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Successful Homesteading, Issue # 57, The Secret to Being Wealthy
October 10, 2016

Issue #57, October 10, 2016

The Secret to Being Wealthy

The secret to being wealthy would shock those who are dreaming of receiving an inheritance or winning the lottery. Say the word "millionaire" and many envision a playboy in a fancy suit living in a mansion, driving a shiny, new expensive car and globetrotting in his private jet.

Not so, say Thomas J. Stanley and William D. Danko, authors of the book, The Millionaire Next Door. These two men did extensive research on millionaires, asking some of the wealthiest people in the country all kinds of questions about their lifestyles and spending habits. They came up with some shocking facts:

  • Most of these people live in modest homes in lower, middle-class neighborhoods. They've typically lived in these homes for 20 years or more and have paid off their mortgages.
  • They tend to run businesses others would consider dull, such as welding, or construction.
  • They live well below their means. They drive older cars, wear inexpensive clothes and a watch they likely bought from Wal Mart.
  • They are self-employed and consider themselves entrepreneurs. In fact, two-thirds of the millionaires in America have their own businesses.
  • They are considered tightwads, budgeting every penny.

Yes, having your own business will help you on your way to financial freedom, but more important is that you learn to live within your means. Getting rich quickly simply won't work for most of us, and those fortunate few who do gain rapid wealth, tend to lose it just as quickly. The secret to long-lasting wealth is to spend less than you bring in no matter how much or how little you make.

King for a Day?

One thing Stanley and Danko also noticed was that those who did live in expensive homes and drove new cars had a pile of debt, not wealth. They might be living like kings today, but an unforeseeable event in the future might ship them out on the streets.

The same was true with those having high-paying jobs. The more money these people made, the more they spent and the greater debt they built up.

The Secret to Being Wealthy
Spending Less

In the end, you're going to have to decide what's more important: Looking good for others or having true wealth, accumulating true assets over time and breaking free from debt. I would personally choose the latter, and I hope you would too, but be aware that building real wealth takes time, work and sacrifice.

I discuss this in my upcoming book, Say No to the Rat Race: How Homesteading Can Set You Free, and the following is an excerpt from that book:

How Much Money Do You Spend?

Wow! Personal question, isn't it? And likely to make you feel uncomfortable, because let's face it: we don't like to think about the money we've wasted. I ignore my finances more than I like to admit, often to my detriment. It happens to us all.

But pay attention to it, we must. Our dentist has a poster on his office wall that says, "Ignore you teeth, and they'll go away." Stop that daily habit of brushing and flossing, and your teeth will fall out. Yikes!

The same goes with our finances. Ignore your money, and it will vanish into thin air. You simply have to stay on top of your finances and know where the money is going. You have to plan, and you have to be organized. Take a little time organizing and you can make the most of what you earn, even if you don't earn a lot. With no organization, you'll get into trouble even if you are earning a high salary. Celebrities go bankrupt all the time. The amount truly doesn't matter nearly as much as the organization and planning.

Say No to the Rat Race: How to Find Freedom in Homesteading will be coming in October, 2016.

Are You Ready to Flee the Rat Race?

I am so excited to announce that my new book, Say No to the Rat Race: How Homesteading Can Set You Free will be coming out in October, 2016. This book will provide you with crucial information you need to get out of debt, save money and acquire your own hand and home mortgage free. My new book will cover the following information:

  • Getting Rid of Debt - helpful steps to become debt free
  • The Simplistic Mindset and how to achieve it
  • Learn to feed your body to right way to protect your health and gain energy
  • Saying no to the grocery store
  • Tips on natural healing
Not only that, but I'm also including:

  • A Budget Battle Plan
  • At-home income ideas to live off your land
Look for my new book to come out in October, and until then, may all your homesteading efforts be joyful!

Sue Merriam

What's New?

These basic outdoor survival skills are good to know in an emergency.

Did you have an abundant harvest this year? These helpful storage tips will keep your harvest fresh for months.

Make bread, even in an emergency. These helpful tips will show you how.

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