When many of us were growing up, a million dollars could set you up for life. While a million dollars doesn’t quite go as far as it used to, being a millionaire is still the exception rather than the rule.

The question is, would you recognise one?

The reality is that most millionaires don’t look like what you’ve been led to believe a millionaire looks like.

It’s usually the case that the people you might think are millionaires are up to their eyeballs in debt and spending every cent they earn to look like a millionaire, while the actual millionaires go about their lives quietly accumulating the wealth that will see them never run out of money.

This is the difference between INCOME and WEALTH.

Someone can be on a high income, but if some of that is not saved and invested, they likely have little wealth. While someone on a much lower income, who saves and invests, can create significant wealth over time.

My question to you is this: How much of the income you’ve worked hard for have you turned into wealth?

With that in mind, how many pay cheques do you have left between now and when you would like to stop working? Do you have a plan to use at least some of every one of those pay cheques to create wealth so you can one day afford to retire with the lifestyle you enjoy?

These questions can be a little confronting for some people.

So, here are some of the key traits of a REAL millionaire that you can start to replicate:

1. They spend less than they earn. The key to wealth creation.

2. They pay themselves first! Paying yourself first is a down payment on being able to pay yourself in the future when you decide you’d like to stop working.

NOTE: If we take the longer-term view, the whole point of working is to one day be able to afford to stop working.

3. They use their savings to invest in good quality assets for the long term. Investing is so much easier than most people think.

4. They live in a modest house.

5. They pay off their credit card every month.

6. They pay attention to where their money goes.

7. They plan! Failing to plan is planning to fail.

8. They insure against what might go wrong. Stuff happens! They insure their most valuable asset… themselves.

9. They understand that time does all the work when it comes to investing. Taking maximum advantage of compounding returns makes wealth creation accelerate over time.

10. They make investing automatic. Investing doesn’t need to be difficult as it’s easy to invest in the right assets every month and make it automatic.

11. They drive an average-looking car. They understand that an expensive car is like a nail in the wealth creation coffin (looking great in a fancy car won’t help pay any bills 20 years down the track).

12. They continually learn. Knowledge is power and the more you know, the more you can make the system work to your advantage.

There are lots of wealthy people in the world, why shouldn’t you be one of them?

Take control of your financial future ASAP so that you can make time and money work for you. And if you’re not sure where to start, get in touch for a free initial appointment.

Cheers,

Daniel

If you’d like to find out more about how INDEPENDENT financial advice could help you manage cash flow, pay off the mortgage faster, get the most out of super and invest wisely, then get in touch on 0411 484 464 or head to wealthtrain.com.au.

This advice may not be suitable to you because it contains general advice which does not take into consideration any of your personal circumstances. All strategies and information provided are general advice only.

Daniel McGregor and Wealth Train are authorised representatives of Independent Financial Advice & Education AFSL 520963