The economy in the last few years has been a wake up call for many of us, including the millionaires. Most millionaires are not flashy nor do they flaunt their money. Most are wealthy because they’ve learned how to save, invest and use their money wisely.
Here are a few lessons we can all learn from the millionaires:
1. Millionaires have learned how to wisely and respectfully pay their taxes. Here’s a statistic you’ll find interesting – in 2005 the top 1% of income earners in the U.S. paid $368 billion or 40 % of the taxes paid by taxpayers that year. They may pay millions in taxes but they have also learned how to save millions.
The wealthy have learned that income from dividends are taxed at 15 percent for long term gains, while wages are taxed at 25 percent for the middle class. Another tip, owning a business and being able to deduct the business related expenses is a powerful tax tip we can learn from the millionaires.
2. According to Thomas Stanley and William Danko, authors of The Millionaires Next Door, millionaires are frugal. They tend to shop wisely, do their homework before purchasing high-ticket items and have even been known to clip coupons. In fact, many millionaires actually rent many of their luxury items rather than buy them out right.
It’s been said that many millionaires have a “middle-class mind-set.” That’s probably true because a survey by American Express and the Harrison Group found that many millionaires come from the middle class.
3. Millionaires do not allow failure to derail or discourage them and in fact, many believe that failure is part of being wealthy. Failure, to most millionaires, can be filled with valuable life lessons they then use to make even more money.
4. Hard work over education ranks as the number one wealth-building tool for many millionaires. What traits are most important for achieving success? According to the American Express/Harrison Group poll, hard work, education, determination and treating others with respect, were the top four traits most millionaires valued as important for success.
5. Many millionaires say they are happier now that they are rich. What creates the happiness? Freedom seems to be the one thing that money can buy. Millionaires also seem to be less depressed than lower income groups and were generally in better health. Could the reason be that freedom buys you the ability to spend your day doing what is important to you – like taking care of mind, body and spirit?
What are lessons we can learn from the millionaires?
1. Become proficient at managing your money.
2. Work for your goals.
3. Wealth can buy you the freedom to live life on your terms.
Henry David Thoreau may have summed it up best when he said, “Wealth is the ability to fully experience life.”
What do you think? Please share your ideas on our Abundance and Wealth forum.
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