Who wants to be a millionaire!

I read the book "The Millionaire Next Door" and, truthfully, was rather under-awed by it. Why? It didn't have any snazzy, sexy tips on how to become rich. I was expecting to read about some fantastic stock-selection method or at least some wonderful tips on real estate investing. I wasn't even close. But I have to say this book is one of the best financial books I have read lately. Check it out!

According to the book, modern, first-generation millionaires have two secrets: they are very frugal and live well within their means. And guess what? Most of these millionaires don't make over $100,000 (US) a year! You know what this means? It means that this, my friends, is do-able. We can all become millionaires!

Yes, it is very possible that many ordinary people like you and I to become millionaires. The catch is in how we live - not just when we are making our money, but when we have it. The successful millionaires in this book weren't very spendy - in fact, they were tightwads! They lived in modest, middle-income neighborhoods and bought used cars - and their cars were cheaper economy cars, not expensive luxury automobiles. They shopped for bargains and saved heavily.

Perhaps we have all been thinking about being wealthy all wrong. It isn't the people who are living in the big houses and own expensive cars that are wealthy - they spend their money as fast as it comes in. (Unless you happen to be Bill Gates) The people we really want to copy may just live next door to us, in a modest-sized home and drive a used Chevy. They are rich because they know how to hold onto their money, not how to spend it!

The key to success lies in your ability to save as much cash as you can. Look into your budget and find ways to pare down. This can be hard, but several of the tightwad websites have provided some insights.

Here are some ideas:

Can you spend less at the grocery store? I am trying to find a way to spend less on groceries every month. It hasn't been easy! (I am really not a cook) I have had to learn how to use a crock-pot and buy more ingredients, not pre-packaged meals. So far, so good, but I'll keep you informed. My husband and I were really attached to package dinners. J

Can you shop at thrift stores for clothes instead of buying clothes at the slick department stores? Another take on this idea is to shop at department stores, but only shop during clearance sales and buy only top-quality labels in coordinating colors. I have yet to check out the thrift stores in my area, so I have no clue what's there. It's a good idea that I will definitely follow up on.

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