5 HABITS That Make Millionaires Become Millionaires
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- เผยแพร่เมื่อ 30 มิ.ย. 2024
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Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.
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#millionaire #habits
A sixth habit would include watching Erin Talks Money on a regular basis!
For real!
Amen to that.
Just paid our house off last month!! Made it a financial priority the past few years, putting as much as possible towards it and turned that 30-year mortgage into only 16 years. Such a great feeling.
Did the same thing four years ago and so happy I did. It made rolling into retirement just that much simpler if nothing else just in my mind.
Congrats. We did the same thing. We did it by paying extra every month. That extra money go directly against the principal and can dramatically reduce the time to pay off the mortgage and the amount of total interest you pay to own the home. Thankfully our state maxes the increase in property taxes to approximately 1% per year regardless of what the market value of your home is. This made it easy to calculate of our extra available money to put against principal.
Nice! We're currently working on ours. Just started paying extra a few months ago. I feel like I should be investing the money, but I don't like owing people money. Sure, we won't make as much as investing, but I will at least feel good owning the house.
The number 1 lesson I learned was to listen to my Dad, who grew up during the depression, and losing his Dad shortly after. Spend what you need and save the rest. Be very careful with wants, and never, if at all possible, go into debt! He has purchased 2 houses. First when he moved to Michigan with his Mom and sister in 1950. Paid off the mortgage in 3 1/2 years. After he got married and had his family, built a new house and moved us to the country. Took out a 6 month mortgage! Gave the first house to my Grandmother, so no money from a house sale.
For myself, I hate debt. I always pay off my credit cards each month. I have a home equity loan I'm currently paying off on some home improvements, and I've been attacking that balance like it is the enemy. I estimate that I'll have it paid off in two years. I have a couple of items I still need for my home project - like hardwood floors - but I'll pay for those with cash.
I love TH-cam videos as well as a source of valuable learning!
29 years old. I’ve followed Dave Ramsey closely for 4-5 years. Have an emergency fund, debt free, investing roughly 75% of total income after tax. Not looking back.
Superb! You're such a minority, especially at such a young age. I think early retirement as an option is a lock for you, unless of course you just end up working for the enjoyment, in which case wealthy retirement is then a lock for you. Enjoy!
Books:
1. Your Money or Your life
2.The Simple Path To Wealth
3.Quit like Millionaires
4.Playing With FIRE
5.Retire Early With Real Estate
6.The Total Money Makeover
7.The Millionaire Fast lane
8.Think and Grow Rich
9.The Millionaire Next door
10.Richest Man in Babylon
@@evasanz3466 : Thanks for ur appreciation as I ve read them all though I selected / picked them from 20 best sellers books I guess they are worth reading if any one wish to achieve FIRE/ FI and through Passive income…!!
Going the Ramsey way will never get you in trouble. Period. But, have in mind that what he preaches is for the mostly uneducated people just starting with finance, millionaires are experienced and educated people, no one suddenly becomes millionaire just by roasting barbecue in the yard. Nice one Erin.
Good ideas here Erin. They key is living on less than your income. If spending everything you make there is nothing left for investing.
Money doesn't change people, it reveals them. It merely amplify who they've always been inside.
I subscribed to : Rich people spend money like they are poor, and poor people spend money like they are rich. Financially secured and still working past my retirement age because I want to. I can afford anything but still order from the value menu at the fast food place lol.
Thanks for this list. The planning and deciding what debt to take on and which to not take on is key. Money and debt are tools that needs to be used wisely.
I like the 5 habits, would rename the 1st, which you talked to, as continued learning. As you noted reading is only one part of learning. For books, some recent reads: for pleasure was ‘On the border with Crook’, John Bourke, early history of Arizonia, for stretching my mind is ‘An introduction to Error Analysis’ John Taylor. A 6th habit might be financial awareness (could be folded into one), simply ensuring one keeps ear to ground to be aware of long-term financial issues as investment into the proper vehicle (ROTH, HSA vs IRA) will have impacts.
I think Buffett or Munger told a parent that people are born with delayed gratification or not.
Also, audiobooks are great when you're traveling or preparing dinner.
"If you are not so nice person" the face you made was priceless!! Thanks, Erin great video as always.
Great break down Erin, I agree with your views on these habits.
Not specifically named, but implied in "delayed gratification" and "budgeting" is "live beneath your means". If you set up your housing, food, transportation costs, etc to be less than what you think you can afford, you'll be able to save the rest. BTW, I'm reading "Stranger in a Strange Land" by Heinlein. Its recommended by Bill Gates.
Thanks Erin. Your summary was spot on, and I agree with you about rich people do in fact have and use credit cards. They just excel at paying them off each month. I appreciate all the effort you put into your videos!
Currently reading “The essential retirement guide” by Frederick Vettese, also read “baby steps millionaires” by Dave Ramsey, also “basic economics” by Thomas Sowell
Watching money channels from different perspectives is a good habit to form. I wouldn't listen or only follow just one money channel. Doing that has changed my mind about following Ramsey solutions. Dave Ramsey is good about getting out of consumer debt but the math proves he's just dead wrong about credit cards, mortgages, and investing.
Love the balanced and informed approach you take with your videos. Another great one Erin!
Nice. I like the way you summarised the report.
U should do it more often🙏🌹
TH-cam is my encyclopedia.
That's funny to me. I don't do any budgeting. However, I do in a general sense by first saving a significant amount of my income first then manage the rest. Seems to work out well for me. Some things that happen to happen are max out my Roth 401K and Roth IRA. Next pay off credit card monthly and manage the rest. Easy and works for me.
Hi Erin, Ramsey Solutions (Dave himself) has quoted about the magnification of what money does to you. I currently have no debt and it’s amazing to have money left over in your checking account. Its also a little weird since I know so many millennials have more debt than ever! Great video 👍
I think Dave is good when you have a negative net worth. But after that your money can work harder with real estate debt. The other thing would be if your getting out of debt takes more than say 3 years. I would suggest adding a small percentage to saving/ investing less than2% but it starts the habit
Yep, delayed gratification and living below my income level allowed me to retire at 52. No one can take away the past 6 years I've had in retirement. Worth everything I gave up in earlier years.
Erin,
One of my favorite books is “what the happiest retirees know “ by Wes Moss
Great video topic Erin!
Erin,
Thank you so much for the work you do.
You asked for book recommendations… here is one, it has nothing to do with money or time management, but it is a must read
The Gift of Fear by Gavin de Becker
All great points Erin..
Regarding reading...I recommend Basic Economics by Thomas Sowell. The people in D.C. haven't read it, that's for sure.
Check out “The Psychology Of Money”! One of the best books I’ve read in a long time!
It works. At least in our household. Avid readers, always seeking new things and learning something. Have been doing a budget for decades, No debt. House paid off early, buy cars with a check, etc. Delayed the lesser important things to achieve the larger things and it worked. We are able to be generous and it's the most fun you can have with money. Back a few years before we crossed that million dollar net worth, we were able to project when that might happen. We hit to within a month. Now things are set and on auto pilot just cranking out money most years. When your investments earn more than your salary, you have done very well.
I think keeping a detailed budget is essential especially these days with so many service and utility providers insisting on direct debit as the only method of payment they will accept. I really don’t like direct debits. They feel like a handing over of control.
Thanks!
Great video Erin.
I could never have gotten to where I am today by not going in debt and using the Credit Unions money,to make money.I needed Debt.
Quicken (PC version) does an excellent job at tracking spending/investments and budgeting...including retirement planner!!
Hi Erin, I commend you on your educational videos. I forwarded the link to my kids. You are a great role model for them. The words common sense approach, grounded, and uncluttered thinking come to mind.
Some videos on Retirement-related personal finance would be helpful.
Keep up the good work!
Thanks for sharing! I love doing retirement related videos, so I will absolutely have some of those coming up 😊
I really would recommend Kevin Simpson Walk Toward Wealth. This is an easy read, but what you will learn from it, could change your life with regard to taking control of your investing.
wasn't that big a fan of the book Ultralearning. But two books related to self improvement/finance that I really enjoyed and are really well known are Rich Dad Poor Dad by Robert Kiyosaki and Money Master the Game by Tony Robbins.
Both great book suggestions
I'm about to start reading "The Price of Time: The Real Story of Interest", a history of interest rates. It came highly recommended to me. I'll report back when I'm done.
great introduction
Great video
Great content, as always. Dr Stephen Covey’s Seven Habits of Highly Effective People changed my life. Thank you for your video.
When you stop learning, you stop earning!
Debt - simple saying that sums it up:
Pay to play
Borrow to invest
Not a reader but, an avid TH-camr!
"Reading" needs to be defined. In Dave Ramsey's findings, it's really non-fiction. Fiction is fine, but that's really for entertainment not education (sorry Mr. Hemingway). My wife and I have an ongoing joke (on me). A family member once said "Dave doesn't read books." The truth was that I DID read but, it was typically Smart Money or Fortune magazine. This was prior to the internet, let alone You Tube.
Another spot on video, especially liked the "Christian" wrapup at the end.
I'll be helping others, by getting good credit and paying more for my future retirement mortgage...
I'm not a genius of understanding, but over the years I have come to understand the benefits of knowing yourself, and knowing God. They go together like pancakes and syrup but much much better!
interesting my comment got disappeared. anyway, I wouldn't go around touting the RS "study" as a study. The data behind it was very much targeted market intelligence for a population that inclined to dole out money for RS products and services. have you see ramit sethi's netflix docuseries how to get rich? What do you think of it?
Dividend Growth Machine by Nathan Winklepleck. Great book for both beginners and experienced investors. Teaches you how to generate passive income from stocks and stock funds instead of just price growth of your typical index fund. Game changer!
Where do I click to SUBSCRIBE?
Steve Jobs got everyone in the habit of buying phones every year for $1000
29 years old, goal is to pay off house by 35 and to have a million net worth by the time I reach 40
I am Dave-ish. I think debt can be a tool. If one only has a hammer in the toolbox, every problem looks like a nail. There are many paths to Wealth and Dave’s way will work if you have the millions that he has. My friend follows Dave and she is paying off her primary residence at 62 and only has stocks for retirement. She could have many rentals.
Good phrase about only having a hammer. It's about putting together a toolbox which has specialized tools for different problems.
Are you a millionaire
TH-cam won’t make us millionaires
@@nadiacusan3799 - discipline, consistency, and patience! That will make you a millionaire!
Everyone should read "Where are the Customers Yachts" by Fred Schwed Jr. from 1940
Be born into the right family.
Only a small percentage of millionaires receive a significant inheritance, and even for those that do, it comes after they are already millionaires.
It doesnt look lik this video was a big hit, but I thought it was useful and important. And as a multimilionare, I think it is vertually on point. Your comments of credit cards is more accurate than Dave Ramsey. I think the most important decision I did in my 20s was not to go house poor. Now about 35 years later the house is more than I need, paid off, and worth abut 6x what I paid for it.
There’s always a little Dave Ramsey spin to everything they do. The debt point and the giving point are Ramsey imagining what they preach is reality.
Should change title to "people become millionaires" instead of millionaires become millionaires
I don't understand why rich people would rather leave money to charities instead of their own family and friends. Are they such bad people that they don't have any families or friends left?
well, maybe family and friends aren't deserving or need it. Maybe we see family and friends who have done nothing to help themselves even though they have the opportunity to do so. Maybe family and friends choose to make financial decisions I don't want to contribute to their bad habits, choices, and values.
@@hanwagu9967 It takes two to tango so maybe people should explore why they don't have a good relationship their family and friends. There's nothing worse than dying alone and leaving your fortune to a charity that don't know you from Adam.
@@ExtraGuac007 in the case of me having money and others not...no, it doesn't take two to tango. When you have money, people around you believe they are entitled to it. I'm not sure anyone who leaves their money to a charity isn't familiar with the charity. How else would the charity inherit from the estate if you don't elect them as beneficiary?
@@hanwagu9967 I come from a culture that believes in creating generational wealth. You're mad at your family and friends on how they spend money, but you're fine with a charity that spends your money however they like. Bottom line, you should accept people for who they are and don't be vindictive in your final days.