Most millionaires budget

Guess what self-made millionaires in America have in common?

Most of them are budgets.

One of the first books I had to read personal finance The Millionaire Next Door. The authors Thomas Stanley and William Danko, are teachers who have dedicated their careers after studying the habits of self-made millionaires - defined as people who were millionaires, without the help of an inheritance.

Stanley and Danko found several similarities of millionaires, including shared:

• Millionaires live frugally.
• They drive cars.
• You buy (used) car instead of renting one.
• They live in the "house less" than they can afford, especially if they grow their wealth. Most of their neighbors are not millionaires.
• More than half never received even $ 1 as inheritance.
• Nearly half never received money for tuition their families.
• Nine of the 10 millionaires who have never received a dollar of property in a family business.
• Self-made millionaires are frugal husband. The authors say that a particularly compelling about a man considering his legacy, was his wife, that she officially millionaires history. The woman nods and returns to clip coupons.
• The millionaires own their own business. Some have a full-time secondary and companies, while other companies have full-time. (More information on the company can start on the page.) "The self-employed are less than 20 percent of the workers in America but do two thirds of the millionaires," says the book.
• They tend to have boring unglamorous business "," - the kind that would not make an interesting conversation, cocktail. The book says: "We are welding contractors, auctioneers, rice farmers, owners of Holiday Park, pest controllers, coin and stamp dealers, and paving contractors."
• The only area where they spend money, generously to the education of their children.

And of course, my favorite position:

Most of the budget of self-made millionaires and tracking every penny. You know how much they spend on food, gas, household and every other row by row.

The authors say:

"Planning and control of consumption are important factors underlying the accumulation of wealth ... The use of a house without a budget is similar to operating a business without a plan, without direction and without direction."

Read more: Why should rich household, too.

What, why and how

Millonarios start with a "big picture" goal. Imagine how they expect to save themselves, to invest and build assets. Represent these main objectives, "which means" to reach them and "why" they want to achieve.

Tracking budgets and expenditures are millionaires "like." Check to see your output stream, whether the expenditure aligned with the objectives of large images.

Clip coupons, use cheap clothes and drink beer domestic. Or as academic authors said: "They often live in environments possess relative rarity."

You make budgets, tracking your money, and to understand how they cut costs so that they can invest more.

If this is not motivation to do a budget, do not know what is.

(Want to start your budget? Use these sheets to keep track of your spending.)