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So, You Want To Be A Millionaire?

I think we can all agree that becoming a millionaire is a pretty enticing goal. Yet, in today’s fast-paced world, saving money and securing our financial future can seem more challenging than ever, while finding ways to spend it is all too easy.

I recently took a Christian-based financial class at my church that follows Dave Ramsey’s approach to budgeting and financial responsibility. My youngest son and I attended Financial Peace University together. We walked away with a much clearer understanding of where our money goes, how quickly it can slip through our fingers, and how to prepare for life’s unexpected events. I highly recommend this course for anyone looking to start their journey toward better budgeting and saving.

A recent blog post on Dave Ramsey’s site caught my attention: “10 Simple Habits of the Average Millionaire.” Here are those habits in a nutshell:

  1. Constant Desire to Learn: Reading and learning from leaders, biographies, money magazines, and retirement websites are essential. The more you know, the better equipped you are to make smart financial decisions.
  2. Practice Delayed Gratification: This is a tough one but crucial. Live modestly, avoid the urge to keep up with others, and sacrifice short-term pleasures for long-term gains.
  3. Build a Wise Network of Relationships: Surround yourself with like-minded individuals who support your goals. Seek mentors who can guide and inspire you.
  4. Avoid Debt: If you can’t afford it now, save and pay cash for it later. A quote from the article reads “Debt is a major obstacle to building wealth.”
  5. Have a Planned Budget: Start with the basics and build a budget plan. Use methods like the envelope system to track your spending. Stick to your plan unless there’s an emergency. And speaking of emergencies;
  6. Establish an Emergency Fund: Save for emergencies to avoid debt. The rule-of-thumb is to aim to save 3 to 6 months’ worth of expenses. This might mean cutting back on extras until you have a comfortable cushion.
  7. Be Smart About Cars: Vehicles depreciate the moment you drive them off the lot. Avoid high-interest car loans and pay cash when you can afford it. Hey, after you hit your millionaire status, then you can afford to pay cash on a luxury car and enjoy it.
  8. Invest in Retirement Plans: Take advantage of your company’s retirement plan, especially if they match contributions. If your employer doesn’t offer a plan, consider opening a tax-free Roth IRA. And your withdrawals at retirement will be tax-free too.
  9. Hustle: Find side hustles to boost your savings and investments. Extra income can significantly accelerate your path to wealth.
  10. Be Charitable: Giving to others, whether through your church, favorite charity, or helping family and friends, brings joy and fulfillment. It’s a wonderful way to spread love and blessings.

This information was taken from www.ramseysolutions.com and I recommend you visit the site and explore the full article and resources. They offer several programs for kids, students, and businesses, so spread the word and help someone else grow their “Money Tree.”

In the spirit of spreading Every Day Zing, these habits can guide anyone toward financial success and stability. Happy saving!