The Secret Millionaire…It could be you!!!
- Posted by Tom Duffy
- Posted in Tom's BlogUncategorized
I have just launched a new updated website – www.duffyfinancial.ie. And I want it to coincide by offering you the chance to become a ‘secret millionaire.’
After some seven years in austerity in Ireland we’re starting to see some positive shoots in the financial garden. The feeling of optimism is returning with people upbeat as they say “Joe got a new Job”, ”Mary’s just arrived back from the states to take up a new IT appointment” etc.
Employment figures out recently show unemployment below 10% for 1st time since 2008. Ok, its early days yet but it definitely looks like the tide is turning for the better.
Having been in this business for over 33 years, I want to share some positive financial experiences I have had over these years. One in particular stands out which could work for you.
It involves a couple in their late fifties who contacted my firm for some independent financial advice. They definitely didn’t fit the millionaire profile as they lived in a modest 1750 sq foot house and drove six to seven year old cars.
The husband had recently retired from his IT job, and the wife was a law clerk. What I am going to say now will confound you as despite their simple lifestyle they were …millionaires.
So what was their secret?
Did they buy some stocks/shares and make a killing? Was it some huge early redundancy settlement or a big inheritance?
Actually you will be surprised if I say none of the above. Their simple secret was that every time they received a paycheck they ALWAYS (from their mid-20s) put away a portion into a long-term mutual fund regular savings account and maximised their pension contributions from a tax perspective.
That fantastic financial habit was the reason they became millionaires. It doesn’t matter if your goal is the become debt free, increase your savings or become millionaires – the simple truth is that all of them require good financial habits That’s the key. Here are some good financial habits for you to adopt.
- Live within your means;
- Buy value;
- If you have to borrow (apart from a mortgage) you cant afford it;
- Pay your bills ahead of time;
- Read 1 to 2 financial books yearly;
- Track your spending;
- Balance your income/expenses monthly;
- When making a purchase ask they question “Do I need it or want it?”;
- Start a retirement plan and a regular savings plan;
- Save for specific goals.
Do those things and there is no reason why you too could become a ‘Secret Millionaire’.
It’s all about good financial habits.