So I've finished reading a millionaire book, and here's an excellent quote that I've encountered.
"I am not impressed with what people own. But I'm impressed with what they achieve. Always strive to be the best in your field... Don't chase money. If you are the best in your field, money will find you."
Isn't it inspirational? I realise it's what I've been following, subconsciously. I like to highlight the phrase, "Don't chase money. If you are the best in your field, money will find you." Have a think about that.
Millionaires are frugal frugal frugal. They actually have annual planning for everything, gifts, shopping, etc. Most millionaires also own 2nd hand cars. Believe it or not. It sounds like me. I know I'll be a millionaire. It's only a matter of time. The ones who spend the most, earn high incomes but have high expenditure too. So they will never be wealthy, no matter how much they earn, aka the high volume consumer. Wealth ignores all social status. The thing to note is always live well below your means no matter how much you are earning.
Another interesting thing to note is adult children who are given monetary gifts (also referred to as "economic outpatient care") by their parents accumulate LESS wealth than adult children who are given less. True fact. Are you given lots of monetary gifts from your parents? If you are perhaps you should be worrying about your future.
Most people have two types of children and typically, the most economically productive one receives the smaller share of the parent's wealth, and the least productive one receives the lion's share of both economic outpatient care and inheritance. Suppose you as a parent have noted at an early age that your eldest child is independent, achievement oriented and well disciplined. Your instinct would be to nurture these traits by not trying to control his or her decisions. Instead you spend more time helping your less resourceful child make decisions, or you actually make decisions for him. So what happens is you effectively strengthen the strong child and weaken the weak!! And it is the weak one the becomes the product of economic outpatient care.
That's it from the book, I've picked the most interesting bits out of it.
Betty Anne was an elderly lady from Canada who I talked to over the Net every now and then. She discovered me through puter-school.com where I was listed as a volunteer to help people with their computer troubles. I helped her with her computer troubles and got to know her a bit and some things about Canada. She passed away suddenly on boxing day due to a cerebral aneurism, which is basically bleeding in the brain. Reminds me of what happened to my cousin. Anyhow. RIP Betty Anne.
