This post may contain affiliate links. Please read my disclaimer for more information. I have spent a good portion of my life being frugal and a HUGE portion of that was spent at the grocery store trying to cut back where I can. These […]
I’m sure most of you have heard the quote “Too many people spend money they earned..to buy things they don’t want..to impress people that they don’t like”. –Will Rogers, I can pretty much guarantee that you won’t become a millionaire by trying to live this way. The millionaires that I have met I usually can’t tell that they are millionaires because they blend in. Sure maybe they have four cars at home but they are driving a Toyota to run errands. Do they look presentable? Sure, but guess what I can too. My point being that Millionaires aren’t out throwing their money away on things they don’t truly need.
I took a money investing class and the man teaching it was a multi millionaire. Before I met him I always thought the person driving the Lamborghini was the millionaire (and I know that there are those people out there who are) but I was wrong. This man drove a Prius as his commuter car. He dressed nicely but conservatively. He explained to me that he could live that way but would rather spend his money on things he truly loved (kind of like a minimalist lifestyle). He had a beautiful Corvette and an airplane but when I met him I didn’t know that. We stayed in contact for many years after I took his course and he taught me WAY more then just investing. Here are some of the life lessons he lived by with his fortune.
25 Life Lessons of a Millionaire
Only have what you love.
He took this rule all the way to the point that if he didn’t like a movie he didn’t finish it. If he didn’t like a soap or cereal he wouldn’t use it up because he purchased it, he would just give it away or discard of it. He truly only had what he loved in his house or in his life.
Do not just trust the words of another person, actually take the time to do your own research. He would look up health, cars, and food. Your goal is to be a wealth of information.
Listen to Ted Talks.
This goes along with the research part but he would learn so much listening to Ted Talks and loved them. If there was one that he wasn’t fond of then he would turn it off and go to the next, not waste his time.
Take care of yourself.
This means exercise and feed your body the best foods. You can do research in these categories if you don’t know where to start.
Never buy anything instantly.
If he wanted anything he would go home and think about it before he ever purchased. He would do the financial aspect of whatever he wanted to purchase and truly spend time considering it before pulling the trigger.
Do things your own way.
He had a way he did almost everything and it worked for him.
Have a place for everything.
Be organized. He would have all of his clothes folded a certain way and they would be neatly put in the drawers. All of his detail items for his cars were neatly put in a cabinet. He had a “home” for all of his items.
Make a will.
Even if you had the smallest of assets he felt that everyone should have a will so that your family knew your last wishes. He even recommended adding what you wanted for a funeral.
Don’t go to sleep with dishes in the sink.
He was so organized and had this rule that all dishes have to be clean and put away in order to go to bed. Seems simple enough, start the next day with a clean kitchen!
Be generous when you can.
He was generous without going over the top. If he knew someone was struggling for a decent reason then he would step in and help but not so much where they always expected it…I think the last part was very smart.
Invest your money.
He was a money manager for years and had a system to investing that was not like anyone elses and for that he made a lot. When he retired he continued to invest for himself and continued to gain wealth.
Have good people around you.
Just like with the items in his house, the same went for the people in his life. If they were not good then he didn’t waste his time or energy on them. He once told me that he would rather be lonely than have the negativity.
Take care of those who help you.
He had a landscaper who helped him weekly. I think this is a great luxury to have and I know he enjoyed the company and the help. Every Christmas he would give him a nice bonus and throughout the year would have him over for dinner.
Love your family.
Family was the most important thing to him.
Life is short so reach out to people who you care about.
Don’t let a moment pass you where you wish you would have done something different. You don’t want to have any regrets.
Live in the moment.
Don’t live in your past mistakes with anything. Learn from them and move on.
Do one thing everyday you love.
This one is self explanatory but great thing to add to your daily life.
Have a routine.
I love this one! The best way to use your time wisely is to have a routine. He had a morning and a night routine. This would be a great thing to add to your life.
Become the best at everything you do.
If you have a hobby you love, then take the time and research everything you can on the topic so that you can do the best job you can. I know that this is something to definitely apply in your job.
Save half of what you make.
This really hits home because for me this isn’t easy, but this is a great way to live because you will get your savings built up and cut out non necessities from your life making it only what you NEED. If you find that you can’t cut back that much based on what you make then maybe this is a future goal. Or something to consider for your future career. Maybe you need to do some side hustling to get yourself to that goal.
Be debt free.
He was not someone who lived in debt. He payed cash for his house and paid for his cell phone and even bought a Walmart plan so he wasn’t hooked up with any cellular carriers. I personally think debt free is a great way to live. I know that he always used credit cards but ALWAYS paid them off at the end of the month.
Be an encourager.
He was one of the biggest encouragers I knew, and that was one of my favorite traits. He made you believe you could do anything and would give you advice and tips if he knew anything about it.
Give back to your community.
One week each semester he would go back to the high school he graduated from and teach a section on finances and investing. He had such a huge wealth of knowledge that he wanted all the kids to grow up and understand how they could live potentially if they used his knowledge. I sure wish my high school would have had that money management lesson.
Have a legacy.
He always said how important it was to leave behind a legacy and I believe teaching was the legacy he left behind.
Be a good financial steward.
This goes beyond being good with your finances and not wasting the money you earned. He gave an example of even if you saved up $25,000 to buy a new car but that won’t leave you with any savings, then that’s not what you can actually afford. I think that saving money is good and especially for a goal but you don’t want to use it all for that goal. This is the perfect example of a budget and why seeing the big picture is so important.
This is a topic that I love to focus on because some of these lessons he lived with are not difficult to add to your current life, while others make you really focus of how you can get to a financial state to be able to apply these. Overall, I think we can all add one or two of these to our lives and reap the benefits. I would love to hear what you guys think of this list! Please comment below and don’t forget to subscribe!