Choose to live like a millionaire

For those of us who are not millionaires we are likely to have a lot of wrong ideas about how millionaires live. We imagine they live in absolute luxury with the freedom to do anything they please. No doubt wealth does give them opportunities that many of us may never experience, but many of us would be surprised at how many millionaires truly live. There have been some interesting books written about the millionaire lifestyle such as The Millionaire Next Door: The Surprising Secrets of America's Wealthy and Stop Acting Rich: ...And Start Living Like A Real Millionaire by Thomas Stanley. Those books, and similar ones, find that most millionaires live well below their means and are much more interested in financial independence than they are in impressing other people.

For instance, they spend far less for clothing, watches, homes and cars that the average person thinks they do. Living on credit and spending more than you make guarantees you will never be wealthy. One does not enjoy financial independence by paying on credit cards every month. Besides, that makes the individual a slave to his or her paycheck which eliminates other opportunities to build wealth. When one lives below their means it gives them margin in their lives so they can make career moves such as starting a new business.

A second characteristic of millionaires is that many of them find side hustles. They may have a hobby that can become income-producing. Some, while working their regular job, begin investing in rental income buying first one property and later adding to that as opportunities present themselves. That can't be done if you are already spending more than you are making. Others find other side jobs that can earn them money that can be invested and benefit from the magic of compound interest.

It is a fact that many millionaires are self-employed with some researchers claiming that over 40 percent of millionaires fall into that category. One researcher found that self-employed millionaires had over 1.5 times the median income that those who work for other people.

Another common trait of millionaires is that they like to read. They do not read much fiction, but instead they focus on reading books that will help them become more successful in their chosen fields. One of the wealthiest men in the world, billionaire Warren Buffett, said when he was starting out he would read 600-1,000 pages a day. Even now he spends as much as 80 percent of his day reading. He advises anyone who wants to be successful to read at least 500 pages a day of books that will help you achieve the goals you want to achieve.

Perhaps you have no interest in being a millionaire. But, I bet you do want financial security in your life. Today, few people approach retirement with enough money to comfortably retire, but that does not have to be you. Follow the examples of those who achieved financial security, and one day you'll be enjoying the benefits of that same security.