would retire at age 58! I like being the silent millionaire because it makes life easier for me when people look at me who wouldn't think it. I dress nicely classic pieces in neutral colors, my car 2009 I brought with money saved, not brand new, 1 yr old with low mileage, 15 yrs later I still drive it at it just has 45k miles..2 bedroom condo paid off..I purchase things I need with an occasional splurge here and there...but what I like most is that I can give back to organizations that are helping others in need and giving to my local church who are helping people in my community!
Congratulations to prioritise your finances and freedom. I started when I 30 years and was extremely consistent and committed. 6 years have passed and I'm very well financially, no more worries, nightmares and fear of being laid off. Just been consistent and do whatever you can to be financially free.
@@TheCelmap thank you! Im always scared of being laid off and I have always been sceptical on my own ability to save money. But turn out, I just need to tweak my attitude towards money and be more mindful of my spending, then saving money is possible. Wish me luck 🥰
So very true. My husband and I are definitely middle class millionaires and have done all the things you list. Almost every time my husband goes to a car dealership he is ignored, yet able to pay cash for any vehicle on the lot. In reality, we have always bought preowned cars as the depreciation on new vehicles is ridiculous. Our broker always says we live below our means but we have three houses that are paid for, have paid for the education of our children, travelled extensively, and contributed to numerous charities. We also do our own repairs and yard work. One thing I would add to the list is to take care of your health. Exercise, eat healthy food in moderation, and keep up with annual check ups. 😊
@@lizardhunt96 I grew up in a blue collar immigrant family. My parents and siblings worked our butts off. Put ourselves through school. Lived in roach infested bachelor suite and saved every penny. Never took vacations until we could afford it. Shopped second hand everything. My husband grew up under the poverty line. We learned how to fix cars, clothes, electricity, plumbing, etc. no trust fund in sight. Worked hard to fix up a house, pay off the mortgage, then made money on the sale enough to finance two houses. One we rented. When the mortgages were paid off, we added two more. This has taken thirty five years.
@@audreyandrea460 that is the percentage who inherited 1M or over. A big chunk of people who ended up millionaires received money for college, money for a down payment, as well as their parent's nest egg. Not too many millionaires start with nothing.
We did it on one Firefighter salary raising twins! Being modest allowed us to cash flow the twins college and pay off the mortgage prior to retirement. It can be done but must plan and live below your means.
I am 45, no debts, owning my house and 2 apartments to give into rent in the future. I live a stable life and save 2/3 of my income easily. But this is because I heard about financial stability about 10-12 years ago and did proper steps. So these videos are important
I'd argue that #10 is one of the most important habits in your list. Being content with what you have is so critical and prevents unnecessary spending. Like Vicki Robin says in her book "Your Money or Your Life", know when you have "enough".
Yes yes to this!! I’m still driving my 2002 Toyota Sequoia that I paid cash for in 2004 with 82,000 miles on it. Today it has 274,000 miles on it and still runs like a champ. If you take great care of your Toyotas/Hondas they will go the distance for you. In the 20 years we have owned the car we have saved SO much money. Cars really can kill a budget. We could have afforded to purchase new cars and have car payments but the money we have saved and the peace of mind that comes with it pays far greater dividends. Cheers!
I dont have money at 55. Just a lot of memories traveling around the world. 65 countries already. I will retire in Latin America, where I can live very well with $1500 a month.
I hate to say it but both of my siblings were wiped out financially by relationship breakups in their late 40s/early 50s and never really recovered , property settlement and being saddled with someone else’s huge credit card debts. It was tragic really. I remained single and despite only ever having one income into my household I’m in a much better position financially. I’m so grateful someone hasn’t run off with what I have built over a lifetime
It depends on what is more important to you: money or relationships. If you live your life whole life alone because you are afraid you will get burned in a relationship, that’s pretty tragic.
Yes, middle age divorce is such a terrible hit. In retrospect, I think marriage is a terrible idea. I ended up stuck with a freeloader, who refused to work. The law says that all of my hard earned net worth was joint property. The law should change.
@@SpicyMelange my husband and I were dirt broke when we got together and over our thirty five years together we accumulated quite a nice sum. I understand that many marriages don’t work out. The divorce statistics prove that. I guess we were lucky. We also come from families where the parents never divorced and neither have our siblings. I realize we are very lucky.
I and my wife retired years ago and now we are in our early 70's, everything is paid for and we don't worry about money! What we did is pretty simple, we invested 10% of what we made, we never went through a divorce or bought a boat, I drive a 2008 Ram truck and my wife drives a 2018 Toyota. I and my wife never made tons of money but we always invested money every month!
I smiled while watching the entire video because I follow every tip and strategy that you mention in the video. You are 100% correct. I'm pretty well off and have been fortunate enough to work for the same company for 35 years. However, I don't make a big salary at all but I live within my means and stay out of debt! In my opinion, the most important thing you can do to be financially independent is NO DEBT!!
Frugality lets you maintain a balance where only your priorities come first , leading you to a secure financial future. I am avoiding debt , saving and investing around 40 percent of my income. I have a high paying engineering job, and I live upstate MN. since covid my expenses became extremely low. I have zero debt on a 7 figure portfolio, low rent and car paid off. So i can just save. feel lucky and grateful my fiduciary came into play.
I realized that the secret to making a million is saving for a better investment.. I always tell myself you don’t need that new hermes bag or that vacation in Hawaii just yet and that mindset helps me make more money investing.
I agree that a lot of people don’t have to own a home as an investment (after paying property taxes, lawn care, etc). Just pay rent and let the landlord take care of the rest.❤
I totally agree with everything you’re saying. My husband and I were given a book called “The Wealthy 💈 Barber” when we got married and took compound interest to heart. The only way to have compound interest in a young 20’s married budget is to have margin. Being content in frugality by always remembering our whys-“ being able to have me stay home with kids and financial peace” was the key. We wanted to have a goal to head towards something instead of focus on not spending. Today we are almost finished with sending our kids through college debt free and continue to focus on that margin in our budget rather than consumption. I heard once, “Wealth is the money you do not spend.”
OMG! I checked off every box! I was a school teacher, and my salary was extremely modest. But, I got to retire at the age of 61 because I was able to build my nest eggs by having led a modest lifestyle. I was lucky because I stumbled upon a book on finance after completing my grad school in liberal arts. The book taught me the virtue of setting aside at least $100 per month for investment. I began investing at the age of 28. After 30+ years, my nest egg exceeded $2 mil.
Retired at 57. Invested with my employer and took advantage of matching and tax deferred contributions all as best I could (and yes, some squandering here and there) with patients, but in the end it helped fill the gap until 65. Smartest thing I ever did
My motivation for living a simple, maybe frugal lifestyle and accumulating a degree of wealth, is none other than to achieve freedom from work and financial stress when I reach my mid 50’s and through my retirement years. Never having to worry about a utility bill, never having to consider putting food items back on the shelf or buying cheaper meat on the basis of price, I don’t have to get concerned when filling my car with fuel. My goal is to live a comfortable life the way I want to live it, with finance being the least of my worries.
I think contentment is THE number thing to being wealthy. People feel that they must to go on vacations and buy a lot of stuff. For me it’s more about creating an environment that I can live in without changing a thing for a long time. I don’t have to go to bars every weekend. I don’t need to see all the movies. I’m happy with being where I choose to be and living in minimalism. My next adventure will be when I convert to over-landing. I’m so excited about my next life as an adventurer.
@Ingsta6603 I had a colleague who worked so many hours just to afford to rent a big apartment that she never saw, because she worked so much 🙈 I rather have less fixed costs and a frugal life than lots of things and luxuries and work more
Augustin, here's an idea for a video that your older followers might benefit from: we spend all our lives growing wealth. At what point, what age, is it safe to begin to draw upon it and how much should we spend in order to enjoy the twilight years? Why leave hundreds of thousands of our hard earned dollars to inheritance for our children? That's what is happening with folks I know. Why work hard to earn and invest all our lives only to leave it to our heirs when we die?
Totally agree. And it’s been shown that the vast majority of children who inherit a large sum of money, blow it. If you didn’t have the skill and discipline to earn that wealth, you won’t have the skill and discipline to keep it. Leave something for each of your kids, a nice chunk of money. But you are entitled to enjoy and spend all that hard earned money that you worked so hard for.
@@TylerG7777: I read somewhere (I'm looking for the article again) that some 70%-72% of all people who inherit or win (lottery) large somes of money ($10-M or more) WILL blow it within 10 years. And the younger they are (under 40), the FASTER they will blow it; very likely within 5 years.
The best thing you can give your children are good education and saving habits. If you can afford it, give them money for down payment of their first home. If not give them a place to stay after they graduate from college so that they can save money for down payment of their first home .
Good list. I'm 59 and mostly agree with it except the "managing it yourself". While you can begin the process and grow your wealth from your 20's into your 50's on your own, I think when you get to your 50's plus and reach millionaire status, having a financial advisor is critical. We hired one about two years ago and while we don't always agree with them, they provide advice that's invaluable. My advice, continue to have control, but hiring an expert can save you from making six-figure mistakes.
Highly recommend reading “The Simple Path to Wealth.” I manage our funds now and we have done much better. Unless you are with a fiduciary or fee only advisor the chances are you are with a salesperson who calls themselves a financial advisor. If they are a CFP that is great. *We became millionaires after firing our financial advisor. The fees will eat up your money.
Same here. Put a good team around yourself of a financial advisor you trust, an estate planning attorney to help get all your critical docs in place, and maybe a CPA now and then. But you’re the ultimate boss.
I thought the same thing too. One million scared me. Wife said well we got to 1m without one why not 2m? Setting a few below 3m now and we still do it on our own.
So true:)! My husband and I, living frugal and within our means, are on the path to 1.8 million net worth at our mid 30s. We saved a lot when we could spend $$$, and after 10 years of dedication, we are close to our financial freedom! Live below our means, keep save and invest.
I think this is true. My wife, of 53 years, and I fall into this group. But I think you have to include luck. Neither us nor the kids were ever really sick, the house was never flooded or caught fire, the cars were never stolen (in part because they were old) and although I've been both fired and laid off, I've always been able to get another job quickly. But you are correct about the frugal living. One little example is I don't pay a barber, my wife has always cut my hair. I have no idea what that amounts to but it must be more than pocket change.
I haven't set foot in a salon in years. I cut my own hair and I don't color it. I do my own nails, too. I also cut my husband's hair and have cut my kids' hair for many years - just did the college kid's hair before he went back to school last week. You can learn anything online. I estimate we have saved $1,000s over the years by not going to barbers and salons.
I consign, donate or give away. I accept what items sell for and don’t allow myself to obsess that something should have sold for more. Practicing contentment. This is a two-for-one: decluttering AND selling the clutter. Double contentment!
At 62, I am in the millionaire category.. here’s something I learned early on from Warren buffet. Don’t buy stocks thinking you’re going to hit it big.. buy stocks you truly believe in holding for long time.. and as he says, don’t care what the current price is… I made this mistake yrs ago, when I sold my apple stock.. I bought it for $11/share, and sold at $58/share.. yes, I made a big profit but if I had practiced WB philosophy, I would be a multi millionaire today..
There’s another book called the Tightwad Gazette. Twenty years ago, the author fed her family of eight on a budget of $175 a month. She changed my life.
One important way I became a middle class millionaire is by NOT owning a car. If possible, fined a home within walking distance of your work, school, shopping. You'll be wealthier AND healthier.
All the points are valid. Three significant twists are useful. 1. Make low risk investments. Lower stress and greatly increase odds of accumulating millions. Index funds, GICs and bonds are all you really need along with appreciating real estate. 2. Also work on income. It gets a lot easier to save if you earn far more than you need to live. Just live well below your means. The stuff that does not cost a lot is far more satisfying. 3. Also accumulate experiences over stuff. Don't wait until retirement to see the world or knock off that bucket list.
This guy is spot on!.........I used his 10 habits for 30 years and retired at 50 yrs old........no this method will not work if you don't want to get out of moms basement!
El Agustín: I have a 1994 Honda Accord that I purchased IN ¢A$H. It was modest mileage on the odometer then, and is now considered quite low in mileage. I don't drive that much. Good on gas. My regulalr mechanic always tells me when I go in for my annual maintence, "Do NOT get rid of this car yet." Mileage is now only 154,000±. Low auto insurance. $aves me lot$ and lot$. Much more, but THAT for now. Take care, El-Ag. (Fan from San Francisco, California.) *!!~
It's way more fun building wealth than spending it. Mid 50's now and reached our number. We are beginning to splurge but those splurges have been planned for and worked towards for decades. No impulse buys here and everything paid for in cash.
52 years old. Paid off house at 49. Just crossed 1M in retirement investments. I never considered “Net Worth” my house is probably worth around $600k . I didn’t want to consider myself a millionaire until I was there with actual dollar value. House worth doesn’t do much good if you dont plan on selling. But net worth wise I was probably a millionaire 5-8 years ago. Small plumbing business for 2o years. Now I’m an inspector for a municipality. Never made big money averaged 100-150/ year for house hold. Wife stayed home with the kids . Had to pay our own health insurance and retirement. Put away around 1,500/ month in IRA’s. Still doing the same every month. Not many vacations, nice used cars, had some payments, btu always paid them down quickly. Always paid more on my mortgage . Paid my 30 year mortgage in 15 years.
I did this. Never bought a new car, never carried student loans beyond a few years, always maxed 401k, took jobs that others saw as below them, bought a house that did not exceed 5 times my annual salary. It's easier to save than to earn.
A few things I have learned over 6 decades: 1. No matter what you think you see, most people (and I mean most) are actually worth 95% less than they visually portray. That’s an important one because once you understand that, you might be less inclined to keep wasting money on trying to keep up with that visual. 2. Keep it quiet. Live your life and look like you are worth 50% less than you really have. Let the hundreds of millions of people you see either in person or on social media keep pretending they have money (when fact they don’t) while you just go about your business quietly building real net worth. 3. Most importantly- you only live once. So yes while wealth building takes time and spending restraint, do spend money on events or occasions that you know will create great experiences in your life and more importantly cherished memories will have long lasting meaning over the years. That’s the true balance of investing for your future yet enjoying your overall life.
My wife and I are middle-class millionaires. Because of our lifestyle the house we live in and the car we drive a lot of people probably think that we are a retired couple on a small fixed income.
You can't enjoy life without spending some of it either. There has to be some enjoyment along the way. Your concern shouldn't be to get Rich, it should be to save so that you can pay your bills, have saving for repairs, replacements, Emergency expenses, vacations, and retirement. I just don't want to go to bed at night worried about how I'm going to pay for this or that. I could care less about STATUS. I prefer Peace of mind.
@CadillacGregg309 I get it. My dad was raised during the Great Depression so his views were shaped by that. He didn't object to wearing underwear and socks with holes in them so that he could do the things you speak of. He also paid off a house in 22 years, paid cash for new vehicles, and left an inheritance for me. He enjoyed life knowing he could do those things because he didn't grow up that way.
I am 68 years old and can absolutely say that your list of items is completely accurate. I did exactly what you . We are retired now in our 60s and worth over $2 million. We have not needed to change our lifestyle at all. In fact, we travel more and do more now. Remind people to stay healthy.
We are called financially frugal by my advisor I was a mechanic my wife a professional and we never paid a interest payment on a credit card our whole life . At 66 we have a house in south west Florida, house in phila suburbs, and take home 109k a year in SS and pension payments. Have well over 2 million in retirement accounts, own new cars outright Never considered myself a millionaire
I have a 2014 Hyundai Santa Fe I paid off in 2 years. I bought it in 2015. My next car is being saved for. It, too, will be second hand. I put $100 weekly in Ally, a high interest savings account. Our groceries rarely include meat. My husband hunts and fishes for that. We are minimalists and live well with no debt.
Here’s a tip, if you’re buying your first home (condo, traditional home), buy BIGGER! Why? I moved in 2 friends into my home with me (each had their own bedroom, bathroom, no sharing) who paid me CASH RENT for the first 5 years I owned my townhome. I SAVED their cash rent ($700 each, $1,400 a month….this was the early 2000’s) to put 20% down (No PMI) on a SECOND place 5 years later. When I bought the 2nd place, I moved them in there. Then I moved in another friend (just 1) into my primary home, and used their rent (increased to $850 a month) to PAY DOWN my primary home (additional Principal). My primary home was PAID OFF in 12 years…….not 30.
One of the best ways I have learned to practice contentment is through generosity. By utilizing time and/or money, it helps me further appreciate the simple things I have leading to a less need to spend foolishly.
Wow! This is hilariously accurate! I'm 61, have a net worth of $1.7 million and drive a 2009 Honda Civic that I bought new in 2010. That car has 294,000 miles on it and probably would have another 100,000 miles on it if weren't for COVID, as I've worked from home since March of 2020. Would I LIKE a modern, fancy car? Probably, but not as much as I like not having made a car payment in 10 years.
This guy really made my day im not a entrepreneur but i do live on a good paying job that my rent is still cheap and i built a three story house in foreign country with the rent im receiving i bought a house and have alot of land that i built Adu home now rent two homes going on building another home my equity has went up i didn't realize how much im gaining and savings i though entrepreneur only get rich now i know my passive income from work has made it possible thanks you for your video's now i will stay more focus on buying more property to rent by property management section 8 thank you.
Been watching your videos for almost a year now. Thank you for making videos as constant reminder for living frugal. Sending fist bump from the Philippines 🇵🇭
Thanks for watching so long. It's so crazy that I've been doing this for so long. I'm at the point where I've seen many people come and go and Wednesday will be my 2 year anniversary of quitting my job to do TH-cam full time! It's been quite the journey!
Absolutely true. I retired at 48 and my husband retired at 60. Nobody would believe how much money we have, and I like it that way. We give a lot to charity anonymously as well.
Got to use my alt for this lol. Pretty accurate video. I have no debt, paid off modest 3bd room house, $2m+ investments, $100k high yield savings, $30k in checking, 2.5 bitcoins, and about 20oz of gold. I drive a 5yr old RAV4 that I bought new with a check for the full amount. Maybe three people total know how much money I have. I do let myself splurge a little now that I have over $2m like buying a nice watch...sub $10k, so not like an AP or Patek, more like Omega or Grand Seiko.
Is it similar to the study of Jewish communities in NY who keep their money within the community for buying and selling and enriching themselves and their neighbors?
I gave up all car payments about 10 years ago and pay cash for cars. This means less expensive cars that make me look more poor to others. I probably have one of the least updated looking houses on the block too that is almost paid off fully. I know this guy is right because I'm a millionaire as described. This years trip to Cancun was amazing BTW. I brought the whole family. But you will feel sorry for me seeing me in in my 10 year old vehicle perhaps. I'm 53
Im a middle class millionaire i drive a 2015 honda touring and im gonna upgrade to a 2015 honda pilot touring i need the 3rd row and nobody knows im a millionaire and making generational wealth 😂😂
100% true. I have not had a car payment since 1986. Bought a small farm with cash. And funded traditional and roth to the max. Pay yourself first and didn't job jump sideways.
Great video. I’m retired, and I have a 2 million dollar net worth, most of it in savings and investments. My hubby and I never made tons of money over our lifetimes, but we were super frugal. We stayed out of debt, drove economy cars that were paid for, (I drive a 25 year old Corolla, but it’s in great shape, lol) and we paid off our mortgage early. I never felt deprived, we have a nice home, and now we travel a lot. But we are very creative in the way we spend our money and do things for much less than quite a few people. No one knows that I have any wealth, they just see me as the typical middle class person, but yeah, I’m one of those middle class millionaires. 😁
It took me 7-8 years from hitting rock bottom to unimaginable success and financial freedom when I discovered myself and self development. Stay Uncommon!
I have only bought on new car in my life, a marked down base model econo model for cash. Otherwise I buy very cheap old cars but I have a very good workshop to make them into good cars. I built an econo house that is perfect for my needs for minimum cost and maintenance. I have never had to touch my investments.
Excellent. And pick your lane and stick with it. You can't have everything in life. Decide what's important to you and go for it!. Car, house, fashion items, not important to me. Travelling the world 🌎 is everything. I made my decisions accordingly. Stable professional services job with great leave possibilities, small modest apartment on main public transport route therefore no car needed. Seek out fab vintage fashion shops and learn how to up style, learn to cook well, shop at Aldi, invite friends over etc. The sooner you pick a lane and focus, the sooner you can track towards goals. 😊
I call it my decade of sacrifice. Working class millionaire is possible. You describe the millionaire next door. Be that millionaire. Wear a good Seiko watch, not a Rolex, drive a used Toyota or Mazda, not a problem filled repair hog BMW or Mercedes-Benz; you get the picture. I eschew debt. Gesundheit! Moi, I drive a 19 year old Scion, live in a modest place and wear my Orient triton watch. Why Orient, high Japanese quality and the best bang for the buck. It's Seiko's baby brother. I save for what I want. I set quarterly financial goals. I have not eaten out for two months, now. I keep a HSA, IRA and brokerage accounts. I keep two emergency funds, my general one, and a home improvements fund, the latter invested in conservative mutual funds. The former is a high interest savings account. I just tapped the home fund for a new roof. I try to create more than one safety net. But, my financial life is a blend of defence and offense.
Seiko’s Spring Drive movement is equivalent to Toyota’s hybrid engines 👌 can’t beat it! Are there any investments outside of tech that you contribute to?
Cars a the big killer for most people. I've always bought used and paid cash. Today I drive a Cadillac but its used and I paid cash (they depreciate quickly). I see young people I work with spend 60k on a new car, the problem with that is you end up with car payments for life which means you never have money to save.
As a middle class millionaire, I didn’t just become frugal. I’m simply used to living frugal all my life. This is habitual. While I skimp on luxury, I do reward my self from time to time. The difference is that I make sure I can afford to pay for my desires with cash as the “what can you afford as monthly payment” is simply not my thing.
Great video, should be required viewing in high schools. I worry about the current younger generations because they don't seem to understand what making good financial decisions are, nor do they seem to know what contentment means because they are always chasing after the latest and greatest thing to come out, whether it be fashion, a new phone, car, etc. They have their wants/needs all confused.
Very good points. We are in our 60's and this worked! I will add that a person does not have to sacrifice everything. We set our savings amount (20% with company match) and then anything over we spent on vacations etc. The fun money was utilized AFTER the savings was met.
I give you credit for promoting the TIME and CONSISTENCY mantra. Not what I assume your main, young audience wants to hear. It's a boring slog. But it has worked for me in my early 60's.
Good video, however. I don’t buy modest poor looking cloths or have a poor looking care, I just buy cloths from online stores that look designer but don’t have the expensive designer tag, you can still look good for cheap. Life is too short to completely cheap out on everything or not feel good and look good. But agree on your ideas over all
Made lots of mistakes but got a better job after a layoff and after hubbys knee blew out we had to redraw plans. We invest first, have a Roth, HYSA and accounts with Schwab. We are on target and such a relief
No boat, no plane, no flash car, no mistress, no divorce, spouse with moderate habits, comfortable but not ostentatious or expensive to maintain house, pay off mortgage asap, steady well-paying 9 to 5 job with regular promotions over decades, contain downside risk with investments, keep lifestyle within bounds = millionaire at 50, retire at 60, many times a millionaire at 70 and beyond.
This video is a nearly perfect road map for “average” people to become millionaires and even multi-millionaires (ex. $2m - $5m)…the only modification I would offer is to work 8-6 instead of 9-5. With that extra 2 hours of quiet time at work you can produce more and better work results. This can often lead to promotions which can double or triple your pay scale vs your peers. Then, in keeping with this video’s suggestions, maintain your original modest lifestyle and bank the extra money. By your mid-40s you will see the strong foundation fully built. By your mid 50s you will be wealthy by most peoples’ standards. By your early 60s you will be able to retire anytime YOU FEEL LIKE IT. You will be set for life…and it will be a good one. Just live healthy along the entire way.
Buying an affordable dependable car that you love is my advice. I drive a 2008 Toyota Solara that I wouldnt part with for all the tea in China. I will be driving it until it falls to pieces bc I love it and its incredibly good quality and reliable.
You don't have to look poor to become a millionaire. Just be frugal, be smart with your money and don't be a jerk.
I agree. I do not want to look poor. Lol. Looking good, decent and especially well groomed is my style.
Looking poor is a tool to weed out the undersirables.
I look nice and well dressed, it does not have to cost a lots of money. You get more respect from mere mortals. Take a cue from Euro's they are fit and dress well. No sloppy pajamas to hide the extra lbs.
@@piamaheras4566 Today as I conducted business around town, I wore a dark $4.99 Walmart Tshirt to hide the extra lbs, and a $9 pair of shorts from the Cabelas clearance rack. I'm not sure if that "gets more respect from mere mortals" or not? I've found that I generally do fine if I treat others with dignity and respect, regardless of what I'm wearing. I only go into my angry ex-Army officer bark on rare occasions. And on the rare occasion when that doesn't work, I flex my decamillionaire status with my version of the Pretty Woman "big mistake" routine.
I agree, buying quality classic clothes in classic colours will ensure you always look well polished not poor.
I am 67 years old and a middle class millionaire - this video is 100% correct - these steps worked for me and they can work for others too!
Spot on.
I’m 63 and agree 100%.
The hard part of becoming a middle class millionaire for us young people is that most of us cannot afford a house. Or if you have one the mortgage payment is taking so much of your income. My 65 year old parents bought a house for 110k in 1989, paid it off in 2000 and just sold it for 750k. This goes for pretty much all my older family members as well. I’m not saying they didn’t work their asses off but it definitely helped buying a house when it was affordable.
@ I’m not making light of things at all as I know it’s tough but my first house was a 2br 1 bath, 710’ that I picked up by assuming an FHA loan at 11% interest. I was in my 30’s before my first nice place and that was a major sweat equity deal. I know interest rates are hitting people hard but back in the 70’s they were way higher. When I graduated college in 83, we were in a bit of a recession and entry level jobs were scarce and my first one paid $15,666.38 and my company announced a wage freeze two weeks after I started. I had painted houses to make my money in college and had to keep painting houses on weekends to keep my bills paid. I’m not saying times were harder back then but I remember struggling and having to borrow money against my car a few times to keep the lights on.
@@curtcoltharp3719 I agree 100% with you. It’s never been easy but right now where I live in MA it’s almost impossible for me to purchase a home with one income. I’m a mechanic and work 10 hour days and do side work I all my days off. I just put an offer on a tiny 500 sq/ft house. Asking price was 350k and some contractor bought it for 400k to tear it down and build a bigger house that will probably sell for 700k. They say in MA as a single person you need to make 120k a year to cover basic needs. I make close to that and no debt so I’m in pretty good shape but I can’t be bidding 50-100k over asking on houses. If you’re bored look up houses for sale around
Norwood, Ma. You’ll be disgusted with what these houses are going for.
I feel a great satisfaction in having achieved millionaire status as a single woman.
can I get those digits?
@@chrislovell7448, I'm not sure what you mean. I am 55 and worth $2.5m. Frugality is my middle name!
yes. Just get divorced with a rich man
Awesome! Way to go! Be careful who you choose for relationships, they can really set you back. Recommend pre-nuptial agreement. I have seen firsthand how the wrong people in your life can trip you up - my sister is living it now.
My husband and I are on our way to become middle class millionaires as a carpenter and a flight attendant. No debt and no mortgage in our Forties. I just put 9 K in our savings account today 🎉
You rock!!!
Poor poor baby,stop bragging!
HARD WORK With TEAM WORK.
@@asavannah7439 so what are your intentions though? I retired at 44 ... what is the plan and what is the idea behind all the savings?
Congratulations on your success!
I started this 20 years ago. This dude is spot on. Live way under your means. It works
Financial advisor here for 25 years- you nailed it Austin. Most successful clients I see do all of that. You would never know how wealthy your "average" looking neighbors are!
Yes. They learn about money, they trust what they’ve learned, and they are patient. They also don’t listen to or are pressured by the people who are bad with money… those people seem to love giving advice.
Yes! That is me...I have been working for 38+ years...saved, totally debt free..mortgage paid off last year..have scaled back to part time this year...and if I can figure out how pay for health Insurance I would retire at age 58! I like being the silent millionaire because it makes life easier for me when people look at me who wouldn't think it. I dress nicely classic pieces in neutral colors, my car 2009 I brought with money saved, not brand new, 1 yr old with low mileage, 15 yrs later I still drive it at it just has 45k miles..2 bedroom condo paid off..I purchase things I need with an occasional splurge here and there...but what I like most is that I can give back to organizations that are helping others in need and giving to my local church who are helping people in my community!
@@snow40741 I live under a bridge and no one would know I have 50 million.
I'm 47 retired at 43. I think I'm guilty of this...
@@rqn1998 I retired at 48. I should have retired earlier.
This video is spot-on. I became a millionaire at 40 by following the exact same rules/habits. I am retiring in 5 years at 49 and never going back.
I am now 32yo and just starting my journey to financial freedom❤ there are a lot to unpack. Wish me luck
Congratulations to prioritise your finances and freedom. I started when I 30 years and was extremely consistent and committed. 6 years have passed and I'm very well financially, no more worries, nightmares and fear of being laid off. Just been consistent and do whatever you can to be financially free.
@@TheCelmap thank you! Im always scared of being laid off and I have always been sceptical on my own ability to save money. But turn out, I just need to tweak my attitude towards money and be more mindful of my spending, then saving money is possible. Wish me luck 🥰
Congrats on starting. Good luck on your journey to financial freedom 🎊
Hey, me too, good luck!
Starting my journey too!!
So very true. My husband and I are definitely middle class millionaires and have done all the things you list. Almost every time my husband goes to a car dealership he is ignored, yet able to pay cash for any vehicle on the lot. In reality, we have always bought preowned cars as the depreciation on new vehicles is ridiculous. Our broker always says we live below our means but we have three houses that are paid for, have paid for the education of our children, travelled extensively, and contributed to numerous charities. We also do our own repairs and yard work. One thing I would add to the list is to take care of your health. Exercise, eat healthy food in moderation, and keep up with annual check ups. 😊
You must both be professionals or trust fund babies.
@@lizardhunt96 I grew up in a blue collar immigrant family. My parents and siblings worked our butts off. Put ourselves through school. Lived in roach infested bachelor suite and saved every penny. Never took vacations until we could afford it. Shopped second hand everything. My husband grew up under the poverty line. We learned how to fix cars, clothes, electricity, plumbing, etc. no trust fund in sight. Worked hard to fix up a house, pay off the mortgage, then made money on the sale enough to finance two houses. One we rented. When the mortgages were paid off, we added two more. This has taken thirty five years.
Well done! You must be super proud of your achievements. Congratulations!
@@stuffevento and exhausted. 😂
there is a third way, inheritance. Agree with all these, I would add bring your lunch to work and make most of your meals at home as well.
Yep drink and snack these days at work 10 to 12 bucks lol
Or don't eat at all.
If you listen to Dave Ramsey it’s a very small percentage of people that become millionaires via this route.
@@Ingsta6603 exactly - he says something 3%
@@audreyandrea460 that is the percentage who inherited 1M or over. A big chunk of people who ended up millionaires received money for college, money for a down payment, as well as their parent's nest egg. Not too many millionaires start with nothing.
We did it on one Firefighter salary raising twins! Being modest allowed us to cash flow the twins college and pay off the mortgage prior to retirement. It can be done but must plan and live below your means.
I am 45, no debts, owning my house and 2 apartments to give into rent in the future. I live a stable life and save 2/3 of my income easily.
But this is because I heard about financial stability about 10-12 years ago and did proper steps.
So these videos are important
I'd argue that #10 is one of the most important habits in your list. Being content with what you have is so critical and prevents unnecessary spending. Like Vicki Robin says in her book "Your Money or Your Life", know when you have "enough".
2005 Lexus RX 330, 182k miles. Bought it when it was 8 years old w/ 88k miles. if you take care of things, they’ll take care of you!
Sometimes with cars, haha. A never ending stream of problems!
Yep my last vehicle was a 2000 Tacoma made well over 500k miles. I now drive a 2012 Highlander
@@ElAgustin it depends the car you pick. BMW and Audi’s horrible to maintain in USA. Honda, Toyota, A+++++
Yes yes to this!! I’m still driving my 2002 Toyota Sequoia that I paid cash for in 2004 with 82,000 miles on it. Today it has 274,000 miles on it and still runs like a champ. If you take great care of your Toyotas/Hondas they will go the distance for you. In the 20 years we have owned the car we have saved SO much money. Cars really can kill a budget. We could have afforded to purchase new cars and have car payments but the money we have saved and the peace of mind that comes with it pays far greater dividends. Cheers!
2007 Lexus IS250 130k miles bought used with 30k miles 2 yrs old. Still going strong!
Paying my self first has changed my life!!!
Definitely, that’s a must, always pay yourself FIRST.💯
What does this mean? As in, if you don't earn enough, your staff don't get paid?
@@jacknakamori3280 No🤦🏾, it means always keep a portion of your paycheck for YOURSELF, instead of spending it all, hence *pay yourself first.
Totally
I dont have money at 55. Just a lot of memories traveling around the world. 65 countries already. I will retire in Latin America, where I can live very well with $1500 a month.
Nice am looking at retirement in Latin America also
Was it worth it?
Nice choice
Too bad.
A life well lived.
I hate to say it but both of my siblings were wiped out financially by relationship breakups in their late 40s/early 50s and never really recovered , property settlement and being saddled with someone else’s huge credit card debts. It was tragic really. I remained single and despite only ever having one income into my household I’m in a much better position financially. I’m so grateful someone hasn’t run off with what I have built over a lifetime
James Sexton did an interview on Soft White Underbelly. He talks about marriage being the worst financial decision we make. A prenup is a good idea.
It depends on what is more important to you: money or relationships. If you live your life whole life alone because you are afraid you will get burned in a relationship, that’s pretty tragic.
Yes, middle age divorce is such a terrible hit. In retrospect, I think marriage is a terrible idea. I ended up stuck with a freeloader, who refused to work. The law says that all of my hard earned net worth was joint property. The law should change.
This is why prenups exist. You can still be married and not risk losing in the financial department.
@@SpicyMelange my husband and I were dirt broke when we got together and over our thirty five years together we accumulated quite a nice sum. I understand that many marriages don’t work out. The divorce statistics prove that. I guess we were lucky. We also come from families where the parents never divorced and neither have our siblings. I realize we are very lucky.
I and my wife retired years ago and now we are in our early 70's, everything is paid for and we don't worry about money! What we did is pretty simple, we invested 10% of what we made, we never went through a divorce or bought a boat, I drive a 2008 Ram truck and my wife drives a 2018 Toyota. I and my wife never made tons of money but we always invested money every month!
I smiled while watching the entire video because I follow every tip and strategy that you mention in the video. You are 100% correct. I'm pretty well off and have been fortunate enough to work for the same company for 35 years. However, I don't make a big salary at all but I live within my means and stay out of debt! In my opinion, the most important thing you can do to be financially independent is NO DEBT!!
Frugality lets you maintain a balance where only your priorities come first , leading you to a secure financial future. I am avoiding debt , saving and investing around 40 percent of my income. I have a high paying engineering job, and I live upstate MN. since covid my expenses became extremely low. I have zero debt on a 7 figure portfolio, low rent and car paid off. So i can just save. feel lucky and grateful my fiduciary came into play.
I realized that the secret to making a million is saving for a better investment.. I always tell myself you don’t need that new hermes bag or that vacation in Hawaii just yet and that mindset helps me make more money investing.
please can i get your consultants info? or should i drop mine for a dm ?
@@KirbyIneson she's Dianne Sarah Olson by name. please do your own research to see if she is suitable with your goals.
@@calerothenis did a quick search and found her webpage. I must say her resume is pretty impressive.. will be writing her too
I agree that a lot of people don’t have to own a home as an investment (after paying property taxes, lawn care, etc). Just pay rent and let the landlord take care of the rest.❤
Good advice!! I was taught this at a young age by my old man and now, as an old man myself, I have become what you call the middle class millionaire.
Money talks, wealth whisper’s.
Get a Toyota or Honda if you want the luxurious version get a Lexus or Acura
Slow and steady is the rule. Excellent video!
yes, focus!
I totally agree with everything you’re saying. My husband and I were given a book called “The Wealthy 💈 Barber” when we got married and took compound interest to heart. The only way to have compound interest in a young 20’s married budget is to have margin. Being content in frugality by always remembering our whys-“ being able to have me stay home with kids and financial peace” was the key. We wanted to have a goal to head towards something instead of focus on not spending. Today we are almost finished with sending our kids through college debt free and continue to focus on that margin in our budget rather than consumption. I heard once, “Wealth is the money you do not spend.”
OMG! I checked off every box! I was a school teacher, and my salary was extremely modest. But, I got to retire at the age of 61 because I was able to build my nest eggs by having led a modest lifestyle. I was lucky because I stumbled upon a book on finance after completing my grad school in liberal arts. The book taught me the virtue of setting aside at least $100 per month for investment. I began investing at the age of 28. After 30+ years, my nest egg exceeded $2 mil.
Do you remember the name of the book? Great job in your investing! Very inspirational! 🥰
Retired at 57. Invested with my employer and took advantage of matching and tax deferred contributions all as best I could (and yes, some squandering here and there) with patients, but in the end it helped fill the gap until 65. Smartest thing I ever did
My motivation for living a simple, maybe frugal lifestyle and accumulating a degree of wealth, is none other than to achieve freedom from work and financial stress when I reach my mid 50’s and through my retirement years. Never having to worry about a utility bill, never having to consider putting food items back on the shelf or buying cheaper meat on the basis of price, I don’t have to get concerned when filling my car with fuel.
My goal is to live a comfortable life the way I want to live it, with finance being the least of my worries.
I think contentment is THE number thing to being wealthy. People feel that they must to go on vacations and buy a lot of stuff. For me it’s more about creating an environment that I can live in without changing a thing for a long time. I don’t have to go to bars every weekend. I don’t need to see all the movies. I’m happy with being where I choose to be and living in minimalism. My next adventure will be when I convert to over-landing. I’m so excited about my next life as an adventurer.
It's easier to spend less than it is to work more.
Never heard that one before. Like it.
@Ingsta6603 I had a colleague who worked so many hours just to afford to rent a big apartment that she never saw, because she worked so much 🙈 I rather have less fixed costs and a frugal life than lots of things and luxuries and work more
@@asavannah7439 I couldn’t agree more. Time is more important than possessions, I save every penny I can towards buying my freedom.
I wish I could like this a 1000x
That's a good one. Honestly, 90% of the time, I hated work.
Augustin, here's an idea for a video that your older followers might benefit from: we spend all our lives growing wealth. At what point, what age, is it safe to begin to draw upon it and how much should we spend in order to enjoy the twilight years? Why leave hundreds of thousands of our hard earned dollars to inheritance for our children? That's what is happening with folks I know. Why work hard to earn and invest all our lives only to leave it to our heirs when we die?
Totally agree. And it’s been shown that the vast majority of children who inherit a large sum of money, blow it. If you didn’t have the skill and discipline to earn that wealth, you won’t have the skill and discipline to keep it. Leave something for each of your kids, a nice chunk of money. But you are entitled to enjoy and spend all that hard earned money that you worked so hard for.
@@TylerG7777: I read somewhere (I'm looking for the article again) that some 70%-72% of
all people who inherit or win (lottery) large somes of money ($10-M or more) WILL blow
it within 10 years. And the younger they are (under 40), the FASTER they will blow it; very
likely within 5 years.
You have to know what your number is… then you can transition from saver to spender
@@SouLoveRealgoodness, that’s a depressing set of statistics 🤦🏼♀️
The best thing you can give your children are good education and saving habits. If you can afford it, give them money for down payment of their first home. If not give them a place to stay after they graduate from college so that they can save money for down payment of their first home .
Good list. I'm 59 and mostly agree with it except the "managing it yourself". While you can begin the process and grow your wealth from your 20's into your 50's on your own, I think when you get to your 50's plus and reach millionaire status, having a financial advisor is critical. We hired one about two years ago and while we don't always agree with them, they provide advice that's invaluable. My advice, continue to have control, but hiring an expert can save you from making six-figure mistakes.
Highly recommend reading “The Simple Path to Wealth.” I manage our funds now and we have done much better. Unless you are with a fiduciary or fee only advisor the chances are you are with a salesperson who calls themselves a financial advisor. If they are a CFP that is great.
*We became millionaires after firing our financial advisor. The fees will eat up your money.
Yes I learned long ago that I am not good at investing
So I use a professional advisor
Same here. Put a good team around yourself of a financial advisor you trust, an estate planning attorney to help get all your critical docs in place, and maybe a CPA now and then. But you’re the ultimate boss.
I thought the same thing too. One million scared me. Wife said well we got to 1m without one why not 2m? Setting a few below 3m now and we still do it on our own.
Did take us 49 years though.
So true:)! My husband and I, living frugal and within our means, are on the path to 1.8 million net worth at our mid 30s. We saved a lot when we could spend $$$, and after 10 years of dedication, we are close to our financial freedom! Live below our means, keep save and invest.
I have a network of 1.8 million at age 49 still driving my 2007 Toyota Camry stick shift with 200k miles best investment ever.
“That’s how you stay a millionaire.”
- Tyrese Gibson -
I drive a 2006 Camry sportive, nothing ever goes wrong with it
I think this is true. My wife, of 53 years, and I fall into this group. But I think you have to include luck. Neither us nor the kids were ever really sick, the house was never flooded or caught fire, the cars were never stolen (in part because they were old) and although I've been both fired and laid off, I've always been able to get another job quickly. But you are correct about the frugal living. One little example is I don't pay a barber, my wife has always cut my hair. I have no idea what that amounts to but it must be more than pocket change.
I haven't set foot in a salon in years. I cut my own hair and I don't color it. I do my own nails, too. I also cut my husband's hair and have cut my kids' hair for many years - just did the college kid's hair before he went back to school last week. You can learn anything online. I estimate we have saved $1,000s over the years by not going to barbers and salons.
I am age 23 started frugal living and planing to start a business, hopefully in a decade I would be a millionaire.
In our older age now … my new hobby is reselling the stuff we’ve accumulated over the years.
Same! 😂
Where do you re-sell?
@@victory2264 Offer Up
I consign, donate or give away. I accept what items sell for and don’t allow myself to obsess that something should have sold for more. Practicing contentment. This is a two-for-one: decluttering AND selling the clutter. Double contentment!
At 62, I am in the millionaire category.. here’s something I learned early on from Warren buffet. Don’t buy stocks thinking you’re going to hit it big.. buy stocks you truly believe in holding for long time.. and as he says, don’t care what the current price is… I made this mistake yrs ago, when I sold my apple stock.. I bought it for $11/share, and sold at $58/share.. yes, I made a big profit but if I had practiced WB philosophy, I would be a multi millionaire today..
Paying off our mortgage this coming week. We follow the Ramsey Baby Steps. Thanks for sharing this video.
Great advice. There's an old book - "The Millionaire Next Door" that highlights many of these wealth traits.
There’s another book called the Tightwad Gazette. Twenty years ago, the author fed her family of eight on a budget of $175 a month. She changed my life.
One important way I became a middle class millionaire is by NOT owning a car. If possible, fined a home within walking distance of your work, school, shopping. You'll be wealthier AND healthier.
Exactly. Owning a car costs us around $10k a year and if that sum is invested in an index fund, it can become $1M after 22 years.
All the points are valid. Three significant twists are useful.
1. Make low risk investments. Lower stress and greatly increase odds of accumulating millions. Index funds, GICs and bonds are all you really need along with appreciating real estate.
2. Also work on income. It gets a lot easier to save if you earn far more than you need to live. Just live well below your means. The stuff that does not cost a lot is far more satisfying.
3. Also accumulate experiences over stuff. Don't wait until retirement to see the world or knock off that bucket list.
This guy is spot on!.........I used his 10 habits for 30 years and retired at 50 yrs old........no this method will not work if you don't want to get out of moms basement!
El Agustín: I have a 1994 Honda Accord that I purchased IN ¢A$H. It was modest mileage on the
odometer then, and is now considered quite low in mileage. I don't drive that much. Good on gas.
My regulalr mechanic always tells me when I go in for my annual maintence, "Do NOT get rid of this
car yet." Mileage is now only 154,000±. Low auto insurance. $aves me lot$ and lot$. Much more,
but THAT for now. Take care, El-Ag. (Fan from San Francisco, California.) *!!~
I like manu others live in a rural areas and we drive an hr or more one way ti work so cars rack up mileage
Nodding my head and agreeing with every point.....it works folks....it really works..
It's way more fun building wealth than spending it. Mid 50's now and reached our number. We are beginning to splurge but those splurges have been planned for and worked towards for decades. No impulse buys here and everything paid for in cash.
52 years old. Paid off house at 49. Just crossed 1M in retirement investments. I never considered “Net Worth” my house is probably worth around $600k . I didn’t want to consider myself a millionaire until I was there with actual dollar value. House worth doesn’t do much good if you dont plan on selling. But net worth wise I was probably a millionaire 5-8 years ago. Small plumbing business for 2o years. Now I’m an inspector for a municipality. Never made big money averaged 100-150/ year for house hold. Wife stayed home with the kids . Had to pay our own health insurance and retirement. Put away around 1,500/ month in IRA’s. Still doing the same every month. Not many vacations, nice used cars, had some payments, btu always paid them down quickly. Always paid more on my mortgage . Paid my 30 year mortgage in 15 years.
I did this. Never bought a new car, never carried student loans beyond a few years, always maxed 401k, took jobs that others saw as below them, bought a house that did not exceed 5 times my annual salary.
It's easier to save than to earn.
A few things I have learned over 6 decades:
1. No matter what you think you see, most people (and I mean most) are actually worth 95% less than they visually portray. That’s an important one because once you understand that, you might be less inclined to keep wasting money on trying to keep up with that visual.
2. Keep it quiet. Live your life and look like you are worth 50% less than you really have. Let the hundreds of millions of people you see either in person or on social media keep pretending they have money (when fact they don’t) while you just go about your business quietly building real net worth.
3. Most importantly- you only live once. So yes while wealth building takes time and spending restraint, do spend money on events or occasions that you know will create great experiences in your life and more importantly cherished memories will have long lasting meaning over the years.
That’s the true balance of investing for your future yet enjoying your overall life.
I believe this is also called 'stealth wealth'.
My wife and I are middle-class millionaires. Because of our lifestyle the house we live in and the car we drive a lot of people probably think that we are a retired couple on a small fixed income.
As my late father used to say, "You can't get rich spending money."
You can't enjoy life without spending some of it either. There has to be some enjoyment along the way. Your concern shouldn't be to get Rich, it should be to save so that you can pay your bills, have saving for repairs, replacements, Emergency expenses, vacations, and retirement. I just don't want to go to bed at night worried about how I'm going to pay for this or that. I could care less about STATUS. I prefer Peace of mind.
@CadillacGregg309 I get it. My dad was raised during the Great Depression so his views were shaped by that. He didn't object to wearing underwear and socks with holes in them so that he could do the things you speak of. He also paid off a house in 22 years, paid cash for new vehicles, and left an inheritance for me. He enjoyed life knowing he could do those things because he didn't grow up that way.
I am 68 years old and can absolutely say that your list of items is completely accurate. I did exactly what you . We are retired now in our 60s and worth over $2 million. We have not needed to change our lifestyle at all. In fact, we travel more and do more now. Remind people to stay healthy.
Just read the book "The Millionaire Next Door" and use it as your guideline to living debt free.
Great book on this exact topic.
I am 55 and find contentment in modesty….sadly, I spent the first 52 years never being content.
Keep it up man 🎉
You have many years in front of you !
Life's all about the journey!! The longer things take the deeper the appreciation you have for it!
It’s never too late. You’re still young and can pass on your knowledge/experience to your kids.
@@fromnewusa He started to be content at 52.
@@larryjones9773 yes, you're correct my misread.
We are called financially frugal by my advisor
I was a mechanic my wife a professional and we never paid a interest payment on a credit card our whole life . At 66 we have a house in south west Florida, house in phila suburbs, and take home 109k a year in SS and pension payments. Have well over 2 million in retirement accounts, own new cars outright
Never considered myself a millionaire
I have a 2014 Hyundai Santa Fe I paid off in 2 years. I bought it in 2015. My next car is being saved for. It, too, will be second hand. I put $100 weekly in Ally, a high interest savings account. Our groceries rarely include meat. My husband hunts and fishes for that. We are minimalists and live well with no debt.
Here’s a tip, if you’re buying your first home (condo, traditional home), buy BIGGER! Why? I moved in 2 friends into my home with me (each had their own bedroom, bathroom, no sharing) who paid me CASH RENT for the first 5 years I owned my townhome. I SAVED their cash rent ($700 each, $1,400 a month….this was the early 2000’s) to put 20% down (No PMI) on a SECOND place 5 years later. When I bought the 2nd place, I moved them in there. Then I moved in another friend (just 1) into my primary home, and used their rent (increased to $850 a month) to PAY DOWN my primary home (additional Principal). My primary home was PAID OFF in 12 years…….not 30.
Glad I have notifications on for you Agustin. Your content is always inspirational or informative and well worth watching always 😊
Thank you!
One of the best ways I have learned to practice contentment is through generosity. By utilizing time and/or money, it helps me further appreciate the simple things I have leading to a less need to spend foolishly.
I knew a millionaire like this! He came to the USA as a young adult, and took off from there financially!
My wife is a Chinese immigrant from Hong Kong. Not only are she/we multimillionaires, her brother (A US Navy vet) and sister are too.
One of the best financial advice videos ever.
Wow! This is hilariously accurate!
I'm 61, have a net worth of $1.7 million and drive a 2009 Honda Civic that I bought new in 2010. That car has 294,000 miles on it and probably would have another 100,000 miles on it if weren't for COVID, as I've worked from home since March of 2020.
Would I LIKE a modern, fancy car? Probably, but not as much as I like not having made a car payment in 10 years.
Your visual illustrations are great! Thank you🎉
This guy really made my day im not a entrepreneur but i do live on a good paying job that my rent is still cheap and i built a three story house in foreign country with the rent im receiving i bought a house and have alot of land that i built Adu home now rent two homes going on building another home my equity has went up i didn't realize how much im gaining and savings i though entrepreneur only get rich now i know my passive income from work has made it possible thanks you for your video's now i will stay more focus on buying more property to rent by property management section 8 thank you.
Been watching your videos for almost a year now. Thank you for making videos as constant reminder for living frugal.
Sending fist bump from the Philippines 🇵🇭
Thanks for watching so long. It's so crazy that I've been doing this for so long. I'm at the point where I've seen many people come and go and Wednesday will be my 2 year anniversary of quitting my job to do TH-cam full time! It's been quite the journey!
@@ElAgustinI’m still here 😊
@@ElAgustin I depend on you, brother. Keep up the good job! You've got a good head on your shoulders.
@@ElAgustinYou should write a book. You have so many good ideas.
Absolutely true. I retired at 48 and my husband retired at 60. Nobody would believe how much money we have, and I like it that way. We give a lot to charity anonymously as well.
Got to use my alt for this lol. Pretty accurate video. I have no debt, paid off modest 3bd room house, $2m+ investments, $100k high yield savings, $30k in checking, 2.5 bitcoins, and about 20oz of gold. I drive a 5yr old RAV4 that I bought new with a check for the full amount. Maybe three people total know how much money I have. I do let myself splurge a little now that I have over $2m like buying a nice watch...sub $10k, so not like an AP or Patek, more like Omega or Grand Seiko.
The fact that nobody talks about the forbidden book 'Arab money secrets'
Most people won’t get this.
This is on another level.
No thanks
@@ninelpole7418 🤣
Is it similar to the study of Jewish communities in NY who keep their money within the community for buying and selling and enriching themselves and their neighbors?
Well over a million net worth here - I bought a $5000 used 2009 Pontiac Vibe
not quite a millionaire yet, but man I love my 2.5K Toyota Matrix, reliable and so practical to haul stuff
@@AdrianRomeroJr yes best cars ever!
That's a great car which is under the radar. Just do the maintenance and 5k mile oil changes. Good luck with it!🍀🤞
@@mcgravy60 exactly haha! The few that know, know!
I'll give you a knowing millionaire to millionaire nod as I drive by in my 2013 F150 with 150k miles on it.
The old saying … “ The harder you work … the luckier you become “ 😊
I gave up all car payments about 10 years ago and pay cash for cars. This means less expensive cars that make me look more poor to others. I probably have one of the least updated looking houses on the block too that is almost paid off fully. I know this guy is right because I'm a millionaire as described. This years trip to Cancun was amazing BTW. I brought the whole family. But you will feel sorry for me seeing me in in my 10 year old vehicle perhaps. I'm 53
Similar here - cash only cars, no updated house, 14K left on mortgage, go to Cancun every, late 50s
Im a middle class millionaire i drive a 2015 honda touring and im gonna upgrade to a 2015 honda pilot touring i need the 3rd row and nobody knows im a millionaire and making generational wealth 😂😂
Thank you for this honest video. There are so many videos out there about becoming rich quick, but reality is that it is much more complex than that.
100% true. I have not had a car payment since 1986. Bought a small farm with cash. And funded traditional and roth to the max. Pay yourself first and didn't job jump sideways.
You can only cut your expenses so far. Potential to increase your income is unlimited.
💯car payments are killing so many ppl’s futures, pls keep sharing these Truths🙏🏿😊
NAILED IT! Keep up the good work.
This video touched all the points that my parents taught me to build wealth. They were solid upper middle class....but looked kindof poor!
Great video. I’m retired, and I have a 2 million dollar net worth, most of it in savings and investments. My hubby and I never made tons of money over our lifetimes, but we were super frugal. We stayed out of debt, drove economy cars that were paid for, (I drive a 25 year old Corolla, but it’s in great shape, lol) and we paid off our mortgage early. I never felt deprived, we have a nice home, and now we travel a lot. But we are very creative in the way we spend our money and do things for much less than quite a few people. No one knows that I have any wealth, they just see me as the typical middle class person, but yeah, I’m one of those middle class millionaires. 😁
Btw, I practice just about everyone of these habits that you mention, you were spot on.
It took me 7-8 years from hitting rock bottom to unimaginable success and financial freedom when I discovered myself and self development. Stay Uncommon!
I have only bought on new car in my life, a marked down base model econo model for cash. Otherwise I buy very cheap old cars but I have a very good workshop to make them into good cars. I built an econo house that is perfect for my needs for minimum cost and maintenance. I have never had to touch my investments.
Excellent. And pick your lane and stick with it. You can't have everything in life. Decide what's important to you and go for it!. Car, house, fashion items, not important to me. Travelling the world 🌎 is everything. I made my decisions accordingly. Stable professional services job with great leave possibilities, small modest apartment on main public transport route therefore no car needed. Seek out fab vintage fashion shops and learn how to up style, learn to cook well, shop at Aldi, invite friends over etc. The sooner you pick a lane and focus, the sooner you can track towards goals. 😊
I call it my decade of sacrifice. Working class millionaire is possible. You describe the millionaire next door. Be that millionaire. Wear a good Seiko watch, not a Rolex, drive a used Toyota or Mazda, not a problem filled repair hog BMW or Mercedes-Benz; you get the picture.
I eschew debt. Gesundheit!
Moi, I drive a 19 year old Scion, live in a modest place and wear my Orient triton watch. Why Orient, high Japanese quality and the best bang for the buck. It's Seiko's baby brother. I save for what I want. I set quarterly financial goals. I have not eaten out for two months, now.
I keep a HSA, IRA and brokerage accounts. I keep two emergency funds, my general one, and a home improvements fund, the latter invested in conservative mutual funds. The former is a high interest savings account. I just tapped the home fund for a new roof.
I try to create more than one safety net. But, my financial life is a blend of defence and offense.
Seiko’s Spring Drive movement is equivalent to Toyota’s hybrid engines 👌 can’t beat it!
Are there any investments outside of tech that you contribute to?
@@clee3352 although I am tech heavy, I keep to the 7twelve portfolio. I do need to diversify more.
Cars a the big killer for most people. I've always bought used and paid cash. Today I drive a Cadillac but its used and I paid cash (they depreciate quickly). I see young people I work with spend 60k on a new car, the problem with that is you end up with car payments for life which means you never have money to save.
The problem is that most people don't have the patience and self control to do this. Most want it all NOW.
As a middle class millionaire, I didn’t just become frugal. I’m simply used to living frugal all my life. This is habitual. While I skimp on luxury, I do reward my self from time to time. The difference is that I make sure I can afford to pay for my desires with cash as the “what can you afford as monthly payment” is simply not my thing.
Great video, should be required viewing in high schools. I worry about the current younger generations because they don't seem to understand what making good financial decisions are, nor do they seem to know what contentment means because they are always chasing after the latest and greatest thing to come out, whether it be fashion, a new phone, car, etc. They have their wants/needs all confused.
Yeah, and social media pressures consumerism so much.
The book Richest Man in Babylon very helpful
Provides rules to build wealth
Very good points. We are in our 60's and this worked! I will add that a person does not have to sacrifice everything. We set our savings amount (20% with company match) and then anything over we spent on vacations etc. The fun money was utilized AFTER the savings was met.
"Live beneath your means!!....." Gospel truth right there.
I give you credit for promoting the TIME and CONSISTENCY mantra. Not what I assume your main, young audience wants to hear. It's a boring slog. But it has worked for me in my early 60's.
Good video, however. I don’t buy modest poor looking cloths or have a poor looking care, I just buy cloths from online stores that look designer but don’t have the expensive designer tag, you can still look good for cheap. Life is too short to completely cheap out on everything or not feel good and look good. But agree on your ideas over all
Made lots of mistakes but got a better job after a layoff and after hubbys knee blew out we had to redraw plans. We invest first, have a Roth, HYSA and accounts with Schwab. We are on target and such a relief
No boat, no plane, no flash car, no mistress, no divorce, spouse with moderate habits, comfortable but not ostentatious or expensive to maintain house, pay off mortgage asap, steady well-paying 9 to 5 job with regular promotions over decades, contain downside risk with investments, keep lifestyle within bounds = millionaire at 50, retire at 60, many times a millionaire at 70 and beyond.
I am so glad to find this living lifestyle. ☺️
This video is a nearly perfect road map for “average” people to become millionaires and even multi-millionaires (ex. $2m - $5m)…the only modification I would offer is to work 8-6 instead of 9-5. With that extra 2 hours of quiet time at work you can produce more and better work results. This can often lead to promotions which can double or triple your pay scale vs your peers. Then, in keeping with this video’s suggestions, maintain your original modest lifestyle and bank the extra money. By your mid-40s you will see the strong foundation fully built. By your mid 50s you will be wealthy by most peoples’ standards. By your early 60s you will be able to retire anytime YOU FEEL LIKE IT. You will be set for life…and it will be a good one. Just live healthy along the entire way.
Buying an affordable dependable car that you love is my advice. I drive a 2008 Toyota Solara that I wouldnt part with for all the tea in China. I will be driving it until it falls to pieces bc I love it and its incredibly good quality and reliable.
This was helpful, thanks.
My financial success mantra is: Budget, live below your means, save, invest, get and stay out of debt.