You may not be a millionaire, but you can manage your money like one. Doing so can bring you that much closer to your ultimate financial goals!
Newsweek recently published the results of interviews with 100 millionaires and found out that most of them manage and grow their money in strikingly similar ways. You may not be a millionaire, but you can learn a thing or two about managing money and growing wealth from them.
Here are some of the most interesting of Newsweek’s findings.
All wealthy individuals rely on professional financial advisors. Even if you are not rich, it can be risky navigating financial waters on your own. Financial advisors are there to keep business and emotions separate. They prevent clients from making such decisions that cause irreversible damage to their portfolio.
All the millionaires surveyed thrived on passive income. Business Tycoon Warren Buffet said that if you are not making money in your sleep, you’ll end up working for life. Newsweek found that around 62% of the millionaires had one or more sources of passive income, with real estate being the most common.
Healthcare Is a Priority
If you think the ultra-rich do not worry about healthcare, you are wrong. In fact, Newsweek’s survey found that millionaires take healthcare very seriously. Most of those in the survey related that they understood that ill-health is one of the killer circumstances that can drain even their millions in savings overnight. Millionaires make sure to protect their families from all injury or illness contingencies before they focus on building wealth.
It may seem to you that millionaires spend frivolously on yachts, fancy cars, and jet-setting vacations. But the truth is, millionaires spend only what they can afford on those toys, and bank most of their income. Also, if you think the rich are just out there having fun – think again. Newsweek found that for the most part, millionaires are the most industrious among us. They strive to achieve maximum productivity with strict fitness regimes and work routines. They work very hard to earn what they do, and they consider their spending on “fun” to be well-earned, not reckless or irresponsible.