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At the same time, millionaires usually dont take 15 to 30 years to pay off their mortgages.
Kamel said that the average time was 10.2 years, based on a Ramsey Solutions study.
This shorter timeline adds up to substantial interest savings.
Theres less of a need to look impressive.
Kamel explained that you might put the cash saved toward a better vehicle in the future.
Avoid Flashy, Pricey Clothes
Millionaires dont need to dress to impress either.
Kamel said many millionaires from the Ramsey Solutions survey were saving 16% or more each month.
He recommended that anybody have at least three to six months of monthly expenses in a high-yield savings account.
This shows that budgeting has a place regardless of how much or how little wealth you have.
Knowing your expenses and the uses of your monthly income is essential for making good money decisions.
Plus, it helps avoid the big wealth killer that is debt.
Consider that youre investing $1,000 monthly for 30 years with a 10% return.
Kamel said that millionaires most often invest using a401(k) account.
He suggested a wiser alternative.
Instead, the government may decide.
Kamel explained that wills are a must for millionaires and those with little wealth alike.
He recommended going online to make one quickly to protect your wealth.
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