The Seven Common Characteristics of Great Wealth-Builders

The Seven Common Characteristics of Great Wealth-Builders

That's where Dr. Thomas Stanley comes in.

As America's foremost authority on the affluent, he's conducted decades of research on the habits and characteristics of America's wealthy.

He's written several bestsellers including, Marketing to the Affluent and The Millionaire Next Door: The Surprising Secrets of America's Wealth.

Dr. Stanley points out that the vast majority of millionaires do not have exceptional skills. Most of them do not have hit records. They do not play third base for the Yankees. They did not found a software company in their garage. Instead, they're people who have worked and saved and invested their money prudently.

In The Millionaire Next Door, Stanley details seven common denominators among those who build wealth successfully:

• They live well below their means.
• They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
• They believe that financial independence is more important than displaying high social status.
• Their parents did not provide economic outpatient care.
• Their adult children are economically self-sufficient.
• They are proficient in targeting market opportunities.
• They chose the right occupation.

 
 

The Difference Between Acting Rich and Being Rich

The Difference Between Acting Rich and Being Rich

In short, your net worth is essentially a result of the choices you make. To generate significant savings to invest, you need to make the right career decisions, the right lifestyle decisions and the right spending decisions. It takes forethought. It takes discipline. And it means making hard choices.

Dr. Stanley hammers this message home in his latest book. It's called Stop Acting Rich... and Start Living Like a Real Millionaire. It's not a book for debtors and spenders who want compassion and understanding. Rather, it's a wake-up call for the millions of consumers out there who are living far beyond their means.

Most millionaires - folks with liquid assets of one million dollars or more - are not big spenders. Quite the opposite, in fact.

According to Stanley, the most productive accumulators of wealth spend far less than can afford on homes, cars, clothing, taxes, vacations, food, beverages and entertainment.

On the other hand, the wanna-be's - people with higher-than-average incomes, but not much net worth) are merely "aspirational." They buy expensive clothes, top-shelf wines and liquors, luxury cars, powerboats, all kinds of bling and more house than they can comfortably afford.

Their problem, in essence, is that they're trying to look rich. And this prevents them from ever becoming rich.

The Millionaire Mindset

The "Millionaire Mindset"

The real irony is that most rich people don't spend this way themselves. Sure, the "glittering rich" do. They have households with a net worth of $10 million or more, because they can comfortably afford it.

But the vast majority of millionaires in the United States:

• Live in a house that cost less than $400,000.
• Are more likely to wear a Timex than a Rolex.
• Generally pay less than $15 for a bottle of wine.
• Have never paid more than $400 for a suit.
• Are more likely to drive a Nissan than a BMW.
• Spend very little on prestige brands and luxury items.

Yes, they're frugal. But they're also happy, not to mention financially free. They're not dependent on their families, employers, or the government. That's a great feeling.

And they got there the old-fashioned way. They maximized their income, minimized their expenditure and religiously saved the difference.

In short, the first step toward financial independence is clear: Live beneath your means.

Or, as Dr. Stanley says, "Stop acting rich... and start living like a real millionaire."

Stock Alerts

BGOI

Bonanza Oil & Gas Company

$0.0118

It's already made a lot of money for penny stock traders not too long ago—and now it looks like it's ready to gush again!

·       The stock hit a high of 7 cents in early February and has since dropped 85%

 

·       The frenzy of selling appears to have slowed during the last 10 days —the candles are showing lower drops on down days and also on up days

 

·       The MACD is losing its bearish momentum while the price is still falling – otherwise known as a bullish divergence

 

·       The stochastics are emerging from an oversold position - suggesting that the stock has room to run again.

BGOI is a very easy trade to understand

It's an independent energy company that engages in the exploration, production, and development of crude oil, natural gas, and natural gas liquids in the United States.

Currently, they're working 5 properties in Texas: Apclark Field, Good North Project, Bourland Field, Damon Mound Field and Plantation.

A lot of the buzz concerning BGOI surrounds its Apclark field, which is reportedly ready to significantly increase production.

BGOI estimates actual reserves in the Apclark Field may easily exceed $34 Million.

In addition, BGOI has leases in the Damon Mound Field, where it believes it has reserves of about $6 Million.

 

But the bottom line is...

BGOI is a low-priced stock (trading around 1 cent) that could produce a very quick and easy gain today.  If it rises to 2 cents—you've got an easy DOUBLE!

What's not to like about that?

Do your due diligence and watch this one closely.

SECI

 Sector 10 Inc.

$0.0775 

Sector 10, Inc. announced today the release of its new mobile integration product the Mobile Response Unit or MRU that is available and equipped as a mobile cafeteria-style kitchen. Specially designed for post disaster response the MRU - Kitchen units can be air-dropped or flown in by helicopter and within minutes be set-up with no or minimal instruction to feed up to 2,000 people within minutes.