5 Top Secrets Of Millionaires

 

A record 10.4 million households had a net worth of $1 million or more in 2015, according to a 2016 study. That’s a lot of millionaires! But would you really know if a millionaire was standing next to you? While your mind may conjure up the jet-setting rich that are the subjects of many over-the-top reality shows, the truth is that you might already know people with a net worth of over seven figures.Every-Day Millionaires

You see these people every day of the week. They drive Toyotas, Hondas, Kia’s, and the occasional Jeep Cherokee. They have saved for a long time and finally find themselves in a position to quit their job and live life on their own terms. Here are ten secrets that these “rich” people have in common:

1. Job Stability: Contrary to popular belief, there are many millionaires out there that weren’t handed a trust fund, nor did they make a million dollars overnight during the internet boom. They are people who stayed with one employer for a very long time—sometimes 30 or 40 years. Staying with the same company for many years can offer big rewards, including a very nice ending salary, significant pension benefits, and hefty 401K balances. While it seems foreign to think about working for the same employer for two decades or longer these days, there are still a number of people who do it, including teachers and other government workers.

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2. Steady Savers: The majority of rich retirees began making the maximum contribution to their 401(k)s in their 20s or 30s. Remember, every dollar you put into your 401(k) is pre-taxed, which is a huge benefit. Additionally, many companies offer matching contributions, which is free money to you. Be sure to check with your human resources department to find how much you need to contribute to receive the match. In 2015, contributions limits have increased by $500, and you can save $18,000 in your 401(k), 403(b), 457, or the federal government’s Thrift Savings Plan.

The catch-up contribution limit for anyone who turns 50 in 2015 will also increase, from $5,500 to $6,000 (for a maximum contribution of $24,000).

3. Save the Raise: One of the great moments in all of our careers is the day we’re told we're getting a raise. While it would be so easy to go out and spend that extra money on a new boat or vacation, one trick I’ve seen these savers use is saving at least half of pay raises. Those dollars can end up in retirement or brokerage accounts, compounding, to give you more money later.

4. Investors: Millionaires who own stocks tend to hold their investments for decades (not just years). They let their dividends re-invest over time and thus participate in the long-term growth of our economy. This makes them different from “savers,” who only invest in CDs or money markets.

5. Not Afraid to Ask for Advice: Most millionaires aren’t do-it-yourself (DIY) investors. They know what their strengths are, and if their strengths don't lie in investing and financial planning, they leave it up to the experts.

Recommended Articles To Read Next.

1. 9 Incredible Things That Happens When You Replace All Drinks With Water.
2. 10 Ways Rich People Spend Their Days Which Poor People Don't Know About.
3. 10 Things The Rich Teach Their Kids About Money.
4. 7 Differences Between Rich People And Poor People.
5. 13 Tips You Should Know To Survive Wild Animal Attacks - Number 4 is Important.

References;

1. Google.com

2. Youtube.com

3. Wikipedia.com

4. Bing.com

5. Ask.com