63% of Millionaires Say These Are the Keys to Wealth Building

Dave Ramsey's Investing Minute • August 7, 2012 | DAVERAMSEY.COM | Having trouble viewing images? Click Here. | Forward This

Investing Challenge: 63% of Millionaires Say These Are the Keys to Wealth Building Homework: Take another look at your investing budget. Ensure that you're saving as much as you can and are cutting out needless extravagances. Eight months into the 2012 Investing Challenge, you might find yourself missing that extra $300 you committed to invest each month this year. Maybe you're tempted to step back from the challenge and enjoy the extra cash today. Before you splurge, consider this: A recent survey shows nearly two-thirds of millionaires credit a frugal lifestyle and a consistent investment plan for their financial success. Smart Spending Limiting your lifestyle even though you can "afford" to spend more takes discipline, but millionaires say it's worth it. In the survey, one-quarter of them said living a frugal lifestyle is one of the best financial decisions they have ever made—ranking it above good stock picks, buying a home, or investing in real estate. Whenever you're considering a purchase, you have to take the opportunity cost into account. Could the money you're planning to spend be put to better use for the future? Would a little patience allow you to stick to your investing commitment and allow you to make the purchase? Consistent Investing Is Effective Investing The stock market has been performing well this year. The S&P 500 is up about 10%. But that may not be enough to make you feel like you're making real progress on your bottom line. Wealth building through investing is a process, and most millionaires understand that. That's why 38% of those surveyed said the only financial strategy more important to financial success than living frugally is investing consistently in a retirement plan. The Investing Challenge is about doing what rich people do. Live below your means and keep up your regular investing plan. In time—most millionaires do not reach the millionaire threshold until they are near 50 years of age, according to The Millionaire Next Door—your discipline will pay off. Ask a Pro How to Make the Most of Your Challenge We get it. Sacrificing for the future isn't easy. Make the most of your money-saving efforts with the advice of an experienced investing professional. One of Dave's Endorsed Local Providers (ELPs) will answer your questions and help you build a retirement savings plan. Contact your investing ELP now! How are you doing in Dave's Investing Challenge? Tell us by taking our survey! Share this: This message was intended for: ignoble.experiment@arconati.us Update your preferences | Unsubscribe © 2012 Lampo Licensing, LLC. 1749 Mallory Lane, Brentwood, TN 37027 - 888.227.3223 Privacy Policy