Photo: AP Photo / Luca Bruno
That’s right. Although having a million bucks isn’t as impressive as it once was, it’s still nothing to sneeze at.In fact, Reuters reports that in 2009 there were 7.8 million millionaires in the United States.
See what your millionaire neighbour won’t tell you >
That’s a lot of people, people. And the odds are one or two of them are living near you.
Heck, one of them might even be your neighbour. In fact, the odds are very good that it is your neighbour.
But, Len, you don’t know my neighbour. That guy doesn’t look anything like a millionaire.
Well, guess what? Your suburban millionaire neighbour called (oh yeah, we go way back) and the two of us had a nice little chat.
Here’s a few things he shared with me – but apparently doesn’t want to tell you. (No offence, I’m sure.)
When you go to his modest three-bed two-bath house, you're going to be drinking Folgers instead of Starbucks.
And if you need a lift, well, you're going to get a ride in his 10-year-old economy sedan. And if you think that makes him cheap, ask him if he cares. (He doesn't.)
He knows that getting a second job not only increases the size of your bank account quicker but it also keeps you busy -- and being busy makes it difficult to spend what you already have.
He understands that money is like a toddler; it is incapable of managing itself. After all, you can't expect your money to grow and mature as it should without some form of credible money management.
He also knows that the few millionaires that reached that milestone without a plan got there only because of dumb luck.
It's not enough to simply declare that you want to be financially free.
When it came time to set his savings goals, he wasn't afraid to think big.
Financial success demands that you have a vision that is significantly larger than you can currently deliver upon.
He realises that stuff happens, that's why you're a fool if you don't insure yourself against risk.
Remember that the potential for bankruptcy is always just around the corner and can be triggered from multiple sources: the death of the family's key bread winner, divorce, or disability that leads to a loss of work.
You should use automatic paycheck deductions to build up your retirement and other savings accounts.
As your salary increases you can painlessly increase the size of those deductions.
After six months of asking, he finally quit waiting for you to return his pruning shears. He broke down and bought himself a new pair last month. There's no hard feelings though; he can afford it.
So that's it. Now you know what your millionaire neighbour won't tell you.
Oh, and, um, would you be so kind to keep this just between you and me? I'd hate to ruffle anyone's feathers or cause of any kind of neighborly spat.
Thanks. You're a peach.