Who Wants to be a Millionaire?
Welcome guest blogger: Judy McNary CFP(R)
I posed this question at a seminar recently and all hands shot up. It doesn’t matter whether you are old or young, you politics are red or blue, or your diet is omnivorous, vegetarian, or something in between. Being a millionaire sounds pretty cool.
As a financial planner, I have the opportunity to work with quite a few people who are millionaires. Many are multimillionaires, too. I love working with them because they are enjoying life and it shows. Some travel quite a bit. Some spend a lot of time with family and friends. Others volunteer. Most do a combination of these things but no two clients are the same.
What’s interesting to me is that none of the people I work with became millionaires by winning the lottery or by inheriting it from some previously unknown relative who died on the plains of Africa. In fact, the one thing they all have in common is that they made a habit early on to spend less than they make. By setting aside a little bit of what they earned – no matter what – and investing, their savings grew to the point that they’ve retired early or work part-time or do whatever it is that makes them happy.
Spend Less Than You Make. These five words are so critical to financial success I named them The Platinum Rule. There are many ways to become financially solid but all of them are built on this one rule. Let’s face it, nobody aspires to be wearing a blue vest and helping people get shopping carts when they’re 80. Avoid the dreaded Walmart greeter path by putting The Platinum Rule to work in your life today. Right now. K?