We all know the really wealthy people in America are, well, most of us know who they are, not know them personally. But you know what I mean. But do you know that there are many people who are quite wealthy that live right in your neighborhood. That’s right. They are hidden in plain sight. You may even know them quite well too. These are the folks who have managed to amass a huge amount of wealth without changing their lifestyles. How did they do that?
[Read: Growing Rich: The Keys to Millionaire Status]
FACTORS TO CONSIDER
- Living Frugal
- Not Overspending
These are some of the common traits of the millionaire neighbor. They manage to go about their lives without much fanfare and are in complete control of their money and spending emotions to the point that they are far more wealthy than their peers and counterparts. But it is not a magical formula, it is quite easy when it is broken down. Here are some key ingredients.
THEY ARE SMART AND CAREER ORIENTED
One thing that you will notice when you look is that they are smart, not necessarily degree educated, but smart, in that they are always bettering themselves or learning something new, their jobs afford them a long career in a good paying and stable trade or craft. When they choose a job they are looking for security and stability, and one which can afford them ample opportunity to save. These are solid traits of the millionaire neighbor . In addition they are cleverly insured. Meaning they have the right kind of insurance both financial and medical to protect themselves, their property and their loved ones.
THEY ARE MODEST AND THRIFTY
They know they could, but often don’t buy flashy cars or move into new houses, they remain modest to their wealth, and respect it, they are not a slave to to their wealth, and let their money work for them. One common trait is that they really do not like to spend money, they may seem like the cheep ones, but in fact are not, they are just smart about what they pay for and what they buy, they may buy more in bulk at lesser amounts and avoid fancy high end shopping establishments, but this is due to their thrifty mentality and their alert business acumen.
They can hide easy and avoid being noticed because they are probably driving a ten year old car, and living in a nice cozy middle class neighborhood, but both their house and their cars are probably paid off, and chances are when they need a new car they will buy slightly used rather than new, and keep that car for many years, thus avoiding large payments and large insurance bills.
THEY ARE SAVERS
The power of investments and interest rates is well documented. Your neighbor millionaire is heavy saving and not spending. They invest early on in their future taking full advantage of work related savings and retirement, and they started at an early age, because they learned that the power of interest on saved money, and tax deferral is a powerful tool that they could leverage to gain high wealth.
And if they do happen to come into a large sum of money, they are quick to save and invest it rather than spend it on new things or frivolous purchases. That is one of the main characteristics of this type of millionaire, they are extremely disciplined and in control.
THEY AVOID AS MUCH DEBT AS POSSIBLE
Avoiding all debt is next to impossible for even the richest person, but a trait of the neighbor millionaire is that they avoid as much debt as possible. This seems like a real no brain-er, as we all strive to be debt free, but to truly live to that creed is hard to do. Even the wealthy have temptations. But this is where this type of millionaire is different, in that they are disciplined enough to avoid the pitfalls of unnecessary debt. They don’t let balances linger and they pay off the credit cards in full each month to avoid costly interest.
[Read: Effective Tips to Earn More]
Hiding in plain sight are some wealthy folks, they may seem to use very ordinary, or to some, below ordinary, they don’t drive the flashest cars, live in the biggest houses, but they do a lot of things, actually many things right. They have the traits, such as smarts, modesty, they are savers and have very little debt. They are frugal, to a fault, but are educated and keep on top of their financial well being and on the world around them. Do you possess any of these traits, and if so, how can you use them to exploit all the wealth and riches out of this world, and make yourself one the neighborhood millionaires.