Ever wonder what kind of money problems multimillionaires have? I’ll let you in on a little secret…
They have the same problems as everyone else, except on a grander scale.
- they spend more than they earn – sometimes hundreds of thousands more
- they can’t retire when they want – some of them will never be able to retire
- they worry about how to pay for their kid’s college education (on top how to pay for a private elementary, middle and high school that costs them at least $20,000 a year per kid)
- they have to take out second mortgages to fund major purchases like home remodels and their children’s weddings
- they have credit card debt
How do I know all this? Because these are the people I work with daily.
Why am I telling you this? To show you that the answer to most of your financial problems is not earning, inheriting or winning more money.
You know what will fix your financial problems?
- Spending less than you earn
- Saving for retirement (early and often)
- Saving up for major expenses (cars, home remodels, weddings) instead of taking out additional loans
For my clients who can retire comfortably, those are always the top 3 traits they all have in common.