Best practices for retirement savings and investment were highlighted in a recent conference and SAEA members discussions. The group engaged with a video by Chris Invests outlining Millionaire Behaviors which are unexpected.
They discussed the following top millionaire behaviors:
- They are surprisingly frugal: they do not spend recklessly on flashy items
- They save aggressively: most millionaires save over half of their income, even if they are not a particularly high earner, and take advantage of compound interest
- They invest carefully in safer options with a high likelihood of success
- They behave discreetly: the average millionaire lives in an average neighborhood and drives an average car, and lives below their means.
- They are generous: most millionaires give to individuals, charities, and nonprofit or religious organizations
- They look for opportunities: every problem-solving situation is potentially a money-making idea that should be leveraged and converted to potential financial gains
- They’re prepared for the unfortunate: millionaires create a safety net of 3-6 months of personal and business expenses in case of emergency
- They keep learning: they read, listen to podcasts or watch educational videos to continue improving and developing
- They are grateful: they are thankful for what they have and appreciative of the tools that money gives them
SAEA members look forward to implementing these surprising mindsets to continue their own personal and professional growth, and to pass on to future generations.