By Janet Luhrs
[A]uthors Thomas Stanley and William Danko (The Millionaire Next Door) came up with seven common denominators among those who successfully build wealth:
They live well below their means.
They allocate their time, energy and money efficiently, in ways conducive to building wealth.
They believe that financial independence is more important than displaying high social status.
Their parents did not provide economic outpatient care.
Their adult children are economically self-sufficient.
They are proficient in targeting market opportunities.
They chose the right occupations.
This list represents simple living at its finest. Simple living is about living consciously and with a purpose. When you save money rather than continue spending, you buy control. With money saved and invested, you can live for years without earning money, or you can at least afford yourself the luxury of working part-time. This is vastly different from living paycheck to paycheck.
These millionaires have created lifestyles and jobs that are meaningful to them because they took a look at the big picture and made choices accordingly.
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I am supposedly from the "X" generation. A generation that is a disposable one. If your car needs repair, get rid of it and get a new one. Disposable relationships, attitudes, religions, unborn lives, attitudes and paper plates. The list goes on and on. I like what one of the Mormon pioneers said, "Fix it up, wear it out, make it do, or do without." Those are words to live by. Instead of choosing a new vehicle to drive for our second car, we held on to our old reliable one which lasted a good 18 years before it retired to good 'ol car heaven. Unlike our friends and peers living well beyond their means with two brand new cars just off the lot with their large payments that go with that, we saved thousands over all those years and were able to go to the movies and enjoy life instead of sitting at home staring at our new cars and wishing we could put some miles on them and take a trip. Restricting yourself means freeing yourself in the end. Live below your means. That is a truth I love!
Posted by: D2 | July 25, 2006 7:44 PM | Permalink to Comment