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Entrepreneurs take huge risks trying to get startup businesses off the ground.
It can make an effective path to wealth but its not for everyone.
In fact, most people feel far more comfortable working a stable job.
Fortunately, you’re able to still become a millionaire by working a middle-class job.
Williams points to thesehabits to get you there.
Its your savings rate, right now.
The gap between what you spend and what you earn determines how much wealth you build.
Looking Poor
Continuing that theme, middle-class millionaires dont chase consumerism.
They dont flash status symbols at every opportunity.
Instead, they focus on enjoying a modest, middle-class lifestyle.
Real wealth exists on paper, not in clothing or jewelry, and certainly not in your car.
Drive an Affordable Car
Cars offer a prime example of a depreciating asset.
Most lose 20% of their value in the first year alone, according toKelley Blue Book.
Choose an affordable, reliable car.
Pay Yourself First
You must make your savings your first priority if you want to become rich.
It should be the first expense that comes out of each paycheck.
You dont get to raid it just because you see a new pair of shoes you like.
Save up for purchases in advance, and buy them with your own money.
Its part of your compensation package, after all.
Invest through a Roth IRA, and also invest money more flexibly through a taxable brokerage account.
The more you save and invest each month, the faster you build wealth.
Take Ownership of Your Investments
Educate yourself to become knowledgeable aboutbasic investing strategies.
You dont have to become an expert a few index funds are typically sufficient to build your portfolio.
Practice Patience
It takes decades to become a middle-class millionaire.
You get rich slowly by living modestly and maintaining a high savings rate.
Dont look at your frugal lifestyle as a sacrifice.
Reframe it to enjoy living frugally, to enjoy saving money, to enjoy finding bargains.
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