Who Wants To Be A Millionaire?

If you start early enough, it is possible to become a millionaire. The goal is to save 10% of your monthly income from the beginning of your working career until your retirement. The later you start, the more you need to save to reach a million dollars. That's why it burns me that financial education isn't taught to children as young as 4!

In the world we live in it is very easy to accumulate debt. The 'buy now pay later' mentality feeds our desire for immediate gratification. The deeper in debt we are, the less likely we are to save or invest money. Still, even with debt, we should save for our future and emergencies. We should learn to save and get better money management skills.

I have stated it many times that people should live below their means and stop trying to keep up with the Joneses. Better to be frugal today, than to spend your Golden Years working at the Golden Arches. Saving is the name of the game, but it doesn't mean doing without. It just means doing things differently to save a buck.

My advice is to avoid debt as much as possible and to pay off debt as soon as possible. Keep only one credit card for emergencies and make sure the balance is paid within 4 months, otherwise you may be going or are in deep. Credit cards are better than debit cards because there aren't as many fees. Also, with a debit card, you may be responsible for purchases you didn't make.

The biggest money drainers in life are vices and compulsions. The vices are gambling, drinking, smoking, illegal drugs, overeating, etc. The compulsions are compulsive spending, and what I refer to as the KleptoBuyer.  Like a kleptomaniac a kleptobuyer buys 'stuff' they don't need rather than stealing it.

There is also money that is taken from us without our knowledge. When you shop, pay attention to the price scanners that are wrong more so than you might think. The product is suppose to be free for a miss-scan. Unless you have an inheritance, your road to becoming a millionaire involves sacrifice and diligence. The important thing to know is that a fool and his money really are soon parted. You can't be foolish when it comes to money and there are NO 'get rich quick' solutions.