Traits of a Millionaire
What do most millionaires have in common? We discuss traits and habits of millionaires that you may want to consider when saving for your own future.
What can we learn from millionaires? Most millionaires have multiple sources of income. It’s important to consider how you can get several sources of income in retirement. Having at least three income streams makes you feel more financially secure so that you aren’t relying on one stream of income. Does this mean getting a side hustle or part-time job in retirement?
One stream of income you have could be in real estate. But what happens when you no longer want to manage the real estate properties you have? Brian talks about what some clients have chosen to do. Every investment strategy has a pro and a con, so it’s important that you understand both of those.
Whether you choose real estate or annuities, there will always be a downside. What are the fees you could face? What about taxes? If someone is trying to talk you into something and they only talk about the good part, run.
For those still saving for retirement, visualizing what your future self may be like and need will often help you save. Those who have saved well remember the sacrifices they made to get there. Instead of keeping up with the Jones’ they saved and will ultimately be better off in the long run. Many of Brian’s clients did not inherit their wealth, but sacrificed and saved to get to where they are today.
Listen to the entire episode or skip ahead using the timestamps below.
[0:12] – What traits do most millionaires share?
[1:30] – What sources of income could you have?
[6:36] – Are you visualizing your future self?
“Every investment strategy has a pro and a con. What you need to be worried about is when somebody just tells you about the pros.”
Brian Bowen – Contact