Originally Posted By: Boomer
I remeber a story some years ago in the press where they interviewed people who had a real net worth over $1,000,000. The characteristics always stuck in my mind and some are as follows:
1. Lived in a more modest house that was paid for.
2. Had almost NO electronic subscriptions. No cable TV, cell phone at a minimum, etc.
3. Paid off credit cards in full each month, ie they treated it as they would their checkbook and only used it for things they could pay for.
4. Many had older cars and kept them an avarage of ten years or more.
5. Debt payment on mortgage was religious and mortgages were typically paid off in under 10 years. Means all available cash was used to do this for a time.
6. Took as much advantage as they could of 401k, IRA, etc.
7. Rarely went out to eat.
By the time these folks were at 50 years old, they were debt free and worth over a million dollars or more.
Hummmmm......
Similar to me!