Lessons in Wealth by C. Michael Unterreiner, ChFC
The popular book “The Millionaire Next Door” revealed many of the characteristics shared by wealthy Americans. According to the authors, the typical millionaire doesn’t drive an expensive car or even appear wealthy. Instead, he or she might blend into a typical middleclass neighborhood. In my 25 years helping people invest, I’ve discovered that those who have achieved financial independence have a number of traits and habits in common. Give them a try! You might find yourself a step closer to being out of debt and on your way to financial security.
They Pay Themselves First Successful people save through salary deductions or automatic drafts from their checking account. Building wealth becomes the first “bill” they pay, rather than something they do with extra money.
They Make Good “Little” Decisions Small choices have a big impact when repeated. Quitting smoking, getting coffee at home instead of at an expensive coffee bar, packing a lunch and minimizing alcohol use aren’t just healthy choices—they can save you money. As little as $5 spent each day on those luxuries totals close to $2,000 in a year. An additional $2,000 invested each year certainly helps reach financial goals.
They Don’t Compare Themselves to Others
Planning, protecting, preparing your family's future & your legacy. C. Michael Unterreiner, ChFC 16020 Swingley Ridge Road Suite 100 Chesterfield, MO 63017 www.financiallegacy.com 636.777.7099
An “attitude of gratitude” is rewarding in itself. Financially successful people don’t buy possessions just to keep up with (or be ahead of) someone else.
They Live Below Their Means People on the path towards financial independence know it’s vital to avoid “lifestyle creep.” Each year, with a raise or a larger bonus, people spend more, and then grow accustomed to that higher lifestyle. The standard of living becomes more difficult to replace, since the amount needed to reach financial independence depends on expenses. The higher your lifestyle, the more you need to save, but the less you are actually able to. The only way out of this vicious cycle is to consistently spend less than you earn.
The Bottom Line Wealth isn’t created by those who act like they make a lot of money; it is created by everyday decisions to spend less than you make and wisely invest the difference.
C. Michael Unterreiner, ChFC, founded Financial Legacy Associates to create an environment where financial professionals could serve their clients better by sharing their experiences and ideas. He has served his clients by recommending investment and
“Securities and investment advisory services offered through Royal Alliance Associates, Inc., member of FINRA/SIPC and a registered investment advisor. Additional investment advisory services offered through Financial Legacy Associates, LLC a registered investment advisor not affiliated with Royal Alliance.”
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insurance solutions to their financial planning, retirement planning, and college funding challenges. 16020 Swingley Ridge Road, Suite 100 Chesterfield, MO 63017 | 636-777-7099, mikeu@financiallegacy. com www.financiallegacy.com/michael-unterreiner.