11 tips about money from my new millionaire friend by J. Money on Nov 15, 2015, 4:30 PM Advertisement
 I don’t know what y’all are drinking these days, but you’re dropping off some mighty fine nuggets around this blog lately! And I’m loving it! I think you need to merge together and come up with your own financial blog or something, haha … But for now, you sit there and read this gem my new friend Mark posted and you enjoy it. He was kind enough to share his financial journey with us on last week’s book giveaway post, and it was a nice refresher of how this money stuff all comes together. Check it out: I’m a millionaire. Been investing in mutual funds for 40 years. Never made more then $70,000. Paid cash for everything. Still have an allowance of $100.00 a week. That is for gas and if I want something new. I’ve been debt free for 15 years. I often sit back and ask how I did this, and then remember my mom who at 16 worked in the ship yards during WW2, never graduated from HS, but gave me a book called Your Last Dollar. I still live off of $40,000 a year and no longer work, outside of a part time job as a coach as I love high school kids. Look at that! An average guy making average money with not-so-average results. And people say it’s hard to become a millionaire, pssh … you just need a simple plan and some time. Let’s go over all 11 tips he dropped in this jam-packed paragraph – did you catch them? SEE ALSO: Remind Yourself Of This One Fact When You're Feeling Envious 1. Invest for the long haul. Not for two or three or even ten years, but for decades. Mark did this successfully for over 40 years (longer than most of us have been alive — hah!) and he kept going through all the booms and busts and utter nonsense. You need this long term mentality so you don’t trick yourself into chasing the quick wins and get off track. It’s all about harnessing time.
 2. Funds get the job done. Yes you can try your hand at stocks and get your research/luck on and pray you hit the jackpot, but let’s face it – not even “professionals” get it right. For most people, sticking with mutual funds (or my personal preference – index funds – since the costs are much cheaper) are a safer bet. You won’t “beat the market” and have bragging rights amongst your friends, but matching it is better than underperforming it. And it’s one area I don’t mind being average.
3. It doesn’t matter how much you make – you can still save. While $70,000 is surely a lot of money for most of us/the world, keep in mind it’s not the case when you’re nearing retirement. And even so, it probably took Mark 10-20 years to make it up to that level, so for decades he was making substantially less. Regardless, putting money aside every paycheck no matter how much you make WILL add up over time and especially over 40 years. Do the best you can with what you’ve got, and then up it every time you get a bonus or raise or any other types of promotions. Mark is proof that any of us can become millionaires over time.
See the rest of the story at Business Insider
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