Six figure income not needed

You don’t need a six figure annual income to become a millionaire.

Really, you don’t.

Thomas J. Stanley, author of The Millionaire Next Door and Stop Acting Rich, spent years researching millionaires and found that many millionaires don’t live in expensive homes, wear designer clothes, or drive sports cars. And many millionaires never had a high annual income. 

For example, most teachers in the United States don’t have six figure salaries; however, there are educators who are millionaires. How did this happen? It didn’t happen overnight.

Accumulating wealth is like a marathon. It takes years of frugal living and wise investing to accumulate wealth. Here’s an excerpt from Stop Acting Rich that stood out for me:

“Annual income is not a predictor of wealth. It’s not how much you earn that counts, instead it’s how you live each year. What matters more than annual income is how much you save and invest each year.”

Anyone can be a millionaire. A high annual income is not needed. Instead, frugal living, wise investing, and living well below your means are key.

So as Regis Philbin used to say: “Who wants to be a millionaire?”

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s