10 Frugal Living Habits of the Middle Class Millionaire

ladies and gentlemen D Cabos there are two types of millionaires in this world the first type are the entrepreneurs who took the risk to start a business worked 100 hour weeks and eventually came into their millions and often times this is how we think millionaires are made because this is the portrayal the media shows us however there's another type of millionaire that often goes overlooked and it's the normal person who worked at a 9-to-5 job made good financial decisions over a long period of time and eventually came into their millions and these people are called

middleclass millionaires middleclass millionaires made their Millions not by thinking of some revolutionary idea that changed the world but simply by adopting habits in their life that ultimately added up to something much bigger and in this video I want to share 10 of those habits that allow allowed middleclass people to become millionaires in the first habit is looking poor now the reason that middle class millionaires often go overlooked is because they don't have any visual indicators of their wealth they wear modest clothing live in modest houses and drive modest cars middleclass millionaires are very modest people

they don't look like they have a lot of money to some people they might even look poor and the reason they're in this habit of not displaying their wealth and living a very modest lifestyle is because they understand that when they live a modest lifestyle it frees up more money to save and invest ultimately adding up to millions of dollars in wealth middleclass millionaires know that you do not become a millionaire by spending all your money on nice possessions but you become a millionaire by living a more modest lifestyle because it opens up more money

to build your wealth over time now the second habit is choosing an affordable reliable car now to continue on this topic of looking poor and living a more modest lifestyle one expense that middle class millionaires really focus on is making sure that they choose the right car because cars hold back so many people financially due to high car payments High recurring expenses and high maintenance cars are the number one wealth kill that holds so many people back financially and the middleclass millionaire understands that and focuses on choosing a car that is both affordable and reliable

so they open up more money to build their wealth they don't choose to get a fancy car that's going to turn heads but they choose to get a car that's not going to cause them financial problems and it's going to get them to where they want to go now the third habit is living below their means now many people think that in order to become a millionaire you need to play a strong offense and focus on increasing your income however middleclass millionaires instead focus on playing defense in living below their means middleclass millionaires Focus Less

on increasing their income and more on decreasing ing their spending they budget they live a modest lifestyle and they don't chase consumerism middle class millionaires spend less than they earn because they understand that living below your means prevents financial hardship from happening and opens up more money to save and invest instead of becoming a millionaire through a very high salary middleclass millionaires focus on playing a strong defense and live below their means and maximize every single dollar that comes into their lives now the next habit is paying yourself first now although middleclass millionaires live modest

Lifestyles where their expenses are low they still have to pay bills and if they're not paying attention they could end the month with little to no money left over and so one critical habit they practice is paying themselves first meaning before you pay your bills set aside a specific amount of money to save or invest in middleclass millionaires focus on paying themselves first so they don't forget to save and invest their money and continue on this upward trajectory growth to building their wealth now the fifth habit is avoiding debt now another crucial habit that they

have is that they avoid debt at all costs because they understand that debt is the modern form of slavery they understand that debt keeps you behind financially inflates the price of everything because of high interest rates and makes it harder to build wealth middle class millionaires don't want debt in their lives and instead just use their own money to buy things and when they don't have the money they wait and save up until they can afford to buy the thing in that one simple concept allows them to build their wealth at a much her pace

and makes her financial life a lot easier now the sixth habit is taking advantage of every benefit their employer has to offer so as I said in the beginning of this video middleclass millionaires are not entrepreneurs with extremely high salaries but they're 9 to five employees who make average salaries and although they don't have the advantages that the entrepreneur the high salary has they do have the advantages that come with being an employee to a good company and they take advantage of these benefits they choose to match their 401k contribution get good insurance to avoid

High medical bills contribute to their HSA and take their vacation to get mental rest because they understand that these have Financial benefits their employees but they see the benefit and the advantages that come with being an employe employee and when they take advantage of each and every benefit they can grow their wealth at a much quicker Pace now the seventh habit is investing outside of a 401k now although middle class millionaires have benefits like investing in a 401k they don't stop their investment Journey there but choose to invest outside of a 401k plan like getting

a Roth IRA and opening up a brokerage account they understand that in order to reach a million dollar of wealth you can't just stick to a 401k plan and they search for other avenues and other opportunities in which they can invest in to build and grow their wealth over time now the eighth habit is taking ownership in their investment plan now to continue on this topic of investing middleclass millionaires don't just have investment accounts and get a financial advisor to manage them no they understand that the person who cares the most about your money is

you and so they choose to take ownership over their Investments and educate themselves on creating the best financial plan for them often times that simply means choosing to invest in low index funds consistently over time they see the importance of taking ownership of their Investments of knowing where their money is how it is doing and how to manage it over time they don't leave their financial future in the hands of somebody else and instead take ownership of their financial future now the ninth habit is practicing patience now the reality of middleclass millionaires that many people

don't want to hear is that they are not people in their 20s or 30s but they are people in their 50s and 60s and that is because they don't just come into their wealth very quickly like a successful entrepreneur does no they get their wealth by consistently making good financial decisions over a period of decades that ultimately add up to something much bigger once they reach old age the reality of the middle class millionaire is that it will take decades to reach their millionaire status and so one critical habit they practice is practicing patience because

they won't see the results of their actions until decades later they don't get that way overnight and they understand that Building Wealth takes a long time and the only way that they're going to reach the millionaire status is by being patient and practicing patience over a long period of time now the final habit is practicing contentment as I said at the beginning of this video we often think that people become millionaires by being an entrepreneur who takes a risk Works 100 hour weeks and comes into a bunch of money and although some people do become

a millionaire that way you can also become a millionaire just by working a 9-to-5 job making good financial decisions and accumulating wealth slowly over time pretty much anybody can become a middle class millionaire just by making good financial decisions over a long period of time and I think the key to making good financial decisions over a long period of time is simply practicing contentment not wanting more and being happy with what you have if you practice contentment in your life instead of always wanting more you will open up a lot more money to build your

wealth over time eventually becoming a middle class millionaire and those are the 10 habits of the middle class millionaire and with that