Steal these millionaire money habits!

Have you ever dreamed of winning the lottery someday or climbing the corporate ladder to become a CEO?

Lots of people dream of being rich, but believe it or not, millionaires aren’t necessarily blowing cash left and right.

I mean, if they did, they wouldn’t be millionaires! At least not for very long.

Long-haul millionaires might be great at making money, but they’re even better at keeping it.

So, what do folks in the seven-figure set spend their money on exactly? Are they spending… or saving?

The truth is millionaires tend to be quite frugal!

They might purchase a car on financing, which seems wild, but when your financing has a low interest rate, it makes more sense to invest in products with a higher interest rate of return. Even 1 or 2 percent can add up in the long run, especially if you own multiple cars or other financed items. Even better? Buying a lower-cost, reliable car upfront. You can’t beat zero interest.

Speaking of interest, this same group of people pays off their credit cards each month – they don’t carry over a balance and thus never pay interest. On some cards, they can actually earn cash back and make money using a credit card!

Another staple in these households is emergency funds. They typically keep an emergency fund with at least six months of income. This money is kept in an easily accessible bank account, not tied up in investment products. If needed, they can tap into it without derailing their financial goals.

Millionaires also pay themselves first. What do I mean by this? They have an emergency fund in place and a diverse investment portfolio with a mix of product types. They might even put investing on autopilot with an automatic withdrawal from their checking account- never running the risk of ‘forgetting’ to put money aside.

Of course, once all this is in place, they can responsibly spend some leftover funds on their heart’s desire, whether that’s a trip to Fiji or season tickets to their favorite sports team.

Do you pay yourself first? Do you have any millionaire habits?

If not, don’t fret! You can start today. If you’re not sure where to begin or need a review of your current plan, it’s worth talking to a financial advisor like me. To book a 15-minute consultation and chat about your plan (where you are now, and where you want to be in the future), it’s easy – just click the buttons below.